Humidity Sensors Market revenue to cross USD 1 Bn by 2027: Global Market Insights Inc.
SELBYVILLE, Del., Nov. 23, 2021 /PRNewswire/ -- The humidity sensors market size is anticipated to record a valuation of USD 1 billion by 2027, according to the most recent study by Global Market Insights Inc. The market growth is credited to the rising adoption of smart farming and irrigation activities in the agriculture sector. Rising temperatures, extreme heat waves, and extreme drought conditions have encouraged farmers to use smart irrigation techniques to monitor soil moisture, increasing the demand for humidity sensors. Moreover, favorable government initiatives to support drought recovery schemes and acceptance of smart water management practices will create growth opportunities for the market in the coming years.
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The absolute sensor product type held 15% of the humidity sensors market share in 2020 and is projected to witness 4% growth rate till 2027. The growth is attributed to its increasing use in medical industries to determine the respiratory humidity levels. These sensors improve the detection & performance of medical devices such as ventilators, incubators, and human respiratory system monitoring units. Several companies are engaged in developing new technologies to address the rising demand among new industry verticals such as food & beverages, semiconductor, and industrial automation.
The humidity sensors market for HVAC & building automation segment accounted for 10% of revenue share in 2020 and is poised to expand at more than 6% CAGR through 2027. The market expansion is owing to the rising usage of advanced technology, such as AI and IoT enabled devices, for automation application. These sensors help in enhancing buildings energy efficiency, facility management, and service innovation. Several manufacturers are focusing on launching innovative products equipped with efficient sensing technology for building automation application.
Europe humidity sensors market is estimated to attain a CAGR of over 5.5% during 2021 to 2027 driven by the rising demand for monitoring humidity and temperature in the environment to regulate emissions. Also, governments are focusing on developing new regulations & initatives to support the environmental & climate neutrality. For instance, in December 2020, the European Union announced to reduce the green house emission to 55% by 2030. The commission is planning to invest USD 108.9 billion to support the research and innovation program to make Europe a climate neutral continent by 2050.
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Some of the major players operating in the market are TE Connectivity, Alps Alpine, Amphenol, Sensirion AG, Texas Instruments, STMicroelectronics, and SCHNEIDER ELECTRIC. Several market participants are constantly involved in creating new strategies, such as partnerships & acquisitions, to expand their product offerings and meet the market's high demand.
Some major findings of the humidity sensors market report include:
Table of Contents (ToC) of the report:
Chapter 3 Humidity sensors market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
126.96.36.199 Research and development
3.2.4 Competitive landscape
188.8.131.52 Distribution network
184.108.40.206 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material and component suppliers
3.3.3 Distribution channel
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.
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