- Increase in demand for small-sized humidity sensors, rise in installation of personal weather stations, growth in automobile sector, and rise in adoption of IoT and AI in electronics drive the global humidity sensor market
PORTLAND, Oregon, May 18, 2020 /PRNewswire/ -- 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 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.
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
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SOURCE Allied Market Research