New York, USA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global humidity sensor market is predicted to witness a significant rise in revenue from $870.1 million in 2018 to over $1,551.9 million by 2026 at a steady CAGR of 7.5% from 2019-2026.
Market Dynamics
Growth: Humidity sensors consist of multiple benefits that can help in propagating the growth of the market. These sensors are easier to install, consume less power, and also have a more enhanced design structure. To add further, these sensors follow modern methods of mechanism as well as fabrication technology, which is predicted to further add to the growth of the humidity sensor market.
Opportunities: Multiple manufacturing companies have been experiencing a rise in awareness about the significance of utilizing humidity sensors. They help in reduction of overall costs spent on the maintenance. These factors are anticipated to provide the market with growth opportunity in the analysis period.
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Segmental Analysis
The report has categorized the market into multiple segments based on type and end user.
Relative Humidity Sensor Sub-segment Predicted to Gain Momentum
By type, the relative humidity sensor is set to garner revenue of $577.3 million by 2026 and is predicted to rise further at a CAGR of 8.3% during the forecast period. These relative humidity sensors are extremely affordable and can also be used for multiple functions such as industrial process control systems, office automation, and home appliances as well. These benefits are set to further boost the growth of the sub-segment in the forecast period.
Industrial Sub-segment Anticipated to Dominate the Humidity Sensor Market
By end user, the industrial sub-segment is set to garner revenue of $242.1 million by 2026 and is predicted to rise further at a CAGR of 7.9%. This growth is credited to the extensive use of humidity sensors in different sectors such as mining, oil and gas, power and energy, and more to keep a check on the moisture levels. This is set to further propel the growth of the sub-segment in the estimated time period.
Regional Analysis
The Asia-Pacific region is expected to generate revenue of $405.0 million by 2026 and is expected to rise further at a CAGR of 7.9%. Most of the Asian countries such as South Korea and India have stringent regulations in place that allow setting up of humidity sensors in cars to help with the emission control standards. These factors are predicted to further add to the growth of the regional market.
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Major Key Players in the Humidity Sensor Market
The report contains a list of notable market players of the global humidity sensor market who have been ensuring the constant growth of the market. They are as listed below:
- Mitchell GmbH
- Honeywell International Inc
- Innovative Sensor Technology (IST) AG
- Arthur Grillo GmbH
- Galltec Mess-und Regeltechnik GmbH
- Sensirion AG
- B+B Thermo-Technik GmbH
- E+E Electronik GES. M.B.H
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the humidity sensor market. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in September 2020, Sensirion AG, a pioneer in humidity sensing announced the launch of their new humidity and temperature sensors termed as the SHT40. It features a tape and reel packaging which also comes with high calibre SMD assembly process. They also announced that version with higher accuracy i.e. the SHT41 and the SHT45 will also be available in the market by 2021.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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