-- The main focus of the market will be on designing and developing new-generation products to meet changing end-user requirements
LONDON, Sept. 13, 2013 /PRNewswire/ -- Accelerometers are playing an increasingly important role in test and measurement due to the rising demand for better quality and emergence of more complex testing procedures. Micro electro-mechanical systems (MEMS) accelerometers and gyroscopes have become critical components in almost all electronic products such as iPhones, iPads, smart phones, tablets, and other consumer electronic goods, giving a huge thrust to market revenues.
New analysis from Frost & Sullivan (http://www.sensors.frost.com), Global Accelerometers, Gyroscopes, and IMU Sensors Markets, finds that the market earned revenues of $5.05 billion in 2012 and estimates this to reach $9.30 billion in 2019, at a compound annual growth rate of 9.1 percent.
While the establishment of R&D and testing centers in developing regions with a wide variety of research/testing facilities drives the test and measurement accelerometers market, the escalating sales of electronic products bolsters the MEMS motion sensors market. This market is heavily reliant on technological innovations to keep pace with the frantic pace of development in the end-user markets.
"MEMS accelerometers, gyros and inertial measurement units (IMU) are becoming increasingly compact, less-power intensive, and better performing," said Frost & Sullivan Measurement & Instrumentation Senior Industry Analyst V. Sankaranarayanan. "Such advancements not only aid rapid adoption in existing applications but also help penetrate applications and industries that were not addressed previously due to existing design or technology constraints."
Even though innovations may buoy the market, the intensifying competition is stoking price wars. Further, end users such as automotive manufacturers tend to be price sensitive, partly due to the presence of a large number of competitors and partly due to the cost consciousness of their target customers. As a result, these price pressures ripple towards component suppliers, including sensor manufacturers.
To stand out and succeed in a densely populated market, motion sensor manufacturers are resorting to product differentiation. They have to convince customers about the value they deliver through a unique product with tangible benefits.
"Overall, finding new application areas, improved market promotion and better cooperation with downstream application sectors are crucial for the growth of the accelerometers, gyroscopes and IMU sensors markets," noted Sankaranarayanan.
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Global Accelerometers, Gyroscopes, and IMU Sensors Markets
SOURCE Frost & Sullivan