PUNE, India -- According to a new market research report "Occupancy Sensor Market by Technology (PIR, Ultrasonic &Dual), Network Connectivity (Wired & Wireless), Coverage Area, Operation (Indoor & Outdoor), Application, Building Type (Residential & Commercial), and Geography - Global Forecast to 2020", published by MarketsandMarkets, The occupancy sensor market size is estimated to grow from USD 1.14 Billion in 2015 to USD 2.78 Billion by 2020, at an estimated CAGR of 19.5% between 2015 and 2020.
One of the major growth drivers for Occupancy Sensor Market is the increasing demand among the various industry verticals (residential buildings and commercial buildings) for the energy-efficient devices. Additionally, energy saving is considered to be amongst the most important factors in the development of occupancy sensors in the market. Applications such as lighting control, HVAC systems, and security surveillance majorly utilizes occupancy sensors to reduce the level of energy consumption.
PIR-based occupancy sensor to play a key role in the occupancy sensor market
In the total occupancy sensor market on the basis of technology, the PIR technology is widely utilized. The PIR-based sensors are ideal and the oldest among the occupancy detection and cheaper as compared to other sensors; therefore, they are used extensively in almost all the major applications such as lighting and HVAC control.
Supportive government plans and programs contributes towards the development of occupancy sensors
Occupancy sensors have been highlighted as a way to reduce energy consumption. With regards to this, not only private firms but also public firms and government bodies are taking effective measures for the implementation of occupancy sensors in most of the building types. For instance, in 2013, the U.S. government was promoting to install energy saving devices such as occupancy sensor in the new housing projects to reduce the level of energy consumption. With regards to total energy consumption in the U.S., commercial buildings and industrial plants together account for more than 50% of the consumption which is equal to approximately USD 400 billion of energy cost
North America expected to contribute the largest market share, European region to grow at the highest rate
The North American market is estimated to hold the major market share between 2015 and 2020. Some of the major reasons behind this are; increasing demand for energy-efficient devices and key players located in the region such as Leviton Manufacturing Co. Inc. (U.S.), Lutron Electronics Co, Inc. (U.S.) Honeywell International, Inc. (U.S.), Johnson Controls Inc. (U.S.), General Electric Company (U.S.), Acuity Brands, Inc. (U.S.), and Hubbell Incorporated (U.S.) among others. In addition to this, supportive government plans, laws, programs and associations are also one of the major reasons for the growth.
The European region is estimated to grow at the highest growth rate between 2015 and 2020. Government support is one of the major reasons behind this growth. For instance, Energy Efficiency Directive is an initiative by the European Union and it was established in October 2012 to set the measures which would help the European Union to achieve ~20% of energy efficiency target by 2020. Under this Directive, all European Union countries are required to use energy more efficiently at all stages of the energy chain from its production to its final consumption.
The competitive landscape of the market presents valuable insights into the various players in the occupancy sensor market. The occupancy sensor report profiles the 11 promising players in the market and further explains their business overview, product portfolio, recent developments, and key strategies. The market is witnessing new product developments and partnerships & agreements across the value chain between companies.
Some of the major market players in the field of occupancy sensor are Legrand S.A. (France), Schneider Electric (France), Acuity Brands, Inc. (U.S.), Leviton Manufacturing Co. Inc. (U.S.), Eaton Corporation plc (Ireland), Lutron Electronics Co, Inc. (U.S.), Johnson Controls Inc. (U.S.), Honeywell International, Inc. (U.S.), General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), and Hubbell Incorporated (U.S.) among others.
Browse 102 market data Tables and 115 Figures spread through 217 Pages and in-depth TOC on "Occupancy Sensor Market" at http://www.marketsandmarkets.com/Market-Reports/occupancy-sensor-market-3859894.html?utm_source=PRnewswire&utm_medium=Referral&utm_campaign=PaidPR
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