Global Microelectromechanical Systems Market Set for Rapid Growth, to Reach around USD 19.20 billion by 2022
Sarasota, FL -- (SBWIRE) -- 01/22/2018 -- Zion Market Research has published a new report titled "Microelectromechanical Systems (MEMS) Market for Automotive, Consumer Electronics, Industrial, Healthcare, aerospace & defense, and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022". According to the report, global microelectromechanical systems market was valued at USD 10.73 Billion in 2016 and is expected to generate revenue of USD 19.20 Billion by end of 2022, growing at a CAGR of slightly above 10.18% between 2017 and 2022.
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Microelectromechanical Systems (MEMS) have played key roles in many important areas such as automated manufacturing, health care, transportation, communication, environmental monitoring, defense systems, and a wide range of consumer products. MEMS offering attractive characteristics such as reduced size, weight, and power dissipation and improved speed and precision compared to their macroscopic counterparts. Integrated circuits (IC) fabrication technology has been the primary enabling technology for MEMS besides a few special etching, bonding, and assembly techniques.
Increasing adoption of this technology in consumer electronic devices such as tablets and smart phones are expected to be the major drivers for the global MEMS market. Advancement in sensor fusion technology and Growing IoT sector is expected to support the Microelectromechanical systems market growth in the near future. However, lack of technical awareness and highly complex manufacturing process may curb the demand for MEMS within the forecast period.
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Inertial, pressure, microphone, environmental, optical are the sensor types of MEMS systems. The inertial segment includes the accelerometer, gyroscope, magnetometer sensor. Inertial combo sensor segment dominated the market in the year 2016 and is expected to continue leading the market for next few years. Microphone and environmental are also expected to grow at significant rate in years to come.
Different end-user segments of the microelectromechanical systems market include consumer electronics, aerospace & defense, automotive, industrial, healthcare and others. Consumer electronics dominated the MEMS market in 2016 and accounted for over 40% share of the total market. It is expected to grow at a significant rate during the forecast period due to the increasing usage of MEMS in electronics such as wearable devices, smartphones, tablets, and laptops, portable devices as well as e-readers. Automotive and aerospace & defense are expected to a most attractive segment of this market. Healthcare segment is expected to grow at the highest rate due to rising healthcare expenditure, high adoption of MEMS for clinical monitoring applications, imaging applications, diagnostic and treatment equipment positioning applications.
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Asia Pacific emerged as largest market of Microelectromechanical systems that accounted for the highest revenue share of the total market in 2016. It is also predicted to be the fastest-growing market of MEMS due to the growing consumer electronics such as smart phones and laptops. Rising sales of tablets, smart phones, and other mobile devices in countries such as China and India are likely to witness the exponential expansion of MEMS market in the region during the coming years. Europe and North America are expected to show strong growth in automotive sector due to advanced technology. Additionally, Latin America is projected to grow at a moderate rate within the forecast period.
Some of the key players in microelectromechanical systems market include STMicroelectronics, Texas Instruments Inc., Robert Bosch GmbH, Hewlett-Packard Company, Knowles Electronics, Canon Inc., Denso Corporation, Panasonic Corporation, Avago Technologies, InvenSense, Inc., Analog Devices, Inc. and Sensata Technologies, among others.