“Occupancy sensors market to grow at a CAGR of 12.3% from 2019 to 2024”
The occupancy sensors 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%. The growth of the market can be attributed to the growing requirement of energy-efficient devices, and government policies towards energy saving via the development of accurate & efficient sensors and configurable & programmable sensors for HVAC systems. However, the primary factor restraining the occupancy sensor market growth is the lack of awareness of the benefits of this device, especially in APAC. On the other hand, the growing trend of green buildings across the world is the major factor that is likely to create growth opportunities for the market.
Download Free Sample Pages of this report
“Lighting systems accounted for the largest application share of occupancy sensors market in 2018”
The growth of the market for the occupancy sensors for lighting system application can be attributed to the growing requirement of energy-efficient devices and a strong push from governments, globally, for energy savings. For instance, in December 2018, the Energy Efficiency Directive in Europe was revised (amending Directive EU (2018/2002)) by updating a few specific provisions and introducing new policies and targets. By 2030, EU energy efficiency is targeting to achieve at least 32.5% of energy savings with a clause for a possible upward revision by 2023.
“Occupancy sensor market in APAC to grow at a higher CAGR when compared to Americas and Europe during the forecast period”
The occupancy sensors market in APAC is projected to grow at a higher CAGR when compared to the Americas and Europe. The occupancy sensor market has huge potential in APAC. Countries with a considerable demand 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 an increasing acceptance among consumers in this region.
In the process of determining and verifying sizes of different segments and subsegments of the occupancy sensor market gathered through the secondary research, extensive primary interviews were conducted with key industry experts in the occupancy sensors market.
The break-up of primary participants for the report is as follows:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-Level – 35%, Directors– 25%, and Others– 40%
- By Region: Americas – 45%, Europe – 20%, APAC – 30% and Rest of the World – 5%
The report profiles key players in the occupancy sensors market with their respective market ranking analysis. Prominent players profiled in this report are Legrand (France), Schneider Electric (France), Eaton (Ireland), Johnson Controls (US), Signify (Netherlands), Actuity Brands (US), Leviton Manufacturing (US), Lutron Electronics (US), Honeywell (US), Hubbell Incorporated (US), Texas Instruments (US), OSRAM LICHIT AG (Germany), SIEMENS (Germany), Alan Manufacturing (US), Enerlites (US), Functional Devices (US), Crestron Electronics (US), Hager Group (Germany), Br?ck Electronic (Germany), and Pyrotech- Tempsens Group (India).
- This research report categorizes the occupancy sensor market based on technology, building type, network connectivity, operation, coverage area, application, and region.
- The report describes major drivers, restraints, challenges, and opportunities pertaining to the occupancy sensors market and forecasts the size of the market till 2024.
Key Benefits of Buying Report
The report is expected to help leaders/new entrants in this market in the following ways:
- This report comprehensively segments the occupancy sensors market and provides the closest market size projection for all segments and subsegments across different regions.
- This report aims at helping the stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities impacting the growth of the market.
- This report is expected to help stakeholders in obtaining an improved understanding of their competitors and gain insights to enhance the position of their businesses.
- The competitive landscape section includes detailed information on the competitor ecosystem and strategies such as product launches and developments, partnerships, collaborations, acquisitions, and expansions adopted by leading market players.