Allied Market Research published a report, titled, “Humidity Sensor Market by Product (Relative and Absolute) Type (Digital and Analog), and End Use (Residential, Commercial, Automotive, Industrial, Agriculture, Weather Station, and Healthcare): Global Opportunity Analysis and Industry Forecast, 2020–2027.” 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.
Drivers, restraints, and opportunities
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.
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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.
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.
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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
Key Findings Of The Study
- By product, the relative humidity sensors segment held the highest revenue of $3.46 billion in 2019 and contributed a major part in humidity sensor market size.
- By type, the digital humidity sensor segment held the highest revenue share of the market in 2019, generating $2.44 billion as per the humidity sensor market analysis.
- By end use, the industrial segment held the highest revenue share of the market in 2019, generating $993.1 million.
- By region, Asia-Pacific is expected to dominate the market, garnering a major share during the forecast period.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global market size along with the current humidity sensor market trends and future estimations to depict the imminent investment pockets.
- The overall humidity sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current humidity sensor market forecast is quantitatively analyzed from 2020 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the humidity sensor industry.
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