Jun 04, 2020
MEMS (Micro-Electromechanical System) Sensor Market to Grow 3.3X by 2027; COVID-19 Continues to Challenge Production Capacity
by Team Fact.MR
The global MEMS sensors market is projected to grow 3.3X to hit the market valuation of ~US$ 75 Bn by the end of assessment period (2020-2027). Consumer electronics remain key application area of MEM sensors, and account for a majority of the total market value. Mounting demand for customized and intelligent cars has resulted in opening up numerous opportunities for MEMS sensor market players. Furthermore, advancement in telecom industry and introduction of NGN along with increasing popularity of FTTH services have resulted in increasing demand for MEMS sensors as optical sensors.
According to the Fact.MR study, polymer fabricated MEMS sensor is expected to be the most attractive segment, due to their high functional properties. Increasing usage of polymer fabricated MEMS in automotive, medical, and biotechnology industries will continue to offer tailwinds to the market growth. However, the recent outbreak of the Covid-19 has caused significant downside risks for global consumer electronics and automotive industries. Nationwide lockdowns are further showing significant effect on production and supply chain operations, which will create a hindrance in the market growth.
Key Takeaways of Global MEMS Sensor Market
- The global MEMS sensor market is expected to create a value opportunity of around US$ 52.7Bn during the forecast period.
- Polymer fabricated MEMS sensors remain the bestselling category, accounting for more than one-third of the global market value.
- Demand for optical MEMS sensors is set to grow at a higher rate, facilitated by mounting demand for IoT applications and advancement in the telecom industry.
- The global market for MEMS sensor is expected to witness strong growth in the developing countries such as India, China and Brazil, owing to greater awareness of advanced sensors and components used in consumer electronics and modern-day vehicles.
- Asia Pacific (APAC) is estimated to be the most lucrative market for MEMS sensors, currently valued at US$ 8.1Mn.
- MEMS sensors used in automotive and consumer electronics will continue to maintain dominance in the market.
- In North America’s market, application of MEMS sensors in automotive and consumer electronics accounts for more than half of the market value, and is expected to grow at a solid 18% rate over the forecast period.
“Advancement in telecom network infrastructure and the rise of connected and autonomous vehicles are set to boost demand for MEMS sensors with polymer as key formulation material,” says the Fact.MR analyst.
Key Players to Focus on Product Innovation and Regional Expansion
Prominent players of the MEMS sensor market include STMicroelectronics N.V., Robert Bosch Gmbh., NXP Semiconductors N.V., Honeywell International Inc., Texas Instruments, Micralyne Inc., Silex Microsystem AB, SilTerra Malaysia Sdn. Bhd., and Asia Pacific Microsystems. Key players are adopting aggressive growth strategies to establish their presence over the regional and global markets. These players are also focusing on product innovation and capacity expansion to meet increasing demand compatible with associated application usage.
More Valuable Insights on MEMS Sensor Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global MEMS sensor market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2027. The study delivers essential insights on the MEMS sensor market on the basis of type(mechanical sensors, optical sensors, thermal sensors, chemical & biological sensors and other sensors), fabrication material (silicon, polymers, ceramics and metal),and application (automotive, consumer, medical, industrial and others) across five major regions.
To Get more insights MEMS sensor market, visit- https://www.factmr.com/report/4528/mems-sensor-market
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