Allied Market Research published a research report on the microelectromechanical system market. The findings of the report states that the global market for microelectromechanical system garnered $48.74 billion in 2018, and is projected to reach $122.83 billion by 2026, witnessing a CAGR of 11.3% from 2019 to 2026. The report provides valuable data on changing market dynamics, key segments, top investment pockets, and competitive scenario for market players, new entrants, investors, and shareholders.
“The global microelectromechanical system (MEMS) market is expected to witness considerable growth in the semiconductor industry due to its emerging trends in smart wearables and automotive industry. The global MEMS industry is projected to witness significant growth, especially in the emerging economies such as Asia-Pacific and LAMEA, owing to the presence of key MEMS Market players in these regions.” said Divyanshi Tewari, the Lead Analyst of semiconductors & electronics at Allied Market Research.
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The report provides insights on the key determinants of the market to help market players in devising growth strategies and capitalizing on opportunities. The growth in demand for smart consumer electronics, rise in popularity of IoT, and rising trends of MEMs in automotive industry are the major factors driving the growth of the global microelectromechanical system market. On the other hand, dearth of standardization fabrication process for MEMs and incorporating the sensor in devices that leads to incur the extra value of and minimizes the life of device hamper the growth to certain extent. Conversely, emerging trends towards autonomous vehicle, surge in adoption of wearable devices, and innovative application in biochemical sector are anticipated to usher an array of opportunities for the market players in the future.
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The report provides a detailed scenario of impact of the Covid-19 pandemic on the microelectromechanical system market globally. It is helpful for market players, new entrants, and investors to determine strategies based on the current scenario and improvise the business model for the approaching time. The initial phase of the lockdown immensely impacted the microelectromechanical system market, suspending the manufacturing activities and disturbing supply chain management. In addition, the lockdown resulted in declined demand for MEMs by the end-users. Furthermore, the second wave of covid-19 is now impacting the market in various regions, and the government bodies in several regions are again opting for lockdowns.
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The report offers detailed segmentation of the global microelectromechanical system market based on type, application, and region. These insights are useful for the new entrants as well as existing market players to capitalize on the fastest growing and highest revenue generating segment to accomplish growth in the coming years.
Based on type, the market is analyzed across sensors and actuators. Furthermore, the sensors segment generated the highest market revenue in 2018. Moreover, the segment is anticipated to retain its dominance by 2026.
Based on application, the market is divided on the basis of consumer electronics, automotive, industrial, aerospace & defense, healthcare and telecommunication. The consumer electronics segment garnered the highest revenue share in 2019. The segment, furthermore, is expected to dominate by the end of 2027.
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By region, Asia-Pacific held the major market share in terms of revenue in 2019. This is due to an increase in the population and rise in adoption of enhanced technologies in various industries such as consumer electronics, manufacturing industry, and infrastructure in this province. The market is also studied across other regions including Europe, LAMEA, and North America.
Leading market players of the global microelectromechanical system market analyzed in the report include STMicroelectronics N.V., Texas Instruments, Panasonic Corporation, Robert Bosch GmbH, Analog Devices Inc., Broadcom, Denso Corporation, HP Inc., NXP Semiconductors, and Knowles Corporation.
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