According to the latest market research study released by Technavio, the global occupancy sensor market is expected to exceed USD 3.6 billion by 2020, growing at a CAGR of almost 12% during the forecast period.
This research report titled ‘Global Occupancy Sensor Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
The report segments the global occupancy sensor market by application into five broad categories which are as follows:
Residential and commercial
Residential and commercial
The residential and commercial segment contributed the largest revenue share of 30% to the global occupancy sensor market in 2015. The segment is expected to exceed USD 1 billion by 2020, growing at a CAGR of over 13% during the forecast period.
According to Asif Gani, lead analyst at Technavio for sensors research, “The segment is driven by an accelerated demand for occupancy sensors in commercial buildings and residential establishments that employ these sensors for energy management and security applications.” Owing to the growing demand, the segment is predicted to account for 32% of the market’s revenue in 2020.
The industrial manufacturing segment is expected to grow to USD 958 million by 2020, expanding at a CAGR of over 17% during the forecast period.
Increasing demand for ultrasonic sensors in industrial applications such as mechanical engineering, building materials, material handling, and level measurement will drive demand for this segment during the forecast period.
High level of accuracy and efficient monitoring capabilities make these sensors suitable for industrial automation processes such as level measurement with millimeter precision. This segment will account for 26% of the global occupancy sensor market in 2020.
The smart home segment is expected to exceed USD 687 million by 2020 growing at a CAGR of over 17%.
The increasing use of automation equipment in the building automation market is boosting the demand for passive infrared (PIR) sensors, as they are mostly used for motion detection of individuals and objects. Countries such as the US, Canada, Germany, the UK, Japan, Spain, France, and China have been experiencing a rise in building automation.
“The increasing demand for consumer electronic devices, especially in APAC, has been driving this market toward greater revenues. The emergence of the IoT, this segment will see a positive growth trend during the forecast period,” says Asif.
The automotive segment is expected to exceed USD 582 million by 2020, growing at a CAGR of over 13% during the forecast period.
Automobile is a fast-expanding market with an increase in the production of units across the globe. Technavio expects an increase in the use of PIR sensors in automobiles during the testing phase due to a rise in car production.
The others segment includes sectors such as healthcare, aerospace, and military and defense. This segment is expected to witness a drop in revenue from approximately USD 402 million to USD 266 million by 2020. This is due to the increased proliferation of occupancy sensors in segments such as residential and commercial.
Technavio hardware and semiconductor research analysts highlight the following four vendors as the top contributors to the global occupancy sensor market:
General Electric (GE)