PORTLAND, Oregon and PUNE, India, March 14, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Microelectromechanical systems (MEMS) Market : Global Opportunity Analysis and Industry Forecast, 2014 - 2022," the global MEMS market was valued at $13.0 billion in 2015, and is expected to reach $26.8 billion by 2022, growing at a CAGR of 11.1% from 2016 to 2022. In 2015, Asia-Pacific contributed major share in the market, and is projected to continue its dominance throughout the forecast period.
Summary of the Microelectromechanical systems (MEMS) Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/micro-electromechanical-systems-MEMS-market
MEMS are micrometer-scale devices that integrate electrical and mechanical elements. The global MEMS market is expected to witness high growth rate during the forecast period, owing to high usage in smartphones, major growth in portable electronic market and increase in popularity of Internet of Things (IoT), and robust demand in automation industry. Further, emerging trend of wearable devices, connected cars, smart watches, connected homes, and others are expected to offer new opportunities for market growth.
Consumer electronics was the foremost industry in 2015, and is expected to continue its lead, in terms of market size, in the future as well. Further, automotive and industrial are other lucrative sectors in the MEMS market. Increase in safety concerns and regulatory requirements have driven the growth of this market.
The market is classified based on type into sensors and actuators. Sensors held the largest market share in 2015 owing to the extensive use of gyroscope, accelerometer, and pressure sensor in smartphones, wearable devices, cars, and various medical devices.
Asia-Pacific generated the highest revenue in this market, followed by North America and Europe. China held over 45% revenue share of the overall Asia-Pacific market, due to growth of automobile and consumer electronics segment. Further, LAMEA is expected to witness considerable growth rate during the forecast period, owing to localization of manufacturing facilities within emerging consumer electronics market.
"The MEMS industry is undergoing rapid change as the electronics industry is shifting its focus from traditional sensors to MEMS technology. Furthermore, the thriving portable electronic market and increasing popularity of Internet of Things (IoT) are expected to drive the demand for MEMS devices in various applications such as smartphones, wearable devices, connected cares, and medical devices." states Bhawna Kohli, Sr. Manager, Semiconductor and Electronics at Allied Market Research.
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The MEMS industry displays fair degree of consolidation, with top five industry participants occupying a significant market share. Robert Bosch, STMicroelectronics, and Texas Instruments are few of the leading companies in this industry. Other key players in the industry include Denso Corporation, Avago Technologies, Freescale Semiconductor, and Analog devices, Inc. These players have adopted product launches, expansions, acquisitions, partnerships, and agreements as their key strategies to strengthen their market position and expand their geographical presence.
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Key findings of the study
- In 2015, sensors segment accounted for maximum revenue, with over 50% share, and is projected to grow at a CAGR of 10.7% during the forecast period
- Inertial combos is projected to grow at a CAGR of 13.3%, owing to increase in application of these sensors in smartphones, tablets, and cars.
- Asia-Pacific is anticipated to exhibit the highest CAGR of over 12.2%.
- China is projected to maintain its lead in the MEMS market, in terms of revenue generation, until 2022.
- Consumer electronics aand automotive contributed a significant revenue share in the overall market in 2015.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/semiconductor-and-electronics/electronic-systems-and-devices-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research