By Sensors Magazine
According to a new report published by Allied Market Research, titled, "Microelectromechanical systems (MEMS) Market : Global Opportunity Analysis and Industry Forecast, 2014 - 2022," the global MEMS market was valued at $13.0 billion in 2015, and is expected to reach $26.8 billion by 2022, growing at a CAGR of 11.1% from 2016 to 2022. In 2015, Asia-Pacific contributed major share in the market, and is projected to continue its dominance throughout the forecast period.
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 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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