The COVID-19 regulation has the potential to significantly impact the occupancy sensor market. A report published by Marketsandmarketsanalyzes COVID-19’s impact on the occupancy sensor market.
It predicts that the market size for occupancy sensors will increase at a compound annual growth rate (CAGR) of 13.3% from 2018 to 2025. This growth is attributed to increasing consumer demand for energy-efficient devices and the growing emphasis on green building by governments.
The COVID-19 outbreak negatively impacted the occupancy sensor market. The rash of active cases decreased the number of staff and forced several manufacturing industries to close temporarily.
Further, the recession impacted the market by forcing several companies to complete ongoing projects. As a result, COVID-19 has increased the cost of occupancy sensors.
If you want to know more about the impact of Covid-19 on the Occupancy Sensor market, continue reading this article.
What is Occupancy Sensor Market?
The occupancy sensor market compromises the manufacturers and consumers of occupancy sensors. The market is expected to grow at the highest CAGR during the forecast period. This is due to the increased awareness of home automation and energy management. These sensors help in detecting motion in high-traffic areas and thus minimize energy consumption and costs. The global market is expected to witness a CAGR of 10.9% during the forecast period.
Occupant sensor market growth is expected to be boosted by stringent government regulations and the rising demand for safer roads. For example, the South Korean government recently announced an initiative to develop smart city platforms in 64 cities, which will cost USD 25 million.
Similar outcomes are expected to continue driving the market for occupancy sensors. In the next few years, the occupancy sensor market is expected to reach more than $3 billion. A recent study showed that this technology is a growing market.
Impact of Covid-19 on Occupancy Sensor Market
With the outbreak of COVID-19 in the U.S., it is important to understand how these developments have affected the occupancy sensor market. Lockdowns in some manufacturing facilities have affected staffing levels, and social distancing measures have limited the availability of resources. In addition, the recession has caused some companies to limit their ongoing projects. However, these developments are likely to spur the market in the near future.
Occupancy sensors have the potential to help building owners reduce their energy and resource consumption and improve cost-effectiveness. Many offices are using occupancy sensors to monitor high-traffic areas. Because of their low cost, these devices are becoming a common control feature in building renovations and new construction. As such, manufacturers have been deploying strategic partnerships to ensure their products remain competitive in the market.
Among the key factors that influence the occupancy sensor market are favorable government policies, the increasing demand for energy-efficient devices, and the proliferation of IoT (the Internet of Things). These factors are expected to fuel the market growth in the coming years. Other factors expected to spur the market are the incorporation of lighting controllers with in-built data connectivity and the promotion of green buildings by governments. Moreover, researchers predict the emergence of vision-based intelligent occupancy sensors in HVAC systems.
While traditional occupancy sensors can detect movement in stationary humans, they have a high false-detection rate. Instead of using a traditional motion sensor, microwave Doppler radar can accurately detect the presence of stationary humans. In addition, the use of radar technology has the potential to be highly hygienic, eliminating the need for human interaction with the device. Moreover, this technology is more accurate than other occupancy sensors.