Global Microelectromechanical Systems (MEMS) Market is Estimated to Reach $35 Billion by 2024, Says Accurize Market Research
Global Microelectromechanical Systems (MEMS)Market report published by Accurize 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, the 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 the increasing popularity of improved features in vehicles to drive the growth of the market
Advancement in technology, growing demand for wearable devices and the increasing popularity
of
improved
features
in
vehicles
fuels
the
demand
for
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microelectromechanical systems (MEMS) market. Furthermore, growing applications of MEMS in smart homes, smart health, defense, and medical also boosts the growth of the market.
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Market Segmentation The global microelectromechanical systems (MEMS)market has been bifurcated on the basis of product type, industry vertical, and geography. Product type is further bifurcated into sensors (accelerometer, gyroscope, pressure sensor, inertial combos, microphone, magnetometer, and others), actuators (inject 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 components 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 in 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, Smartphone, video game systems, tablets, and others. The continuous drop in the 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 the fastest CAGR during the forecast period 2016-2024. Progress in the automobile and electronics segment in the Asia-Pacific region, especially in China and South Korea would boost the growth of the
market. Moreover, the growing trend of miniaturization, the development of new applications for technologies, and increasing investments in R&D also fuel the growth of the market in the AsiaPacific. Ask for customization: https://www.accurizemarketresearch.com/report/microelectromechanical-systems--mems-market/ask-for-customization 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).