The MEMS sensor market is poised for continued growth and is projected to be valued at more than US$ 50 billion. Over the last decade, the integrated circuit (IC) industry has given a huge momentum to the growth of MEMS sensor market, owing to rapid development in electrical and electronic systems. Increasing adoption of smart connected devices such as connected automobiles, smart wearable devices, smart homes and high growth in the automotive sector are some of the key drivers that are positively impacting the MEMS sensor market. Demand for these devices is on a steady rise with a corresponding decrease in average selling prices (ASPs) and increased benefits of MEMS devices, such as low cost, lower space utilization, and higher precision. In addition, MEMS sensors are small enough to be soldered directly onto circuit boards, reducing the technology’s overall expense. Such aforementioned factors are expected to prove favorable for the growth of global MEMS sensor market which is set to grow at an impressive CAGR of more than 9% during the forecast period.
Key Takeaways of MEMS Sensor Market Study
The medical & biotechnology segment is expected to grow at a high growth rate of over 6% during the forecast period. High adoption of MEMS sensors for clinical monitoring applications, imaging applications and other diagnostic approaches are facilitating growth of this segment.
Asia Pacific (APAC) held the largest share (over 35%) within the MEMS market in 2018 and is expected to grow during the forecast period at an astounding CAGR of over 11%. APAC being a trading ground for consumer electronics is drawing big investments for the MEMS sensor market to flourish.
North America accounted for the second largest share (over 20%) within the MEMS sensor market for 2018. Presence of some of the major MEMS sensor manufacturing firms and MEMS foundries have contributed to these figures.
MEMS manufacturing is highly intricate and requires sophisticated and expensive equipment to be constantly updated or maintained in order to improve yields and product efficiency and reduce production costs.
“With overpriced sensors for industrial applications, smaller and more efficient MEMS sensors are being shipped in billions, enabling smart trends in several industry fronts. Moreover, the development of new technologies and products of MEMS sensors will encourage growth prospects for the market” says the Fact.MR analyst.
Product Development, the Primary Strategy among Competitors
The global MEMS sensor market is consolidated in nature with a few electronics and semiconductor multinationals such as STMicroelectronics, Robert Bosch GmbH, NXP Semiconductors N.V., and Texas Instruments Inc., acquiring top shares. In order to gain a stronger foothold in the MEMS sensors market, manufacturers are focusing on developing new product offerings. In October 2018, Bourns, Inc., a leading manufacturer and supplier of electronic components, introduced a new line of environmental sensor based on MEMS. These sensors “BPS-110” and “BPS-120” delivers extremely accurate ultra-low pressure sensing capabilities for sensitive applications.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for MEMS Sensors, with historical data on demand (2014-2018) and expected projections for the period 2019-2029. The report discloses compelling insights into the demand for MEMS sensors on type (mechanical sensors, optical sensors, thermal sensors, chemical & biological sensors), fabrication material (silicon, polymers, ceramics, metals), application (automotive, industrial, medical & biotechnology, aerospace & defense, telecommunications, consumer electronics), across several major regions.
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