Global digital temperature & humidity sensor market is anticipated to experience a strong growth during the forecast period mainly due to the increasing demand for autonomous and electric vehicles. By type, the absolute humidity sensor segment is predicted to subjugate in terms of market share by 2027. Further, the North America region is projected to grow at the fastest rate in the estimated timeframe and create lucrative growth opportunities in the global industry.
According to a latest report published by Research Dive titled, “Digital Temperature & Humidity Sensor Market, by Type (Absolute Humidity Sensor, Relative Humidity Sensor), Application (Power Train, Body Electronics, Alternative Fuel Vehicle), End-User (Residential, Commercial, Automotive, Industrial: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global digital temperature & humidity sensor market is anticipated to grow at a CAGR of 11.1% and garner US$ 4,506.5 million during the forecast period from 2020 to 2027.
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• Market Dynamics
The increasing demand for electric and autonomous vehicles across the globe is the major factor predicted to foster the growth of the global digital temperature & humidity sensors market during the forecast period. Besides, the growing automotive industry especially in the emerging markets such as China, India, Brazil, North Africa, and Southeast Asia is another facto expected to propel the market growth by 2027. Furthermore, the rise in number of R&D activities for evaluating more applications is likely to create enormous growth opportunities for the global industry in the upcoming years. However, the high costs and the constant declination in sensor quality owing to the adoption of innovative technologies are expected to hinder the market growth in the forecast period.
• Key Segment Findings of the Market:
The report segments the global digital temperature & humidity sensor market by Types, Applications, End Users, and Region.
– Among type, the absolute humidity sensor market is estimated to account for the majority of share in the market by 2027 as it works at high temperatures and provides maximum accuracy with high quality.
– Among applications, the market is classified into metal and plastic. Of these, the metal application is projected to lead the global market in terms of revenue share owing to its benefits such as greater longevity, enhanced color accuracy, usability, and versatility.
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– Based on end-users, the alternative fuel segment is predicted to lead the market during the forecast period majorly because it optimizes vehicle performance, removes oil dependency, and is less expensive.
– Regionally, the Asia Pacific region is estimated to dominate the global digital temperature & humidity sensor market in terms of revenue share throughout the forecast period, owing to the huge manufacturing facilities, low material costs, and the increased demand for humidity sensors in the region.
• Key Players of the Industry
The major players functioning in the global digital temperature & humidity sensor industry include Honeywell International Inc., Sensirion AG, GE Inspection Technologies, PCE Holdings GmbH, Amphenol Corp., Texas Instruments Inc., Bosch Sensortec GmbH, Omron Corp., Silicon Laboratories Inc., and Alps Electric Co. Ltd. Further, the report sketches various aspects of all these market players such as product portfolio, SWOT analysis, financial performance, and recent strategic moves & developments.
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