The global occupancy sensor market reached a value of US$ 2.02 Billion in 2018. Occupancy sensors, or vacancy sensors, are devices used for turning equipment on or off depending upon the occupancy of the room. They are indoor detecting mechanisms that sense the presence of individuals in a specific location and alter the temperature, ventilation and lights within the area. Occupancy sensors utilize numerous technologies including ultrasonic, passive infrared and dual technology for their operation. They find broad applicability across commercial, residential and industrial spaces, where they are used for energy efficiency in stairwells, open and closed offices, corridors and warehouses. Occupancy sensors also help in the automation of motor load switching of fans, curtains and air conditioners.
The growing demand for energy-efficient devices, along with the cost-effectiveness of these sensors, is the key factor driving the growth of the market. Occupancy sensors play an essential role in minimizing energy consumption and assist in reducing light pollution created in both indoor and outdoor spaces. Furthermore, the development of smart cities is another major growth-inducing factor. These sensors are utilized with intelligent parking solutions to check the status of each parking space and manage traffic congestion effectively. Additionally, rising awareness of energy-saving systems has enhanced the adoption of these sensors for accurate movement detection and reliable triggering. For instance, vending machines equipped with passive infrared sensors light up only when a customer is standing or waving in front of the panel. Moreover, technological advancements in micro-phonics, image processing and intelligent occupancy sensors are positively impacting the growth of the market. Other factors creating a positive outlook for the industry include rising disposable incomes and growing urbanization across the globe, coupled with the favorable government initiatives to encourage energy efficiency. Looking forward, IMARC Group expects the market to reach a value of US$ 4.84 Billion by 2024, registering a CAGR of around 16% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Honeywell International, Eaton Corporation, Schneider Electric, Legrand, Acuity Brands, Leviton Manufacturing, Pammvi Group, General Electric, Koninklijke Philips N.V., Hubbell Building Automation, Texas Instruments, Johnson Controls, Lutron Electronics, etc.
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