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According to Market Research Future (MRFR)’s report, the global MEMS and sensors market is expected to expand at a CAGR of 10.2% CAGR over the forecast period 2018 to 2023. Its valuation, as per MRFR’s analysis, is projected to reach USD 26.1 Bn by the end of 2023. The rapid adoption of connected devices for enhancing efficiency and accuracy across almost every industry vertical is anticipated to expedite the growth cycle of the market.
Building automation is one of the latest applications of MEMS and sensor technologies. It has gained considerable popularity among the customers and is anticipated to favor the growth of the market. Sensor technology is likely to revolutionize the future trajectories of end-user industries. For instance, the drastic growth in the demand for autonomous cars is expected to exhibit an upswing in the foreseeable future.
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Industry is the backbone of every nation’s economy. The global MEMS and sensors market has been presumed to lead the fourth industrial revolution, industry 4.0. The concept of ‘smart factory’ has been metamorphosed into the Internet of things, cyber-physical systems, cloud computing, and cognitive computing owing to the developments in the MEMS and sensors technology.
The market is prognosticated to attract new entrants and a massive inflow of investments. The future trajectory of the MEMS and sensors market is expected to be boosted by the large-scale adoption of the technology across the technologically underdeveloped industries.
By application, the MEMS and sensors market has been segmented into consumer electronics, healthcare, industrial, aerospace & defense, and automotive among others.
By type, the global MEMS and sensors market has been segmented into inertial, pressure, microphone, environmental, and optical.
By materials, the MEMS and sensors market has been segmented into silicon, polymer, metal, and ceramic.
The global MEMS and sensors market size, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the world. North America is the hub of technological innovations. The region is not only quick to adopt new technologies, but it also pioneers the development of technologies. In addition, the rapid developments in the sensor technology coupled with its widening range of application across different industry verticals are responsible for the growth of the MEMS and sensors market in the region.Europe, too, has been projected to accelerate the adoption of MEMS and sensors in various sectors of the economy. The strong value maintained by the automotive industry is also anticipated to act as a catalyst to the growth rate of the booming market. In addition, the region is projected to witness a surge in demand for robot cars which is likely to help the expansion of the MEMS and sensors market in the region.
Asia Pacific is presumed to retain its control over a significant share of the global MEMS and sensors market over the assessment period. The Chinese government is endeavoring to revolutionize its transportation industry to control its carbon emissions. This, in turn, has led to an increase in demand for vehicles equipped with smart and intelligent sensors. In Addition, the region has developed a penchant for smart consumer electronics which is expected to augment the MEMS and sensors market in the forthcoming years.
Some of the prominent players of the global MEMS and sensors market identified in the report are Honeywell (US), Qualcomm (US), STMicroelectronics (Europe), NXP Semiconductors (Netherlands), Texas Instruments (US), Robert Bosch GmbH (Germany), Panasonic (Japan), Invensense (US), Hewlett Packard (US), Murata Manufacturing Co (Japan), Infineon (Germany), Mega Chips Corporation (Japan), Denso Corporation (Japan), Allego Microsystems (US), and Hitachi Ltd (Japan).
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