New York, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global humidity sensor market is anticipated to grow at a stunning CAGR of 7.5%, thereby garnering a revenue of $1,551.9 million in the 2019-2026 timeframe. This comprehensive report provides a brief outlook of the current framework of the humidity sensor market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2019-2026. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
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Dynamics of the Humidity Sensor Market
Drivers: A growing trend is being witnessed over the years, wherein electronic devices are becoming smaller and smaller in size. This increasing miniaturization of electronic devices is predicted to be the primary growth driver of the humidity sensor market. Additionally, technological advancements in the field of humidity sensors are anticipated to push the market forward.
Opportunities: Humidity sensors, due to their working mechanism, are used extensively across various applications such as textile machineries, printing and paper equipment, etc. This wide applicability of humidity sensors is predicted to offer numerous growth opportunities for the market in the forecast period. Along with this, the decreasing size of electronic components and devices is estimated to augment the growth rate of the market further.
Segments of the Humidity Sensor Market
The report has divided the market into certain segments based on type, end-user, and region.
Type: Relative Humidity Sensor Sub-segment to be the Most Profitable
By type, the relative humidity sensor sub-segment is expected to be highly dominant and register a revenue of $577.3 million in the 2019-2026 timeframe. Relative humidity sensors are cost-effective and have wide-ranging applications in automotive cabin air control, office automation, etc. This wide applicability of these sensors is predicted to boost the sub-segment in the forecast period.
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End-User: Industrial Sub-segment to be Highly Lucrative
By end-user, the industrial sub-segment of the humidity sensor market is expected to witness substantial growth and garner $242.1 million by 2026. Humidity sensors are extensively used in various industries such as oil and gas industry, mining sector, textile manufacturing, etc., which is why this sub-segment is expected to grow at such a fascinating rate in the forecast period.
Region: Market in Asia-Pacific Region to be the Most Dominant
By regional analysis, the humidity sensor market in the Asia-Pacific region is anticipated to be the highly profitable by registering a revenue of $405.0 million by 2026. This high growth rate of the market in Asia-Pacific region is attributed to the strict regulations put in place by various governments in countries like India, China, South Korea, etc. which makes it mandatory for setting up of humidity sensors in cars.
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Prominent Humidity Sensor Market Players
Some of the key players in the humidity sensor market are
- Honeywell International Inc.
- General Electric Co.
- Sensirion AG
- B+B Thermo-Technik GmbH
- Innovative Sensor Technology (IST) AG
- E + E Elektronik GES.M.B.H
- Michell GmbH
- Galltec Mess-und Regeltechnik GmbH
- Arthur Grillo GmbH
- TE Connectivity, among others.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market. – Inquire to get access to the key companies’ development strategic report
For instance, in July 2021, MinebeaMitsumi Inc., a Japanese electronic company, announced the launch of MW3827, a temperature and humidity sensor. This unique semiconductor is capable of reducing aging deterioration, while at the same time is efficient in maintaining high reliability. This product launch is expected to help MinebeaMitsumi Inc. to consolidate its position in the market in the coming period.
Finally, the report also summarizes many crucial aspects of the humidity sensor market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Humidity Sensor Market:
- Global Humidity Sensor Industry - Analyst Review
- The Working of Humidity Sensor and Its Applications in Various Industries
