The global market for occupancy sensors is expected to more than double over the next five years, according to new research that projects the market’s value to increase from $1.14 billion currently to $2.78 billion by 2020 at a compound annual growth rate of 19.5%. Growing demand for energy efficient devices is noted as one of the major drivers for the projected growth, with government policies, improved technology, and new uses for sensors also noted.
Additionally, the report also finds that passive infrared-based occupancy sensors are projected to see the highest rate of growth, as well as holding the largest share of the market during the forecast period. Industries such as office and hospitality are the first and largest adopters of the new occupancy sensor technologies.
