San Francisco, June 27, 2016 (GLOBE NEWSWIRE) -- The MEMS market is estimated to reach USD 26.14 billion by 2022, according to a new report by Grand View Research, Inc.The industry is expected to witness significant growth owing to increasing demandin 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.
Browse to access In-depth research report on Global MEMS market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/microeletromechanical-systems-market
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.
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Further key findings from the report suggest:
- Growing consumer application industry is estimated to drive demand over the forecast period. Consumer electronics is the major segment and accounted for over 40% of the revenue in 2014. Consumer applications include household appliances, computer peripherals, sports training devices, personal navigation devices, and active subwoofers. Smart homes and smart city projects initiatives are anticipated to boost the MEMS demand over the forecast period
- Industrial applications of the technology include machine health, earthquake detection and gas shutoff, and shock and tilt sensing. In defense, it is used in planes, tanks, and equipment. In automotive domain, this technology is used in vehicle security systems, airbag systems, inertial brake lights, headlight leveling, active suspension, automatic door locks, and rollover detection
- 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 importantplayers in this industry.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. In October 2014, InvenSense completed the acquisition of Trusted Positioning, Inc. and Movea. Trusted Positioning, Inc. offers positioning software, while Movea offers software solution for ultra-low power location, context sensing, and activity tracking.
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Grand View Research has segmented the MEMS market on the basis of application and region:
MEMS Application Outlook (Revenue, USD Million, 2012 - 2022)
- Consumer Electronics
MEMS Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Latin America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research