Portland, OR -- (SBWIRE) -- 06/15/2017 -- Microelectromechanical Systems (MEMS) Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $26.8 billion by 2022, registering a CAGR of 11.1% during the period 2016-2022.
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MEMS are micrometer-scale devices that integrate electrical and mechanical elements. The global MEMS market is expected to witness high growth rate during the forecast period, owing to high usage in smartphones, major growth in portable electronic market and increase in popularity of Internet of Things (IoT), and robust demand in automation industry. Further, emerging trend of wearable devices, connected cars, smart watches, connected homes, and others are expected to offer new opportunities for market growth.
Consumer electronics was the foremost industry in 2015, and is expected to continue its lead, in terms of market size, in the future as well. Further, automotive and industrial are other lucrative sectors in the MEMS market. Increase in safety concerns and regulatory requirements have driven the growth of this market.
The market is classified based on type into sensors and actuators. Sensors held the largest market share in 2015 owing to the extensive use of gyroscope, accelerometer, and pressure sensor in smartphones, wearable devices, cars, and various medical devices.
Asia-Pacific generated the highest revenue in this market, followed by North America and Europe. China held over 45% revenue share of the overall Asia-Pacific market, due to growth of automobile and consumer electronics segment. Further, LAMEA is expected to witness considerable growth rate during the forecast period, owing to localization of manufacturing facilities within emerging consumer electronics market.
The MEMS industry is undergoing rapid change as the electronics industry is shifting its focus from traditional sensors to MEMS technology. Furthermore, the thriving portable electronic market and increasing popularity of Internet of Things (IoT) are expected to drive the demand for MEMS devices in various applications such as smartphones, wearable devices, connected cares, and medical devices. states Bhawna Kohli, Sr. Manager, Semiconductor and Electronics at Allied Market Research.
The MEMS industry displays fair degree of consolidation, with top five industry participants occupying a significant market share. Robert Bosch, STMicroelectronics, and Texas Instruments are few of the leading companies in this industry. Other key players in the industry include Denso Corporation, Avago Technologies, Freescale Semiconductor, and Analog devices, Inc. These players have adopted product launches, expansions, acquisitions, partnerships, and agreements as their key strategies to strengthen their market position and expand their geographical presence.
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Key Findings of the Microelectromechanical Systems (MEMS) Market
1. In 2015, sensors segment accounted for maximum revenue, with over 50% share, and is projected to grow at a CAGR of 10.7% during the forecast period.
2. Inertial combos is projected to grow at a CAGR of 13.3%, owing to increase in application of these sensors in smartphones, tablets, and cars.
3. Asia-Pacific is anticipated to exhibit the highest CAGR of over 12.2%.
4. China is projected to maintain its lead in the MEMS market, in terms of revenue generation, until 2022.
5. Consumer electronics and automotive contributed a significant revenue share in the overall market in 2015.