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Microelectromechanical System (MEMS) Sensor Market Top Participant To Focus On Regional Expansion

01-16-2020 05:43 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Trends Market Research

Microelectromechanical System (MEMS) Sensor Market Top

The global microelectromechanical system (MEMS) sensor market was valued at $25.7 million in 2018, and is projected to reach $60.6 million by 2026, registering a CAGR of 10.4% from 2019 to 2026. Microelectromechanical systems (MEMS) are micrometer-scale devices that integrate electrical and mechanical elements. This technology includes very small, moving mechanical parts, and electrical components and is used to fabricate sensors such as accelerometers, gyroscopes, digital compasses, inertial modules, pressure sensors, humidity sensors, and microphones.

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

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MEMS Sensor Market

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High adoption in smartphones, developments in the portable electronic market, increase in popularity of Internet of Things (IoT), and robust demand in the automation industry drive the growth of the overall microelectromechanical system (MEMS) sensor industry. Sensor manufacturing companies use MEMS technology to fabricate a wide range of sensors, owing to its low power consumption, small size, and high precision. These manufacturers are developing new MEMS-based sensors for various applications to increase their market presence in distinctive areas.

According to the MEMS sensor market analysis, factors such as surge in demand for wireless sensor in consumer electronics emerging trends of sensor in automotive industry, and increase in popularity of IoT in sensors boost the growth of the global MEMS sensor market share. However, high cost hampers the market growth. Furthermore, emerging trends toward autonomous vehicles and increase in adoption of MEMS sensor in biomedical sector are expected to offer lucrative opportunities for MEMS sensor market expansion.

Microelectromechanical System (MEMS) Sensor Market
By TypeOptical Sensor segment is projected as one of the most lucrative segments.
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Segmentation

The global MEMS sensor market share is analyzed by type, application, and region. Based on type, the market is analyzed across inertial sensors, pressure sensor, optical sensor, environment sensor, and ultrasonic sensor. On the basis of application, the market is divided into consumer electronics, automotive, industrial, aerospace & defense, healthcare, and telecommunication. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key leaders profiled in the MEMS sensor industry 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 have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaboration to enhance their market penetration.

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Top Impacting Factors

The factors such as rise in demand for wireless sensors, development of trends of sensors in automotive industry, increase in popularity of IoT in sensors, high cost, and increase in adoption of MEMS sensor in biomedical sector are expected to significantly affect the growth of the global MEMS sensor market. These factors are anticipated to either drive or hamper the MEMS sensor market growth.

Emerging trends of sensors in the automotive industry

Sensors have become an intrinsic part of the production process, as they help increase the efficiency and precision through automation. Sensors are used to keep a track of various parameters such as temperature, pressure, flow, level, and other parameters to control the whole process and ease it through robots. Smart MEMS sensors such as pressure sensors and sensors used in accelerometers are used in vehicles in the automobile industry to provide benefits such as safety and fuel efficiency. For instance, a smart sensor processes real-time data and notifies the engine-related problems. Moreover, these facilitate communication between engine, suspension, braking, and other controls of vehicles. Vehicle safety issues have led vehicle manufacturers to adopt smart sensors at a high rate, such as in airbags for safety. These air bags are more effective compared to the conventional air bags in sensing accidents, thus minimizing accidents and injuries sustained by the passengers. This factor is expected to drive the growth of the global MEMS sensor market size.

Microelectromechanical System (MEMS) Sensor Market
By ApplicationConsumer Electronics segment is expected to secure leading position during forecast period.
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High Cost

The addition of sensors helps increase automation in electronic devices; however, it incurs an extra cost. The incorporation of sensors facilitates extra features and makes the devices more automated, although, it incurs some additional cost and thereafter it is avoided in cost-effective applications. In devices which are continuously used for a long time, such as smart phones, laptops, and cameras, sensors create heating issues and reduce their overall life as these devices have components, which are temperature sensitive. The devices which use battery as their power source, sensors reduce their battery life as they rely on device battery for their operation, and thus hampers the growth of MEMS sensor market forecast globally.

Moreover, smart sensors are expensive compared to other conventional sensors. Over the past five years, cost of smart sensors has reduced to about 10% per year due to increase in production and technological advancements in these sensors. However, they are still expensive as compared to other conventional sensors, thereby limiting the market growth. As a result, the adoption rate of these sensors is low across different applications. Thus, the high cost of smart sensors restrains the growth of the MEMS sensor market trends.

Emerging trends toward autonomous vehicle

The concept of driverless cars is based on the data collected by various MEMS sensors such as speed sensor, accelerometer, position sensor, proximity sensor, and others. This data is constantly collected and processed through a centralized control system, which controls the motion of car and the need for driver is eliminated. Companies such as Google and Tesla are investing heavily on R&D of these cars, and the technology is currently in testing phase. Positive results from tests are anticipated to drive the growth of the market in the future. For instance, in October 2016, Google tested its driverless car in the UK for a 1-km stretch, near a railway station, and a fleet of 40 such cars is anticipated to be available for public use by next year, thus fueling the demand for MEMS in the years to come, and offering lucrative opportunities for MEMS sensor market forecast globally.

Microelectromechanical System (MEMS) Sensor Market
By Region
2026 Asia-Pacific North AmericaEuropeLAMEAAsia-Pacific region would exhibit the highest CAGR of 23.9% during 2019-2026
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Key Benefits for MEMS Sensor Market :
This study includes the analytical depiction of the global MEMS sensor market size along with the current trends and future estimations to determine the imminent investment pockets.
The MEMS sensor market opportunity is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact on MEMS market analysis.
The current market forecast is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.
The report includes the MEMS sensor market share of key vendors and market trends.

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MEMS Sensor Market Segmentation:

By Type
Inertial Sensor
Pressure Sensor
Optical Sensor
Environment Sensor
Ultrasonic sensor

By Application
Consumer Electronics
Automotive
Industrial
Aerospace & Defense
Healthcare
Telecommunication
Others

By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

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