DUBLIN, Aug. 31, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/lpc36d/latin_america) has announced the addition of the "Latin America Occupancy Sensors Market - Growth, Trends & Forecasts (2014-2020)" report to their offering.
The Latin America Occupancy sensors market is expected to increase to $0.026 billion by 2018 at a CAGR of 16.32% over the period 2014-2020.
Occupancy sensors have gone through several technological advancements since their development is due to continuous demand in the market for energy saving devices. The increasing demand for energy efficient devices and favorable government policies regarding energy saving are the two major driving factors for occupancy sensor market. There is a great potential to reduce the energy consumption by mounting occupancy sensors in buildings. The growth in the real estate sector is another major driver for the occupancy sensing market, as the number of construction projects are increasing. The growth of this market is currently being hindered by false triggering of switch by sensors, and incompatibility issues with regards to wireless network systems.
Latest advancements in occupancy sensors such as image processing occupancy sensor (IPOS), intelligent occupancy sensor (IOS), and micro-phonics in the manufacturing of occupancy sensors made grab more market share in a variety of fields. The key applications of occupancy sensors are in residential, commercial, educational, healthcare, retail and hospitality buildings. The largest industry of occupancy sensors is in residential and commercial buildings due to a massive growth in the construction sector in various regions across the globe. The technology has a major role to play in this sector due to the cost effective matrix, and results into a longer life cycle of products and systems, along with greater reliability. Latin America accounted for a market share of 4% of global market in 2014.
- Schneider Electric
- Cooper Industries
- Hubbell Automation
- Texas Instruments
- Johnson Controls
- Pammvi Group
- Lutron Electronics
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SOURCE Research and Markets