Guidehouse Insights Estimates Global Market for Advanced Sensors and Submeters Will Grow to Nearly $29 Billion by 2032

Market drivers include cost savings, energy efficiency, and occupant satisfaction

BOULDER, Colo., Jan. 30, 2024 /PRNewswire/ -- A new report from Guidehouse Insights explores the global market for advanced sensing and submetering technology used in commercial and industrial (C&I) buildings, including offices, factories, warehouses, and educational settings.

Sensing technologies provide information on the conditions inside a building: the number of people present, the climate conditions, or how the building's electrical system is functioning. As connectivity technology has improved, these sensors have been able to connect to building automation systems and inform how different systems impact one another. According to a new report from Guidehouse Insights, global revenues for advanced sensors and submeters are expected to grow from $18 billion in 2023 to $28.9 billion in 2032, for a compound annual growth rate (CAGR) of 5.4%.

"With workforces present only part of the time, companies have become more aware of how they use their working spaces and have adjusted their cleaning and HVAC systems accordingly," says Francesco Radicati, senior research analyst with Guidehouse Insights. "In many cases, they have also reduced the square footage of their office space, but upgraded to higher quality space, with the goal of keeping workers happy on the days they work in person."

Gathering sensor and submeter data has implications beyond single buildings. Many vendors are providing solutions that allow their customers to visualize occupancy, HVAC usage, and energy usage across multiple sites and in different jurisdictions. However, the landscape remains fragmented, and true single pane of glass systems to monitor all the functions in a building have yet to gain widespread usage, according to the report.

The report, Advanced Sensors and Submeters, focuses on advanced sensing and submetering technology used in commercial and industrial (C&I) buildings, including offices, factories, warehouses, and educational settings. It reviews the trends among the most prominent types of sensors and submeters, and how they integrate with new technologies such as building automation systems and distributed energy resources. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 17,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.

* The information contained in this press release concerning the report, Advanced Sensors and Submeters, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

For more information, contact:

Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
[email protected] 

SOURCE Guidehouse Insights