Advanced sensors and submeters provide the data streams that can be used by building data analytics and software to translate data into actionable information for building performance improvement. Therefore, investment in these devices facilitates the development of more holistic energy management and enterprise integration strategies. In addition, technology trends such as the Internet of Things, cloud computing, and the adoption of mobile devices are expanding the business case for investment in advanced sensors and electric submeters. Because of this, global revenue from advanced sensors and electric submeters could grow to $6.1 billion in 2027.
“Intelligent building solutions enabling the translation of granular data into actionable insight are gaining traction around the world. Therefore, sensors and submeters that feed data into the system have a pivotal role to play in the intelligent buildings market,” says Christina Sookyung Jung, research analyst with Navigant Research. “Insights from this sort of data-rich facility support stakeholders across the organization—from occupants and facility management and to the C-suite.”
The advanced sensors and electric submeters market is poised for steady growth in the next decade as intelligent building solutions gain deeper market penetration across customer segments and geographies. Navigant Research expects that global revenue from advanced sensors and electric submeters will grow from $2.7 billion in 2018 to $6.1 billion in 2027 at 9.4% CAGR, and the Middle East & Africa is expected to grow the fastest with a 12.2% CAGR.
The Navigant Research report, Market Data: Advanced Sensors and Electric Submeters, analyzes the global market for advanced sensors and electric submeters that support the development of intelligent buildings. The study examines seven product types: electric submeters and occupancy, photo, CO2, humidity, temperature, and multifunctional sensors. Global market forecasts, segmented by product and building type and region, extend through 2027. The report also examines how advanced sensors and electric submeters deliver business value through intelligent building solutions and provides recommendations to support global customer adoption of the devices.