Occupancy Sensor Market is expected to witness a CAGR of 13.72% over the forecast period to grow to US$5.317 billion by 2023, increasing from US$2.795 billion in 2018
Occupancy Sensor detects the occupancy of the space and performs necessary actions like turning the lighting or HVAC (Heating, Ventilation, and Air Conditioner) systems on or off automatically. Increasing awareness among the people regarding energy conservation is increasing the application of these sensors in various smart homes and commercial buildings. Long-term cost benefits offered by these sensors on account of reduced energy wastage and longer life of systems, along with excellent user experience offered by these advanced systems is a major factor responsible for their market growth.
The rapid growth of automotive industry in many regions is fuelling the adoption of many new and advanced technologies by the automakers to provide a better experience for the car occupants. This has increased the application of occupancy sensors in this industry, thereby contributing to the market growth.
Continuous advancements in technologies are improving the sensing abilities and overall performance of these sensors which will continue to drive their adoption among the end-user industries over the forecast period. Americas hold the largest share in the global occupancy sensor market owing to the early adoption of this technology in North America. Asia Pacific is expected to show the highest CAGR over the projected period owing to the rapid growth of end-user industries in this region which will drive with them the market for occupancy sensors.
Competitive intelligence and company profiles sections deal with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others.
Key industry players profiled as part of this section are Leviton Manufacturing Company, Lutron Electronics, Acuity Brands, Legrand, and Schneider Electric among others.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.5. Supplier Outlook
4.6. Industry Outlook
4.7. Porter's 5 Forces Analysis
4.8. Industry Value Chain Analysis
5. Occupancy Sensor Market Forecast by Sensor Type (US$ billion)
5.1. Passive Infrared
5.3. Dual Technology
6. Occupancy Sensor Market Forecast by Application (US$ billion)
6.3. Security and Surveillance
7. Occupancy Sensor Market Forecast by End-User (US$ billion)
8. Occupancy Sensor Market Forecast by Geography (US$ billion)