The Report Microelectromechanical Systems (MEMS) Market Size & Analysis By Application
(Automotive, Consumer Electronics, Industrial, Healthcare), By Region (NA, Europe,
APAC, MEA, LA), And Segment Forecasts, 2018 - 2024
The global microelectromechanical systems (MEMS) market is estimated to reach USD 28.84 billion by 2024,
according to a new report by Grand View Research, Inc. The industry is expected
to witness tremendous growth owing to increasing demand in consumer and
automotive application segment.
The market for MEMS
technology is gaining traction in automotive sector with increasing concerns
for passenger safety and regulatory norms. MEMS devices such as pressure
sensors, accelerometers, and others are used in cars for air bags, tire
pressure monitoring, electronic stability control, and other safety features.
Growing popularity of wearable devices is anticipated to be key driver for the
industry over the next seven years.
Advancement in
technology such as sensor fusion is expected to boost industry growth over the
forecast period. Technology advancement has led to reduction in size of the
devices, making it cost-effective, efficient, and compatible at the same time.
Calibration and accuracy
issues may hinder market growth. Intense competition observed among industry
participants is a key challenge, forcing industry players to keep the price low
to remain competitive in the market.
Further key findings from the report suggest:
· Consumer electronics is the major segment
and accounted for over 40% of the revenue in 2015. Consumer applications
include household appliances, computer peripherals, sports training devices,
personal navigation devices, and active subwoofers.
· Healthcare segment is estimated to hold
high growth potential. The technology is used for medical research, diagnostic
application, and in medical devices such as endoscopic pills and insulin
micropumps.
· Government initiatives, rising healthcare
expenditure, and technological advancements are anticipated to boost healthcare
segment over the forecast period. Increasing preference of consumer towards
home medical monitoring in order to reduce hospital cost and penetration of
health monitoring wearable devices is estimated to trigger the use of the
technology and open new avenues for the industry players
· Robert Bosch, Honeywell International, HP,
STMicroelectronics, Texas Instruments, and InvenSense are some of the key
companies in this domain. In January 2015, InvenSense, Inc. announced
integrated motion sensor with multi-core processing that integrates 6-axis MEMS
sensor, embedded flash, tri-core sensor hub, SRAM, and software framework
· Industry is anticipated to witness increase
in number of mergers and acquisitions over the forecast period. Non-MEMS
players, who are looking forward to enter into this market, are also
anticipated to acquire niche existing players
Grand View Research has
segmented the MEMS market on the basis of application and region:
Application Outlook (Revenue, USD Million; 2014 - 2024)
·
Automotive
·
Consumer Electronics
·
Industrial
·
Healthcare
·
Others
Regional Outlook (Revenue, USD Million; 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa (MEA)
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
