By Infinium Global Research Aug, 2020
The Global Humidity Sensor Market is expected to grow at a CAGR of 7.68% between 2019 and 2025 in terms of value. The key benefits of humidity sensors over conventional sensors are low power requirement, easy implementation, and betterment of transducer performance, for instance, sensing elements, structure design, the principle of mechanism, and fabrication technologies. Owing to an increase in the number of cement, food processing, pharmaceutical, and printing industries, the need for humidity sensors is also increasing which is responsible for heavily driving the growth of the humidity sensor market. Miniaturization of electronic devices is one of the major trends in the global humidity sensor market during the forecast period. Furthermore, technology advancement and increasing demand in devices with high-end features are driving the market for humidity sensors. In spite of these advancements, continuous reduction in prices of sensors because of the introduction of more competitive technologies and higher associated costs are detaining the market growth. The current COVID-19 epidemic that has been devastating numerous countries across the world has undesirably affected the overall sensor, control, and automation industry. While the capital investments in the automation segment have been lethargic before the epidemic, they are anticipated to be put on hold or postponed for at least a year. Conversely, the recent standstill in industrial manufacturing and production is projected to act as a wake-up call for the manufacturing sector on its reliance on human labour. By way of IoT, industrial automation, and digitalization are anticipated to become progressively significant to post-pandemic Tier 1 manufacturers, it may ultimately turn into an opportunity especially in changing supply chains.
Among the geographies, the Asia Pacific region is expected to hold the largest share in the global humidity sensor market. Furthermore, the region is also expected to witness high growth and is anticipated to grow with a CAGR of 8.20% during the forecast period owing to the growing number of industries in countries such as China and India. India is fast advancing the deployment of numerous emerging sensors and IoT technologies and it offers an opportunity to deploy these emerging technologies at a larger scale to bring economies of scale. Moreover, Heavy investments and legislative initiatives on sensor technology in countries such as the U.S. and Canada are expected to generate considerable revenue in the North American humidity sensor market