The occupancy sensor market is projected to reach USD 3.6 billion by 2025 from USD 2.9 billion in 2020; it is expected to grow at a CAGR of 13.3% during the forecast period. The growth of the occupancy sensor market is driven by factors such as increasing need for energy-efficient lighting controls and the growing popularity of smart homes. On the other hand, the rising trend of green buildings across the world is among the major factors that are likely to create growth opportunities for the market.
In 2019, North America dominated the worldwide occupancy sensor market. North America has a higher need for occupancy sensors in commercial and residential buildings than other regions. This demand can be attributed to the occupancy sensors market's well-organized and maintained value chain in the area. The United States continues to be the region's leading market for occupancy sensors. In the United States, the occupancy sensor market is primarily driven by favourable government policies and the presence of important players in the country, as well as their services.
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The passive infrared-based occupancy sensors accounted for the largest share of occupancy sensor market in 2019. These sensors are affordable and consume lower power than the other two technologies, which makes more it suitable for wireless network connectivity.
The occupancy sensor market for 180–360° coverage area is expected to account for the highest share during the forecast period. There is a strong demand for higher coverage area occupancy sensors as a single occupancy sensor can be installed in large rooms such as large office floors, conference rooms, and classrooms, whereas 89° and 90–179° coverage area-based sensors are used mostly in smaller spaces due to their limited field of view.
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During the forecast period, the occupancy sensor market for residential buildings is predicted to develop at the fastest rate.
In today's market, most home owners want to have the most up-to-date technologies installed in their homes, which help them monitor energy usage and save money. Furthermore, rising tenant awareness of home automation and smart homes is likely to propel the occupancy sensor market for residential structures.