Development Trends: Humidity Sensor Market Anticipated for Progressive CAGR Growth During 2020-2027
Pune, New York, USA, November 25 2020 (Wiredrelease) Research Dive –:According to a study conducted by Research Dive, the global humidity sensor market forecast size is expected to reach$1,551.9 million by the end of 2026, registering 7.5% CAGR over the forecast period.
Humidity sensor is a device used for detecting environmental humidity and is also called as hygrometer. This device plays a vital role in sensing, measuring, and recording the moisture & temperature of surrounding air. These sensors are made up of two metal plates. In between these two plates, there is a non-conductive polymer film that senses the moisture from the air and alters the existing voltage. These alterations in voltage are then converted to appropriate digital readings.
The humidity sensors have limited long term stability and the sensors cannot work efficiently under 0°C In addition, the limited measurement range is another key factor that is expected to hamper the growth of the global humidity sensors market during the forecasted period.
The global humidity sensor market is divided on the basis of type into absolute humidity sensor and relative humidity sensors among others. Among these, the relative humidity sensor segment is anticipated to boost the global humidity sensor market,which is anticipated to reach $577.3 million by 2026, growing at CAGR of 8.3% during the forecasted period. The growing necessity for relative humidity sensors is majorly due to the ability of the sensors to improve air quality and control moisture levels in the air.This is the key growth factor that is anticipated to drive the relative humidity sensor segment in the global humidity sensor market. However, absolute humidity sensor segment held the highest market value in the year 2018 accounting for $522.1 million and is expected to reach $897.0 million by 2026 growing at a CAGR of 7.0% during the projected years.
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The global humidity sensor market is divided into automotive, industrial, food &beverages, agriculture, pharmaceutical &healthcare, building automation & domestic appliances, environmental and other. The automotive segment led the global humidity sensor market end-user segment accounting for $160.1 million in 2018 and is expected to reach $277.8 million and is anticipated to grow at a CAGR of 7.1% during the forecasted period. In addition, the industrial segment is projected to dominate the end-user segment during the forecasted years accounting for $242.1 million by 2026 growing at a CAGR of 7.9%. Humidity sensor solutions are being used to monitor the ambient moisture widely in various industries such as mining, oil & gas, paper, power & energy,and textile, among other industries.
The global humidity sensor market has been classified regionally into North America, Europe, Asia-Pacific, and LAMEA. The North America region held the largest market value in 2018 accounting for $244.5 million and is projected to reach $419.0 million by 2026, growing at a CAGR of 7.0% during the forecast period. Asia-Pacific region is expected to dominate the humidity sensor market; this growth is majorly due to the growing automotive end-user industries in the developing and developed nations. Asia-Pacific region accounted for $221.0 million in 2018 and is expected to reach $405.0 million by 2026, growing at a CAGR of 7.9 during the forecast period.
Top gaining participants of global humidity sensor market are General Electric Co., Michell GmbH,Honeywell International Inc., Galltec Mess-und Regeltechnik GmbH,Innovative Sensor Technology (IST) AG, Sensirion AG, Arthur Grillo GmbH, B+B Thermo-Technik GmbH, E + E Elektronik GES.M.B.H, and TE Connectivity many others. These key participants are concentrating on product improvements, mergers & acquisitions, collaborations and new product launches to gain majority of the market share in the overall humidity sensor industry.
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• Porter’s Five Forces Analysis for Humidity Sensor Market:
1. Bargaining Power of Suppliers: The key players present in this market are high in number due to which the supplier’s power is high.The bargaining power of suppliers is High.
2. Bargaining Power of Consumers:The number of consumers is very high, and thus the bargaining power of consumers in high.The bargaining power of consumers is High.
3. Threat of new entrants: Initial investment to develop a humidity sensor device is very high, and thus the threat of new entrants is low.The threat of new entrants is Low.
4. Threat of substitutes: There is no alternative for humidity sensor, and thus the threat of substitutes is low.The threat of substitutes is Low.
5. Competitive rivalry in the industry: This market includes a many market participants. Many of the key players are following similar strategies for the improvement of technologies.The competitive rivalry in the industry is High.
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