Microelectromechanical systems market is expected to witness tremendous growth owing to increasing demand in consumer and automotive application segment
The global microelectromechanical systems (MEMS)market is estimated to reach USD 28.84 billion by 2024, according to a new report by Grand View Research, Inc. The industry is expected to witness tremendous growth owing to increasing demand in consumer and automotive application segment.
The market for MEMS technology is gaining traction in automotive sector with increasing concerns for passenger safety and regulatory norms. MEMS devices such as pressure sensors, accelerometers, and others are used in cars for air bags, tire pressure monitoring, electronic stability control, and other safety features. Growing popularity of wearable devices is anticipated to be key driver for the industry over the next seven years.
Advancement in technology such as sensor fusion is expected to boost industry growth over the forecast period. Technology advancement has led to reduction in size of the devices, making it cost-effective, efficient, and compatible at the same time.
Calibration and accuracy issues may hinder market growth. Intense competition observed among industry participants is a key challenge, forcing industry players to keep the price low to remain competitive in the market.
Further key findings from the report suggest:
- Consumer electronics is the major segment and accounted for over 40% of the revenue in 2015. Consumer applications include household appliances, computer peripherals, sports training devices, personal navigation devices, and active subwoofers.
- Healthcare segment is estimated to hold high growth potential. The technology is used for medical research, diagnostic application, and in medical devices such as endoscopic pills and insulin micropumps.
- Government initiatives, rising healthcare expenditure, and technological advancements are anticipated to boost healthcare segment over the forecast period. Increasing preference of consumer towards home medical monitoring in order to reduce hospital cost and penetration of health monitoring wearable devices is estimated to trigger the use of the technology and open new avenues for the industry players
- Robert Bosch, Honeywell International, HP, STMicroelectronics, Texas Instruments, and InvenSense are some of the key companies in this domain. In January 2015, InvenSense, Inc. announced integrated motion sensor with multi-core processing that integrates 6-axis MEMS sensor, embedded flash, tri-core sensor hub, SRAM, and software framework
- Industry is anticipated to witness increase in number of mergers and acquisitions over the forecast period. Non-MEMS players, who are looking forward to enter into this market, are also anticipated to acquire niche existing players