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Microelectromechanical System (MEMS) Market to Hit $122.8 Mn, Globally, by 2026 at 11.3% CAGR

07-30-2020 11:17 AM CET | Media & Telecommunications

Press release from: Allied Market Research

Microelectromechanical System (MEMS) Market to Hit $122.8 Mn,

Surge in popularity of IoT, rise in demand for smart computer electronics, and rise in trends in the automotive industry drive the growth in the market. However, lack of standardized process for fabrication of MEMS and incorporation of sensors that reduces lifespan of devices hinder the market growth. On the other hand, trends toward autonomous vehicles and adoption of wearable devices & increase in application in the biomedical sector create new opportunities in the industry.

According to the report, the global microelectromechanical system market garnered $48.7 million in 2018, and is estimated to reach $122.8 million by 2026, growing at a CAGR of 11.3% from 2019 to 2026.

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Sensors segment to continue its lead position by 2026

Based on type, the sensors segment contributed the major market share in 2018, contributing more than half of the total share, and is projected to continue its lead position during the forecast period. This is due to advancements in ubiquitous computing, miniature and mobile devices, and demand for wearables. However, the actuators segment is expected to register the largest CAGR of 12.3% from 2019 to 2026. This is attributed to trend of miniature devices.

Consumer electronics segment to maintain its lead status during the forecast period

Based on application, the consumer electronics segment held the major share in 2018, contributing for more than three-fifths of the total market share, and is estimated to maintain its lead status during the forecast period. This is due to rise in penetration of sensors and actuators along with efforts to improve overall interface for smartphones, laptops, and other devices. However, the industrial segment would grow at the fastest CAGR of 17.5% from 2019 to 2026, owing to emerging trend of automation.

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Asia-Pacific to offer lucrative opportunities

Based on region, Asia-Pacific contributed the major market share in 2018, accounting for nearly half of the total market share. This region is expected to maintain its lion's share throughout the forecast period. Moreover, this region would grow at the fastest growth rate with a CAGR of 12.3% from 2019 to 2026. This is attributed to adoption of advanced technologies in different industries such as consumer electronics, infrastructure, manufacturing industry, and others in developing nations such as India, China, and others along with new product launches. The report also analyzes North America, Europe, and LAMEA.

Leading market players

Key market players analyzed in the research include Panasonic Corporation, STMicroelectronics N.V., Robert Bosch GmbH, Analog Devices Inc., Texas Instruments, Denso Corporation, Broadcom, NXP Semiconductors, HP Inc., and Knowles Corporation.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

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help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

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