The occupancy sensor market is projected to grow from USD 1.9 billion in 2020 to USD 3.6 billion by 2025 at a CAGR of 13.3%. The key factors contributing to the growth of the occupancy sensor market include increasing demand for energy-efficient devices and favourable government policies regarding energy saving as well as the development of accurate and efficient sensors that can be configured and programmed for HVAC systems. Furthermore, the growing trend of green buildings across the world is among the significant factors that are likely to create growth opportunities for the market.
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Occupancy sensors for residential buildings to register the highest CAGR in the market during forecast 2020–2025
Based on building type, the market for residential buildings is expected to grow at the highest CAGR during the forecast period. Several house owners prefer their residences installed with the latest technologies, which also helps them manage energy usage and minimize the cost. Moreover, growing awareness of home automation and smart homes among occupants is expected to drive the occupancy sensor market for residential buildings.
Also, in apartment complexes, the requirement of a security surveillance system is driving the adoption of occupancy sensors. Security and surveillance systems are adopted extensively in apartment building entrances, corridors, storerooms, parking garages, laundry areas, and mall rooms. This is due to the mounting of safety precautions where surveillance cameras in the above locations facilitate better and earlier detection of intruders.
Wireless occupancy sensors to register the highest CAGR in the market during the forecast period
Wireless network connectivity is expected to gain growing demand during the forecast period due to reduced installation cost (cost related to wires and batteries) and better connectivity as compared with the wired network. Wireless occupancy sensors are lightweight and can be installed using velcro, magnetic tapes, or screws. Easy compatibility with other wireless controls, devices, and networks is also one of the major factors that will drive the demand for wireless occupancy sensors.
North America estimated to account for the largest size of the occupancy sensor market in 2020.
The demand for occupancy sensors in North America for commercial and residential buildings is more than in other geographies. This is attributed to the value chain for the occupancy sensors market being well organized and well managed in the region. This simplifies the overall ordering and installation process. New product developments and partnerships entered into by various manufacturers have helped the occupancy sensors market in North America to gain the leading position as well as hold on to it until 2025.
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APAC to witness higher CAGR in occupancy sensor market during the forecast period
Increased construction activity in APAC has significantly contributed to the growth of the occupancy sensor market. New opportunities for smart lighting, occupancy sensors, and home automation are expected in APAC on the back of strong activity in the smart home space in China, Japan, South Korea, and India. The occupancy sensor market has huge potential in APAC. Countries with considerable market for occupancy sensor systems are China, Japan, Australia, and South Korea. These systems, which are an integral part of a digitalized household, are expected to find increased acceptance among consumers in this region. Although energy-efficient smart lighting products are considered an expensive option in this region, the higher energy savings vs. traditional lighting systems justify the bargain.
Key Market Players
Legrand (France), Eaton (Ireland), Schneider Electric (France), Signify (Netherlands), Johnson Controls (US), Acuity Brands (US), Lutron Electronics (US), Leviton Manufacturing (US), Honeywell (US), and Hubbell Incorporated (US), are a few major players in the occupancy sensor market.