Global Occupancy Sensor Market
The GMI Research asserts that the Occupancy Sensor Market will encounter a boom over the forecast period. This is because of the surging endorsement of connected devices and augmenting demand for smart devices such as Internet of things and artificial intelligence based devices.
Introduction of the Occupancy Sensor Market
Occupancy Sensor is majorly used to identify the existence of a person or things to control lights, ventilation systems, and temperature automatically. It is an automotive sensor with extensive applications such as for better security at the home and commercial spaces, decrease the energy need for lights in vacant spaces by automatically recognising signals.
Occupancy Sensor Market Dynamics
The evolving demand for authorisation and vigilance systems to certify public safety and the surging usage of camera, communication, and video surveillance infrastructure has stimulated the growth of the global occupancy sensor market. For example, an approximated 770 million surveillance cameras were lodged throughout the world, in 2019, with nearly 54% of those cameras installed in China. The occupancy sensor can efficiently administer these cameras to nurture the video motion detectors. The sensors interpret the video feed for motion and sounds of an alarm to turn on lights and sound alarms. The surging smart home and augmenting demand for the infrastructure projects for smart city along with government initiatives have further paved the way for market growth. For instance, the Indian Government initiated two programmes ‘Smart Cities Mission’ and ‘Atal’ with an elementary investment of approximately US$ 7.513 billion for resurrection of Urban Transformation and the elevation of 500 existing cities in India. However, excessive capital investment required for the development of the production facility of the sensors may hinder the market growth.
Application Segment Drivers
The commercial segment is anticipated to seize the largest share in the occupancy sensor market over the forecast period. This is due to their mounting demand in the video surveillance for safety purpose.
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