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The wireless occupancy sensor market is expected to register a CAGR of 18.3% in the forecast period 2019-2024.
Energy saving has been crucial for growth in any economy, as a result, the government is also coming with several policies to save energy which will drive the market in the forecast period.
- Rising demand for energy-efficient devices is expected to drive the market. Wireless occupancy sensors play a vital role in reducing energy consumption. This is achieved through the sensors, which shuts down devices and other equipment on the basis of occupancy. These sensors help in reducing light pollution and they can be used for indoor and outdoor spaces.
- The demand for passive infrared is expected to continue in the future, due to the low cost, demand for energy-efficient devices, and less power requirement. It has a range of applications, such as lighting, spectrometers, gas & fire detection systems, etc.
- Some of the major benefits of passive infrared sensors are accurate movement detection, reliable triggering, and cost efficiency. Vending machine designers, for example, are now incorporating PIR sensors into their products so that their displays only light up when someone is standing in front of the unit or maybe waving their hand in front of a panel - which saves on operating costs.
- However, due to the false triggering of switch and inconsistency issues associated with wireless network system are anticipated to decrease the market growth during the forecast period.
Major Market Trends
Smart City Initiatives to Stimulate the Growth of Wireless Occupancy Sensor Market
- The trend of urbanization is growing worldwide, and according to the United Nations, Department of Economic and Social Affairs, 60% of the population will be living in cities by 2050. With more population shifting to urban areas, cities across the globe will be in trend to develop the smart city, which will enhance the growth of the market.
- A smart city can create an efficient and smart services delivery platform for public and municipal workers by installing sensors in the city and to create platforms that allow the share of information and give it for proper use to the public, city managers, businesses and professionals. The platform can have a typical data warehouse where different sensor system stores its information.
- An intelligent parking system should be not only aware of the occupancy status of each parking space but also be able to guide the user to it.
- Traffic congestion caused by vehicles is an alarming problem at a global scale, and it has been growing exponentially, where wireless occupancy sensors like IoT sensors and ultrasonic sensors play a significant role with the help of edge computing, where traffic patterns will help in managing the traffic problem very efficiently.
- Santander, the Spanish city, is embedded with more than 12,000 sensors that measure everything from the amount of trash in containers to the number of parking spaces available, to the size of crowds. Los Angeles has implemented a smart traffic solution to control traffic flow. Road-surface sensors and closed-circuit television cameras send real-time updates about the traffic flow to a central traffic management platform
- A vision-based occupancy sensing system with real-time data capture and analysis offers significant advantages over PIR and video systems, which will help smart city development in growing the occupancy sensor market due to its computing model.
North America to Account for a Significant Market Share
- The demand in North America is mainly driven by a higher focus on innovations and advancements in occupancy sensors such as image processing occupancy sensor (IPOS), intelligent occupancy sensor (IOS), and microphonics.
- The largest industry of occupancy sensors is in residential and commercial buildings due to massive growth in the construction sector in this region. The technology has a significant role to play in this sector due to the cost-effective matrix and results in a longer life cycle of products and systems, along with more excellent reliability.
- The United States is leading the market due to development in various sectors, such as commercial and residential and increase in the rise of wireless network infrastructure is driving the growth in the home automation, which is helping in the growth of occupancy sensor market. Similarly, the growing demand for HVAC systems in the US region is anticipated to play a crucial role in this market.
The major players include Honeywell International, Schneider Electric, Eaton Corporation, Legrand, Leviton, General Electric, Philips and among others. The market is fragmented since there is significant competition in the market. Hence, the market concentration will be low.