Sep 3, 2019   SOURCE: PR NewsWire

Occupancy Sensor Market - Global Forecast to 2024: Increasing Popularity of Wireless Occupancy Sensors

DUBLIN, Sept. 3, 2019 /PRNewswire/ -- The "Occupancy Sensor Market by Technology (PIR, Ultrasonic, Dual), Network Connectivity (Wired & Wireless), Coverage Area (Less than 89°, 90-179°, 180-360°), Application, Building Type (Residential, Commercial) and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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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.

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.

Market Dynamics

Drivers

    --  Growing Demand for Energy-Efficient Devices
    --  Encouraging Government Policies Toward Energy Saving
    --  Growing Popularity of Lighting Controllers in Smart Homes
    --  Increasing Popularity of Wireless Occupancy Sensors
    --  Configurable and Programmable Sensors for HVAC Systems

Restraints

    --  False Triggering of A Switch By Sensors
    --  Inconsistency Issues Related to Wireless Network Systems
    --  Impact of Time-Out Period on Energy Savings

Opportunities

    --  Expected Incorporation of Lighting Controllers With In-Built Data
        Connectivity Technology
    --  Promotion of Green Building By Governments
    --  Developments in Vision-Based Intelligent Occupancy Sensor for HVAC
        System

Challenges

    --  Lack of Awareness Regarding Benefits of Occupancy Sensors

Company Profiles

Key Players

    --  Legrand
    --  Schneider Electric
    --  Eaton
    --  Johnson Controls
    --  Signify
    --  Acuity Brands
    --  Leviton Manufacturing
    --  Lutron Electronics
    --  Honeywell
    --  Hubbell Incorporated

Other Companies

    --  Texas Instrument
    --  American Industrial Partners
    --  Osram Lichit Ag
    --  Siemens
    --  Alan Manufacturing Inc
    --  Enerlites, Inc.
    --  Functional Devices
    --  Pyrotech- Tempsens Group
    --  Brck Electronic GmbH (B.E.G)
    --  Hager Group
    --  Crestron Electronics

For more information about this report visit https://www.researchandmarkets.com/r/hqcbzg

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