LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global humidity sensor market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global humidity sensor market will grow at a CAGR of over 12% during the forecast period. Government regulations and vehicle emission control in the automotive segment is a major factor driving the market’s growth.
In several countries, governments and regulatory organizations are implementing safety and emission control standards, which require the installation of sensors such as humidity sensors in cars. Automotive manufacturing companies must comply with these safety and emission control regulations set by the authorities. During the forecast period, this trend is expected to boost the demand for humidity sensors. Humidity sensors have a variety of applications, which is driving its high adoption for different types of cars such as electrical, hybrid, and driverless cars.
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In this report, Technavio highlights the growing trend of IoT as one of the key emerging trends in the global humidity sensor market:
Growing trend of IoT
Connecting electronic devices to the Internet, and thereby, facilitating data transfer over a wireless (or wired) network is known as IoT. This technology is popular because it needs minimum human intervention. Devices required for this technology should have sensors, such as humidity sensors, which will play a key role in mobile sensing, ensuring that the technology delivers an efficient performance. IoT integrates technologies such as data communication, hardware design, as well as data storage and mining.
“As sensors form the very foundation of enhanced security and minimum human intervention, IoT will make extensive use of sensor technology. Moreover, IoT will be mostly used in wearables, smart homes, industrial automation, and automated cars. For smart management, humidity sensors would be used in buildings. HVAC systems also implement these sensors. Humidity controls, when integrated with other solutions, can provide data on hot and cool pockets in a building to optimize the use of HVAC. Hence, the market for humidity sensors are expected to grow further with the proliferation of IoT,” says a senior analyst at Technavio for research on sensors.
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Global humidity sensor market segmentation
This market research report segments the global humidity sensor market into the following applications, including industrial applications, consumer electronics, HVAC systems, climate and test chambers, and oil and gas and key regions, including the Americas, APAC, and EMEA.
The industrial applications segment held the largest market share in 2017, accounting for nearly 38% of the market. The market share for this application is expected to increase nearly 3% by 2022. The fastest growing application is the consumer electronics, which will account for nearly 26% of the total market share by 2022.
APAC was the leading region for the global humidity sensor market in 2017, accounting for a market share of nearly 40%. By 2022, APAC is expected to continue dominating the market and register a positive growth.
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