Growing demand for smart consumer electronics, emerging trends in automotive industry, and rise in popularity in IoT drive the growth of the global MEMS sensor market
PORTLAND, Oregon, Nov. 20, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Microelectromechanical System (MEMS) Sensor Market by Type (Inertial Sensor, Pressure Sensor, Optical Sensor, Environment Sensor, and Ultrasonic Sensor) and Application (Consumer Electronics, Automotive, Industrial, Aerospace & Defense, Healthcare, Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global MEMS sensor industry accounted for $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.
Driving factors for the market
Growing demand for smart consumer electronics, emerging trends in automotive industry, and rise in popularity in IoT have boosted the growth of the global MEMS sensor market. However, lack of standardized fabrication process for MEMS and reduction in life of device after incorporating the sensor in devices hamper the market growth. On the contrary, the emerging trends toward autonomous vehicles, rise in adoption of wearable devices and innovative application in biomedical sectors are expected to create lucrative opportunities in the near future.
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The optical sensor segment held the lion's share
The optical sensor segment held the largest share in 2018, contributing more than one-fourth of the global MEMS sensor market, owing to rising demand for advanced features in smartphones and smart accessories such as on-screen fingerprint scanner, medical devices that detect dengue and coherence tomography. However, the environment sensor segment is projected to register the fastest CAGR of 12.6% during the forecast period, owing to increase in environmental regulation in order to reduce air pollution and growing safety concerns.
The healthcare segment to portray the fastest growth through 2026
The healthcare segment is expected to manifest the fastest CAGR of 13.5% during the study period, owing to surge in initiative by government in developed countries, rise in need for automated equipment to perform critical surgeries, and increase in trend of home-based digital healthcare equipment. However, the consumer electronics segment held the largest share in 2018, accounting nearly one-fourths of the global MEMS sensor market, as penetration of MEMS sensor is high in consumer electronics.
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Asia-Pacific dominated the market, followed by North America
The global MEMS sensor market across Asia-Pacific region dominated the market in 2018, contributing around half of the market and is anticipated to maintain its dominance throughout the forecast period. Moreover, the region is expected to register the fastest CAGR of 11.4% through 2026, owing to an increase in population and rapid adoption of enhance technologies in various industries such as consumer electronics, manufacturing industry, infrastructure.
Major market players
- Robert Bosch GmbH
- Panasonic Corporation
- STMicroelectronics N.V.
- Analog Devices Inc.
- Texas Instruments
- Denso Corporation
- HP Inc.
- Broadcom
- NXP Semiconductors
- Knowles Corporation
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