The occupancy sensor market is projected to reach $4.67 Billion by 2020 according to the reports published by Markets&Markets. The sensor market calls for Passive Infrared and Ultrasonic technology, wired and wireless network connectivity, components, applications involving education, healthcare, hospitality and industrial market, and geography analysis.
Occupancy Sensor Market
Sensor market is estimated to grow at a CAGR of 18.36% in the next 6 years. Let’s talk precisely, a light module that senses the presence of people by using infrared or ultrasonic technology and estimates the number of them is an occupancy sensor. These highly efficient sensors are energy saving as well as eco-friendly devices and are being extremely used in educational, residential, hospitality and business sectors.
New technologies like image processing occupancy sensor (IPOS) and intelligent occupancy sensor (IOS) have also played a huge part in its increasing market share. The report also suggests that the use of sensors has increased greatly in the residential and commercial areas of the country because of the monolithic growth in the real estate business.
Another strong reason of this growth is the cost-effectiveness and more farseeing development of the sensor. The growing demand of energy efficient devices is the root cause of raise in tech sector. This growth is seen as a huge chance to increase the market of the occupancy sensors. The Occupancy sensor market report has also pointed out the inconsistency issues with wireless systems.
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Now let’s take the geographical section into account. The highest market share last year (40.24%) was bagged by the North American countries and is expected to grow at a rate of 17.40% in the following period. The markets of India, China, South Korea and Japan are reported as the fastest growing market with a CAGR of 20.14% in the next 6 years. Markets of Europe, Middle East, South America and Africa are also expected to grow at a competitive rate.
This rate of development suggests that there is a huge opportunity for growth in the IT, electronics and telecommunication sectors in the coming years. Don’t forget to share your thoughts with us on this report.
Rahul Hirani
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