BOULDER, Colo. — Rising energy costs and tightening government regulations are creating an increased focus on using energy efficiency to save both energy and money, notes Navigant Research. Much of that focus centers on commercial buildings, which are significant, and often inefficient, users of energy. A new class of advanced sensors has emerged, allowing building systems to better anticipate and respond to changing conditions, saving significant amounts of energy as a result. According to a report by the research firm, worldwide revenue from advanced sensors for smart buildings will reach $3.65 billion by 2020.

“New sensors are deploying on smaller and smaller platforms that connect wirelessly, using less power,” said Noah Goldstein, research director with Navigant Research. “These technologies will make installation easier and cheaper, and help to usher in a new era of fault detection and diagnostics that will enable real-time building improvements and performance optimization.”

Global shipments of advanced sensors are forecast to grow at a compound annual growth rate of 48.3 percent from 2013 to 2020, the report states. Revenue growth will be somewhat slower than unit shipment growth due to a substantial drop in average selling prices, as companies realize economies of scale and face increased competition in the market.

An executive summary of the report is available here.

Publication date: 4/7/2014

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