SELBYVILLE, Del., Nov. 23, 2021 /PRNewswire/ -- The humidity sensors market size is anticipated to record a valuation of USD 1 billion by 2027, according to the most recent study by Global Market Insights Inc. The market growth is credited to the rising adoption of smart farming and irrigation activities in the agriculture sector. Rising temperatures, extreme heat waves, and extreme drought conditions have encouraged farmers to use smart irrigation techniques to monitor soil moisture, increasing the demand for humidity sensors. Moreover, favorable government initiatives to support drought recovery schemes and acceptance of smart water management practices will create growth opportunities for the market in the coming years.
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The absolute sensor product type held 15% of the humidity sensors market share in 2020 and is projected to witness 4% growth rate till 2027. The growth is attributed to its increasing use in medical industries to determine the respiratory humidity levels. These sensors improve the detection & performance of medical devices such as ventilators, incubators, and human respiratory system monitoring units. Several companies are engaged in developing new technologies to address the rising demand among new industry verticals such as food & beverages, semiconductor, and industrial automation.
The humidity sensors market for HVAC & building automation segment accounted for 10% of revenue share in 2020 and is poised to expand at more than 6% CAGR through 2027. The market expansion is owing to the rising usage of advanced technology, such as AI and IoT enabled devices, for automation application. These sensors help in enhancing buildings energy efficiency, facility management, and service innovation. Several manufacturers are focusing on launching innovative products equipped with efficient sensing technology for building automation application.
Europe humidity sensors market is estimated to attain a CAGR of over 5.5% during 2021 to 2027 driven by the rising demand for monitoring humidity and temperature in the environment to regulate emissions. Also, governments are focusing on developing new regulations & initiatives to support the environmental & climate neutrality. For instance, in December 2020, the European Union announced to reduce the green house emission to 55% by 2030. The commission is planning to invest USD 108.9 billion to support the research and innovation program to make Europe a climate neutral continent by 2050.
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Some of the major players operating in the market are TE Connectivity, Alps Alpine, Amphenol, Sensirion AG, Texas Instruments, STMicroelectronics, and SCHNEIDER ELECTRIC. Several market participants are constantly involved in creating new strategies, such as partnerships & acquisitions, to expand their product offerings and meet the market's high demand.
Some major findings of the humidity sensors market report include:
- The growing uses of climate control & powertrain management systems in hybrid and electric vehicles have increased the demand for humidity sensors. These sensors offer high linearity, high accuracy and reliability, and a quick response time, thereby supporting the industry growth.
- Increased international standards and government regulations to mandate the adoption of humidity sensors in food & beverage processing and storing applications are driving the market progression. The rising demand for frozen & packed food assets in retail shops is prompting OEMs to develop advanced humidity sensors, which will further support the segment growth.
- The COVID-19 pandemic has had a major influence on the automotive sector, leading in the closure of multiple plants, supply chain barriers, and international trade obstacles. The consumer demand has dropped, prompting automakers to lower their new car production capacity and restricting the market potential for humidity sensor manufacturers.
- The Asia Pacific humidity sensors market is expected to showcase a significant growth due to the rising government initiatives & funding activities. This will support the acceptance of preventive measures for controlling climate change and greenhouse emissions. Moreover, the increasing usage of smart city trends and IoT technologies for monitoring the air quality ambience in the North America region will fuel the industry expansion in the coming years.
Table of Contents (ToC) of the report:
Chapter 3 Humidity sensors market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
188.8.131.52 Research and development
3.2.4 Competitive landscape
184.108.40.206 Distribution network
220.127.116.11 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material and component suppliers
3.3.3 Distribution channel
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
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