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 expected to grow due to the advancement of technologies and rising competition of high-end devices. In addition, factors like growing awareness of environmental costs, carbon footprints, and more energy-efficient mechanisms are anticipated to drive the market growth.

Digital Temperature & Humidity Sensor Market, Analysis:

A humidity sensor or hygrometer can detect, calculate, and report the ambient air temperature and humidity. There are resistive, capacitive, and thermal pressure sensor types which are being used in the humidity-sensitive industries such as food & beverages, healthcare, and textiles. This is a vital factor that leads to rapid market growth. Many qualities such as lightweight size, high durability, low cost, correct precision, and quick response time are primary factors anticipated to boost the global demand for digital temperature and humidity sensor market over the forecast period.

Growth in automated and electric vehicles is expected to drive the global digital temperature & humidity sensor market:

Automotive producers worldwide are concentrating on the electrification of vehicles. Since there are different sensors on an autonomous vehicle, such as a coolant temperature sensor or an intake air temperature sensor, the growing demand for an autonomous vehicles is also anticipated to have a positive effect on the market. In addition, the automotive industry will develop rapidly, especially in emerging markets such as India, China, Brazil, Southeast Asia, and North Africa.

Introduction of competitive technologies is anticipated to restrain the growth of the global digital temperature & humidity sensor market:

The long-term reliability of the humidity sensors is poor, and the sensors cannot operate effectively under 0°C. The constant decline in sensor quality due to the adoption of more innovative technology and higher related costs hinders market growth. Although technology is vital, sometimes it is not always about making a fantastic sensor, but rather making 10 million sensors at a low cost. In addition, another main factor anticipated to restrict the global demand for the humidity sensors market over the predicted period is the small measurement range.

Increasing R&D activities is anticipated to create enormous opportunities for the global digital temperature & humidity sensor market:

The digital temperature & humidity sensor market is powered by the increased demand for convenience, comfort, health, performance, and security of the environment. Several market players are making efforts to upgrade their research and development activities to evaluate more applications, which in the forecast period are expected to generate lucrative growth opportunities for the global digital temperature and humidity sensor market. Moreover, the initial automotive equipment manufacturers usually do not create or improve the sensors that they are using. This creates a wide scope of opportunities for small companies to make a breakthrough in the global market.

Digital Temperature & Humidity Sensor Market, by Type:

Absolute humidity sensor will be most lucrative till 2027

By type, the global digital temperature and humidity sensor market is divided into an absolute humidity sensor and relative humidity sensor. The absolute humidity sensor is further segmented into mirror-based sensors and solid moisture sensors. On the other hand, the relative humidity sensor is further segmented into capacitive, resistive, and thermal. Amongst these, an absolute humidity sensor is estimated to dominate the market shares till2027 as it provides maximum accuracy and works at elevated temperatures with high quality.

Digital Temperature & Humidity Sensor Market, by Applications:

Alternative fuel vehicle is estimated to dominate the market till 2027

By applications, the global digital temperature and humidity sensor market is classified into power train, body electronics, and alternative fuel vehicle. Amongst these, alternative fuel vehicle is anticipated to lead the market shares as it is less expensive, removes oil dependency, and optimizes vehicle performance.

Digital Temperature & Humidity Sensor Market, by End-Users:

Automotive is estimated to be the highest growing till 2027

By end-users, the global digital temperature and humidity sensor market is bifurcated into residential, commercial, automotive, and industrial. Out of these, the automotive industry is expected to dominate the market shares due to strong absorption levels of these sensors to ensure proper control of the car's internal climate and track the cars drew point as well as an air intake.

Digital Temperature & Humidity Sensor Market, by Region:

North-America region will have lucrative opportunities for the market investors

The global digital temperature and humidity sensor market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions. Asia-Pacific dominates the market share, especially countries like China, India, South Korea, and Australia, due to the high demand for digital temperature and humidity sensors with low raw material costs and huge manufacturing facilities across this region. North-America is anticipated to be the fastest-growing region due to the early adoption of advanced technology and large capital investments. 

To explore more about Global Digital Temperature and Humidity Sensor Market, get in touch with our analysts here.

Key participants in the Global Digital Temperature and Humidity Sensor Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Source: Research Dive Analysis

Some of the significant market players of the global digital temperature and humidity sensor market are Sensirion AG, Honeywell International Inc., GE Inspection Technologies, Amphenol Corp., PCE Holdings GmbH, Texas Instruments Inc., Omron Corp., Bosch Sensortec GmbH, Silicon Laboratories Inc., Alps Electric Co. Ltd., and others.

Market players aim to extend inorganic growth strategies to the local markets. The global players in the market for digital temperature and humidity sensors emphasize more on mergers & acquisitions and advanced product development. These are the various strategies that established organizations follow. To further market players' competition research, Porter's five-force model is studied below.