Rise in demand for small-sized humidity sensors, increase in
installation of personal weather stations, growth in automobile sector, and
surge in adoption of IoT and AI in electronics drive the global humidity sensor
market. However, need of improvement in technical specifications of humidity
sensor restrains the market growth. On the other hand, development of vertical
farming and precise farming create new opportunities in the coming years.
According
to the report, the global humidity sensor
market garnered $4.0 billion in 2019, and is estimated to reach $11.85
billion by 2027, registering a CAGR of 14.2% from 2020 to
2027.
COVID-19 Scenario
- The global
lockdown due to novel coronavirus has impacted global supply chain.
Various countries are taking initiative and providing financial support to
their domestic market players in order to help them strengthening their
market position.
- There will be a
growing demand for humidity sensors from healthcare sector, as all
countries are currently focusing and investing high to improve healthcare
facilities.
The relative segment to maintain its lead status in
terms of revenue throughout the forecast period
Based
on product, the relative segment accounted for more than four-fifths of the
global humidity sensor market in 2019, and is expected to maintain its lead
status in terms of revenue throughout the forecast period. This is due to
operational simplicity and wide range of applications of relative humidity
sensors. Moreover, this segment is estimated to portray the highest CAGR of
14.9% from 2020 to 2027. The report also analyzes the absolute segment
throughout the forecast period.
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The digital segment to maintain its leadership
position during the forecast period
Based
on type, the digital segment contributed to the highest market share with
nearly three-fifths of the global humidity sensor market share in 2019, and is
estimated to maintain its leadership position during the forecast period. This
is attributed to increase in adoption of IoT devices. Moreover, this segment is
estimated to portray the highest CAGR of 16.3% from 2020 to 2027. The report
also analyzes the analog segment throughout the forecast period.
Asia-Pacific,
followed by North
America, to maintain its dominant by 2027
Based
on region, Asia-Pacific,
followed by North
America, accounted for the highest share based
on revenue, holding for more than half of the global humidity sensor market in
2019, and is projected to maintain its dominant position throughout the
forecast period. This is attributed to rise in technological innovations in the
automotive industry. Moreover, this region is estimated to portray the highest
CAGR of 15.6% from 2020 to 2027. The report also analyzes the regions such as Europe,
and LAMEA.
Leading market players
- Amphenol Advanced
Sensors
- Guangzhou Aosong
Electronics Co., Ltd.
- Honeywell
International Inc.
- Laird Connectivity
- Michell
Instruments
- Renesas
Electronics Corporation
- Schneider Electric
- Sensirion AG
Switzerland
- TE Connectivity
- Texas Instruments Incorporated
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