Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) projects the global Humidity Sensor Market size to reach USD 1551.4 million, recording a 6.30% CAGR from 2018 to 2025 (forecast period).
The humidity sensor is an electronic component that senses, measures, and reports water vapor and air temperature. The humidity sensor works by carefully monitoring the environmental conditions and alerting the user to any alarming conditions and detects any variations in electrical currents or temperatures in the air. Accuracy, linearity, reliability, repeatability, and response time of the humidity sensors are some of the significant parameters considered for its selection.
The humidity sensor market outlook appears positive, showing tremendous opportunities in food & beverage, healthcare, and textiles, among other sectors. In addition, the rising adoption of wireless moisture sensors for climate monitoring in greenhouse farming raises the humidity sensor market share. The dynamics of the humidity sensor industry are affected by the rapid increase in various industries, manufacturing sectors, and increasing automation.
In addition, the miniaturization of sensors, the growing advancement in IoT and IIoT technology owing to the proliferation of industry 4.0, and the emergence of 5.0 are some of the main humidity sensor market trends fostering the growth of the market. Moreover, the growing use of sensors in smart grids and smart homes is driving market development.
However, fluctuations in prices and the demand-supply gap in the multiple major components and raw materials are key factors restricting the growth of the industry. In addition, high maintenance and operating costs pose significant challenges to business growth. Furthermore, the humidity sensor technology is a little costly, often increasing its overall market price. As a result, high costs are perceived to be a major factor expected to hinder the market growth.
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COVID-19 Impact on the Global Humidity Sensor Market
The humidity sensor market has gathered considerable momentum around the globe due to the huge prominence these sensors have achieved over the last few years. However, the outbreak of COVID-19 created major obstacles for the humidity sensor industry, placing the world at a standstill.
With the pandemic-driven lockdown causing a huge loss of revenue to the end-use industries, the prices of the humidity sensor increased, and demand decreased. However, the post lockdown restrictions have been relaxed, and the market for humidity sensors is going up again. Innovative market participants have aggressively started to look for increasing application areas of sensors in monitoring and tracking devices developed for COVID 19.
Humidity sensors are widely used in medical devices to track patient health metrics from afar, and sensor manufacturers are taking advantage of these opportunities to streamline their production lines.
Market Segmentation
The global humidity sensor industry has been segmented into type, material type, and application.
By type, the global humidity sensor market has been segmented into absolute humidity sensors (mirror-based sensors and solid moisture sensors), relative humidity sensors (capacitive, resistive, thermal, and others).
Based on material type, the global humidity sensor market has been segmented into semiconducting metal oxides, polymer-based, ceramic sensing, and others.
By application, the global humidity sensor market has been segmented into food & beverage, plastic & polymer, buildings & tunnels, pharmaceuticals, agriculture, fabric & textile, and others.
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Regional Analysis
The global humidity sensor industry has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
North America to lead the global market
North America has always been a market leader and has been able to continue its winning streak during the assessment period. The market for humidity sensors in North America reached a market value of USD 314.9 million in 2019, which would continue to rise at a 5.9% CAGR during the forecast period.
Factors such as extensive technology upgrades and high demand for IIoT devices from the industrial sector are driving humidity sensor market growth. The United States is the largest market for humidity sensors, followed by Canada and Mexico. The increasing demand for humidity sensors in hotels, hospitals, buildings, and schools is boosting the US humidity sensor market size.
Europe to follow North America
Europe earned the second largest market share in the global market for humidity sensors. Factors such as the large growth in the manufacturing sector and the large presence of agricultural and chemical companies promote Europe's humidity sensor market share.
In addition, strict regulations and considerable expenditure on health care, coupled with a large pool of manufacturers of medical devices in the region, are driving regional market development. The European market is expected to grow to a 4% CAGR, with a market size of USD 247.0 million by the end of the assessment period.
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Competitive Landscape
The humidity sensor market appears to be highly competitive, given the strong presence of existing industry players. Temperature and humidity sensor manufacturers are constantly facing fierce competition from each other and local players who are well aware of industry regulations and suppliers. Humidity sensor manufacturers are looking for opportunities to incorporate across the extended value chain, concentrating on expanding production facilities, R&D expenditure, and M&A activities.
Some Of The Key Players Holding Sizeable Humidity Sensor Market Share:
- Honeywell International, Inc. (US)
- PCE Holdings GmbH (Germany)
- Sensirion AG (Switzerland)
- GE Inspection Technologies (US)
- Amphenol Corporation (US)
- Silicon Laboratories (US)
- Texas Instruments (US)
- Bosch Sensortec GmbH (Germany)
- Alps Alpine co., ltd (Japan)
- OMRON Corporation (Japan)
- TDK Corporation (Japan)
- STMicroelectronics NV (Switzerland)
Industry News
Jan. 29, 2021 – Avnet, Inc. (USA), a distributor of electronic components and technology solutions provider, has released the HoriZone RA development kit to allow proof-of-concept designs edge-to-cloud Internet of Things (IoT) applications needing secure communications. The HoriZone RA development kit is available in the Americas. Driven by Renesas Advanced microcontrollers, the Avnet HoriZone RA kit and the IoTConnect platform are designed to offer secure, real-time IoT sensor data to the cloud.
Dec. 30, 2020 – Soiltech Wireless Inc. (US), a leading provider of sensor technology, announced that it had extended the range of its soil moisture sensor with temperature, humidity, location, and impacts.
Dec. 23, 2020 – Amphenol Corp. revealed plans to acquire sensor-technology firm MTS Systems Corp. for USD 1.7 BN. Amphenol makes electronic, electrical, and fiber-optic connectors and cables and interconnecting systems for telecommunications, aerospace, and other industries. Amphenol saw the demand for sensors rising across all markets.
Nov. 10, 2020 – LilyGO released a range of ESP32 "TTGO" boards featuring PoE, OLED display, battery support, cellular connectivity, and even a devkit in watch form factor. TTGO T-Higrow is a WiFi & Bluetooth-connected soil temperature & moisture sensor. The company's new product explicitly targets smart farming/gardening.
Nov. 05, 2020 – Würth Elektronik eiSos, one of Europe's largest manufacturers of electronic and electromechanical components, has announced the production of a micro-electromechanical (MEMS) sensor. The size of this micro-sensor is 2 x 2 x 0.9 mm and, with its low energy requirements and calibrated and temperature-compensated digital output, the sensor measures humidity and temperature with long-term stability.
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