Humidity Sensor Market by Product Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2027

Executive Summary

According to the report titled, 'Humidity Sensor Market by Product, Type, and End Use: Opportunity Analysis and Industry Forecast, 2020-2027' the global humidity sensor market was valued at $4.07 billion in 2019, and the market size is projected to reach $11.85 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027.

In 2019, Asia-Pacific dominated the market, contributing more than 50% share of the overall revenue, followed by North America. Rapid growth of industrialization and increase in population are some key factors responsible for the growth of the humidity sensor market. Asia-Pacific is the largest contributor to the automotive industry with growing economy and advancements in regular framework of the humidity sensors. China, Japan, and India are the major countries experiencing major humidity sensor market growth during the forecast period. Japan and China are technologically advanced countries, and thus exhibit high demand for humidity sensors.

A humidity sensor is an electronic component that senses, measures, and reports water vapor and air temperature. The humidity sensor functions by carefully monitoring environmental conditions and alerting the user of any alarming conditions. It detects any change in the electrical currents or temperature in the air. Accuracy, linearity, reliability, repeatability, and response time of humidity sensors are some of the important parameters considered for its selection.

Factors such as increase in demand for small-sized humidity sensor, surge in installation of personal weather stations, and developments in the automotive sector drive the growth of the global humidity sensor market. However, the need to improve technical specifications of humidity sensor is expected to hamper the humidity sensor market growth to a certain extent. Furthermore, development and adoption of vertical farming and precise farming are expected to offer lucrative opportunities for the growth of the humidity sensor market globally.

According to Shantanu Sachan, Lead Analyst, Semiconductor and Electronics at Allied Market Research,. The increase in adoption of IoT and AI is one of the major humidity sensor market trend fuels the growth of the global humidity sensor market. In addition, the leading market players are investing in R&D in developing ultra-thin and miniaturized humidity sensors owing to upsurge in demand for ultra-thin and compact electronics. However, these factors are technically challenging market players to improve the technical specifications of humidity sensors in terms of changing and rigorous environment in which these sensors perform. Moreover, these improved sensors are to be integrated with other electronics with ease and efficiency. In addition, there is a rise in popularity for electric vehicles with improved air conditioning system for passengers as well as well-maintained environment for electronic components. This propels the growth of the humidity sensor market.”

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue generator in 2019, accounting for $2.09 billion, and is estimated to garner $6.65 billion by 2027, growing at a CAGR of 15.59%. This is attributed to the fact that humidity sensor systems find their major application in automotive sector in the region. However, North America is expected to account for $2.58 billion by 2027, growing at a CAGR of 13.73%.

The humidity sensor market is segmented into product, type, end use, and region. By product, the market is bifurcated into relative and absolute humidity sensors. By type, the market is segregated into digital and analog. The digital segment accounted for the highest humidity sensor market share in 2019. By end use, the market is classified into residential, commercial, automotive, industrial, agriculture, weather station, and healthcare. By region, the humidity sensor market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

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.

The key players profiled in the humidity sensor market include 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, and Texas Instruments Incorporated.

Companies Mentioned

• 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 Incorporate

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.