Global Microelectromechanical Systems (MEMS) Market is Estimated to Reach $35 Billion by 2024, Says Accurize Market Research
Global Microelectromechanical Systems (MEMS)Market report published byAccurize Market Research forecast that the global market is expected to reach $35 billion by 2024; growing at a CAGR of 11.6% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Advancement in technology, growing demand for wearable devices and increasing popularity of improved features in vehiclesto drive the growth of the market
Advancement in technology,growing demand for wearable devices and increasing popularity of improved features in vehicles fuelsthe demand for the global microelectromechanical systems (MEMS) market.Furthermore,growing applications of MEMS in smart homes, smart health, defense, and medicalalso boosts the growth of the market.
MarketSegmentation
The global microelectromechanical systems (MEMS)market has been bifurcated on the basis ofproduct type, industry vertical, and geography. Product type is further bifurcated into sensors (accelerometer, gyroscope, pressure sensor, inertial combos, microphone, magnetometer, and others), actuators (inkject systems, optical MEMS such as projection system, autofocus, micromirror and micro displays, oscillators & resonators, micro fluidic & bio-chip, RF MEMS, and others). Additionally, industry vertical can be further categorized into consumer electronics, automotive, industrial, aerospace& defense, healthcare, and telecommunication.
By geography the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
“Sensors dominated the product type segment”, says Accurize
MEMS-based sensors are one of the most essential component in several areas including, automotive, electronics, medical equipment, and others. Technological advancements, flexible size, low electrical consumption, and low cost make them appropriate for a wide range of applications ranging from consumer goods to aeronautics. Major players are investing heavily on technologies to push the limits on performance and eliminate the need for alternatives and high cost components.
“Consumer electronics accounted for the largest market share in industry type segment “, says Accurize
MEMS are being rapidly expanding and are widely used in consumer electronics including, smart phones, video games systems, tablets, and others. Continuous drop in average selling process of sensors is the major driver for the adoption of MEMS-based sensors in consumer electronics. Moreover, wearable devices in health & fitness markets are also increasingly incorporating MEMS-based sensors in their devices.
“Asia-Pacific region witnessed fastest CAGR during the forecast period”, says Accurize
Asia-Pacific region held the largest market share and is anticipated to attain fastest CAGR during the forecast period 2016-2024. Progress in automobile and electronics segment in Asia-Pacific region, especially in China and South Korea would boost the growth of the market. Moreover, growing trend of miniaturization, development of new applications for technologies, and increasing investments in R&D also fuel the growth of the market in the Asia-Pacific.
Top players in the market
The key market players include Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Canon Inc. (Japan), Texas Instruments Inc. (U.S.), Hewlett-Packard Company (U.S.), Knowles Electronics (U.S.), Denso Corporation (Japan), InvenSense, Inc. (U.S.), Analog Devices, Inc. (U.S.), Sensata Technologies, Inc. (U.S.), Avago Technologies (Singapore), and Seiko Epson Corporation (Japan).
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