Microelectromechanical System (MEMS) Market Registering a CAGR of 11.3% from 2019 to 2026
According to a recent report published by Allied Market Research, titled, "Microelectromechanical (MEMS) Market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," The global microelectromechanical system market was valued at $48.7 million in 2018, and is projected to reach $122.8 million by 2026, registering a CAGR of 11.3% from 2019 to 2026.
MEMS includes very small, moving mechanical parts, and the electrical components. This technology is used to fabricate sensors such as accelerometers, gyroscopes, digital compasses, inertial modules, pressure sensors, humidity sensors, and microphones. The MEMS technology holds the largest share in overall sensor market across the globe. The implementation of sensors made with MEMS technology in consumer electronic devices is driving its growth in the overall sensor market.
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The sensor manufacturing companies use MEMS technology to fabricate a wide range of sensors owing to its low power consumption, small size, and high precision. The sensor manufacturers develop new MEMS based sensors for various areas of application to increase their market presence in distinctive applications as well as regions across the globe.
Asia-Pacific occupies a major share in the global MEMS market. This is due to an increase in the population and adoption of enhanced technologies in various industries such as consumer electronics, manufacturing industry, and infrastructure in the developing countries such as India, China, and Indonesia. Various product launches and advancements in technologies in the semiconductor market are the factors anticipated to provide huge growth in the Asia-Pacific MEMS industry. On January 22, 2018, Hitachi Ltd. developed MEMS accelerometer. The low-power and highly sensitivity accelerometer is capable of detecting issues such as building vibrations and weak grounds. This efficiency is achieved by combining the sophisticated MEMS technology with a circuit technology. The sensor technology is prepared for operations in areas such as oil & gas exploration. The company aims to incorporate this sensor to various applications such as energy & power, and infrastructure monitoring.
Based on microelectromechanical system market analysis, consumer electronics segment has generated the highest revenue in 2018 followed by automotive segment, mentioned in the report. The increase in penetration of MEMS sensors & actuators in consumer electronic products is fueled by a highly competitive consumer electronics market, where players focus on upgrading their products such as smartphones, laptops, and digital recorders. The major companies such as Sony, Apple, Samsung, Panasonic, and Google follow this trend by incorporating advanced MEMS image sensors, touch sensors, fingerprint scanners, pressure sensors, and proximity sensors, in their products. This consecutively increases the demand for sensors and the market is anticipated to grow with high growth rate during the forecast period in the MEMS market.
Key Findings of the Microelectromechanical System (MEMS) Market :
- Based on type, the sensors segment generated the highest revenue global MEMS market in 2018.
- Based on application, the consumer electronics segment generated the highest MEMS market size in 2018.
- Based on region, the Asia Pacific region generated the highest revenue in the microelectromechanical system market in 2018.
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The key MEMS market leaders profiled in the report include The key players profiled in the report include Panasonic Corporation, Robert Bosch GmbH, STMicroelectronics N.V., Texas Instruments, Analog Devices Inc., Broadcom, Denso Corporation, HP Inc., NXP Semiconductors, and Knowles Corporation. These key players adopt several strategies such as, new product launch and development, acquisition, partnership & collaboration, and business expansion to increase the microelectromechanical system (MEMS) market share during the forecast period. For instance, on April 2017, Analog Devices, Inc. (ADI) launched a high frequency, low noise MEMS accelerometers, which is designed clearly for industrial condition monitoring applications. The ADXL1001 and ADXL1002 MEMS accelerometers is expected to deliver the high-resolution vibration measurements necessary for early detection of bearing faults and other common causes of machine failure. In addition, on November 2018, Broadcom Inc. acquired CA, Inc., a leading provider of information technology, IT management software and solutions. With the acquisition of CA, Inc., Broadcom Inc., is expected to enhance its MEMS technology manufacturing infrastructure capabilities which include mission critical mainframe and enterprise software solutions.