The occupancy
sensor market is projected to grow from USD 2.2 billion in 2019 to USD 3.9
billion by 2024, at a CAGR of 12.3% from 2019 to 2024. The growth of the
occupancy sensor market is driven by factors such as increasing need for
energy-efficient lighting controls and the growing popularity of smart homes. On
the other hand, the rising trend of green buildings across the world is among
the major factors that are likely to create growth opportunities for the market.
The passive infrared-based occupancy
sensors accounted for the largest share of occupancy sensor market in 2018. These
sensors are affordable and consume lower power than the other two technologies,
which makes more it suitable for wireless network connectivity.
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The occupancy sensor market for 180–360°
coverage area is expected to account for the highest share during the forecast
period. There is a strong demand for higher coverage area occupancy sensors as
a single occupancy sensor can be installed in large rooms such as large office
floors, conference rooms, and classrooms, whereas 89° and 90–179° coverage
area-based sensors are used mostly in smaller spaces due to their limited field
of view.
The occupancy sensor market for residential
building type is expected to grow at the highest CAGR during the forecast
period. In the current market scenario, most house owners prefer their residences
to be installed with the latest technologies, which also help them manage
energy usage and minimize the cost. Moreover, growing awareness regarding home
automation and smart homes among occupants are expected to drive the occupancy
sensor market for residential buildings.
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North America led the global occupancy
sensors market in 2019. The demand for occupancy sensors in North America for commercial and
residential buildings is more than other geographies. This demand is attributed
to the value chain for the occupancy sensors market being well-organized and
well-managed in the region. The US continues to remain the largest market for
occupancy sensors across the region. The occupancy sensor market in the US is
primarily driven by supportive government plans and the presence of key players
in the country, along with their offerings.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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