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Microelectromechanical systems Market is Rising Rapidly Due to Increase In Popularity of Internet of Things (IoT)

Press Release

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.

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.

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.

Microelectromechanical systems Market

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.

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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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Impending need of device miniaturization in various electronic devices such as smartphones, wearable devices, medical instruments, and other electronic devices has fueled the growth of the MEMS market. With the declining average selling prices (ASPs) and increasing benefits of MEMS devices, such as low cost, less space consumption, and high accuracy, the demand for these devices is on a continuous rise. Moreover, these devices are small enough to be soldered directly onto the circuit boards, which reduces the cost of the technology.

Consumer electronics and automotive industry constituted largest market share, owing to rise in popularity of wearable devices and smartphones, and high concerns for passenger safety and regulatory norms as MEMS devices are extensively used in cars for air bags, electronic stability control, tire pressure monitoring, and other safety features. Gyroscopes, accelerometers, and inkjet systems are the dominant segments, which are expected to maintain this trend in the future as well.  Further, increase in use of sensor fusion is expected to boost growth of the inertial combos sensors segment. Technology advancements have led to miniaturization of devices, making them more cost-effective, compatible, and efficient.

Considering the regional trends of the MEMS market, Asia-Pacific is projected to hold the largest market size and is expected to witness significant growth rate during the forecast period. This is due to the high consumption and production of various electronic products, such as smartphones, wearable devices, sports training devices, and computer peripherals. However, North America and Europe are expected to witness slow growth, and LAMEA is in the introductory phase in terms of adoption of MEMS devices.

Leading players, such as ST Microelectronics, Robert Bosch GmbH, and Texas Instruments are expected to explore newer technologies and applications to meet the growing demands of customers. Collaborations and acquisitions are expected to enable players to enhance their product portfolios and expand into different geographies.

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