The infrared motion sensor Market was valued at US$1,452.862 million in 2018 and is projected to expand at a CAGR of 6.61% over the forecast period to reach US$2,133.305 million by 2024.
The infrared sensor is an electronic equipment used to sense features from its environments either by detecting or transmitting infrared radiations. They are also proficient in determining the heat emitted by an object in motion. These sensors are primarily used for target discrimination, they detect and localize moving objects. Recently, it has been observed that new construction projects such as public buildings, private residences, office buildings, shopping complexes, etc. are installing systems like escalators, automatic doors, and taps, etc. which deploy infrared motion sensors. This has played a significant role in the growth of this market and will augment its growth over the forecast period. But the high cost and inability of the motion sensor to detect objects moving at very slow speed are the major hindrances that can hamper the growth of this market.
This research study examines the current market trends related to demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top-down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the infrared motion sensor value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining a faster and efficient understanding of the infrared motion sensor market.
Major industry players profiled as part of the report are Honeywell International Inc., STMicroelectronics, and Panasonic Corporation among others.
Segmentation
The infrared motion sensor market has been analyzed through the following segments:
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