DALLAS, TX -- According to a new market research report "Occupancy Sensor Market by Technology (Passive Infrared, Ultrasonic), Network (Wired, Wireless), Components, Application (Education, Healthcare, Hospitality, Industrial, Retail), and Geography - Analysis and Forecast to 2013 - 2020", published by MarketsandMarkets, the Occupancy Sensor Market is estimated to reach $4.67 Billion by 2020, growing at a CAGR of 18.36% from 2014 to 2020.
An occupancy sensor is a lighting module that identifies the presence of people in a specified area and accordingly turns the lights on or off automatically. It uses infrared, ultrasonic or a combination of these technologies for these processes. These sensors help save energy and increase the efficiency with regards to the usage of lights. Recent 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 it possible to grab more market share in various fields. The key applications of occupancy sensors are in residential, commercial, educational, healthcare, retail and hospitality buildings. The largest application 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. Highlighting features of occupancy sensors include high efficiency, cost, and energy saving.
The major driving factor helping the Occupancy Sensor Market to grow includes an increasing demand for energy efficient devices, favorable government policies regarding energy saving, and development of most accurate and efficient sensors. Restraining factors for the Occupancy Sensor Market includes false triggering of switch by sensors, and incompatibility issues with regards to wireless network systems. A major opportunity with regards to occupancy sensors includes increasing the effectiveness by implementing IPOS.
The overall Occupancy Sensor Market is segmented into five major segments- technology, network, component, application, and geography. All the segments are separately classified in the report. The Occupancy Sensor Market is expected to grow at a CAGR of 18.36% from 2014 to 2020.
Geographically, the Occupancy Sensor Market is segmented into North America (U.S., Canada, and Mexico), Europe (U.K., France, Russia, and others), APAC (China, India, South Korea, and Japan), and Rest of the World (Middle East, South America, and Africa).The North American market accounted for the highest market share of 40.24% in 2013 and is estimated to grow at a CAGR of 17.40% from 2014 to 2020. APAC is the fastest growing market among all geographic regions at a CAGR of 20.45% from 2014 to 2020.
Players involved in the development of occupancy sensors include Legrand S.A. (France), Schneider Electric SE (France), Acuity Brands, Inc. (U.S.), Leviton Manufacturing Company, Inc. (U.S.), Eaton Corporation Plc. (Ireland), Lutron Electronics Company, Inc. (U.S.), Johnson Control, Inc. (U.S.), Honeywell International, Inc. (U.S.), HUBBELL Inc. (U.S.), and Koninklijke Philips N.V. (Netherlands).
Browse 70 market data Tables and 67 Figures spread through 195 Pages and in-depth TOC on "Occupancy Sensor Market" at http://www.marketsandmarkets.com/Market-Reports/occupancy-sensor-market-3859894.html
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