WASHINGTON, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global MEMS Sensor Market finds that growing demand for smart consumer electronics is expediting market growth. Primarily driven by emerging trends in automotive industry, the total Global MEMS Sensor Market is estimated to reach USD 5.24 Billion by 2028, up from USD 3.77 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 4.8%.
Furthermore, the shift towards autonomous vehicle is also anticipated to augment the growth of the global MEMS Sensor Market, states Vantage Market Research, in a report, titled “MEMS Sensor Market by Type (Pressure Sensors, Inertial Sensors, Other Types), by End-User Industry (Automotive, Healthcare, Consumer Electronics, Industrial, Aerospace & Defense), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the MEMS Sensor Market:
- Analog Devices, Inc. (U.S.)
- InvenSense, Inc. (U.S.)
- General Electric Company (U.S.)
- Robert Bosch GmbH (Germany)
- Panasonic Corporation (Japan)
- Sensata Technologies, Inc. (U.S.)
- Infineon Technologies AG (Germany)
- Hitachi, Ltd. (Japan)
- Harman International (U.S.)
- Freescale Semiconductor, Inc. (U.S.)
- STMicroelectronics (Switzerland)
- Murata Electronics Oy (Finland)
- Delphi Automotive PLC (U.K.)
- Freescale Semiconductor, Inc. (U.S.)
Market Dynamics:
Driver: Consumer Electronics driven by IoT to Stimulate Market Growth
The integration of IoT in consumer electronics changed the way of communication taking place between the devices through connected applications. The use of connected devices and applications has allowed convenience and comfort for consumers with least human interaction. The major purpose of companies is to ensure a seamless and unified experience for their customers and in order to achieve this they need to ensure that they adequately address challenges like connecting a large number of devices and at the same time successfully offer data privacy, secured connectivity, and keep pace with evolving technologies. Furthermore, MEMS-based 3-D gyroscopes and accelerometers are widely used in industrial robots to continuously measure changes in angular rate and direction, replacing expensive rotary sensors and encoders. In the IoT network substructure, MEMS oscillators are used with programmable logic controllers (PLCs) that help to supervise the operations of robots and other units.
Opportunity: Shift towards Autonomous Vehicle to Stimulate Market Growth
The consumer shifts towards renewable and sustainable energy has led most of the original equipment manufacturers (OEMs) to design a technology between vehicular electrification and integrated technology of fully autonomous vehicle (AV). MEMS sensors allow wide scale commercialization of autonomous vehicles with new applications in the automotive industry: The various functions performed by various sensors include LiDar beam steering, vehicle reliability, battery health monitoring, and passenger connectivity. The data which is been generated though these sensors is continuously collected and processed with the help of a centralized control system, which further controls the motion of car and eliminated the need of driver in vehicles. Some of the major key players like Google and Tesla are focussing on investing heavily on R&D of these vehicles thus fueling the demand for MEMS sensors in the near future and offering lucrative opportunities for MEMS Sensor market forecast globally. However, the lack of standardized fabrication process for MEMS may hamper the growth of the market. Moreover, the increase in adoption of wearable devices and innovative application in biomedical sector will further support the growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on MEMS Sensor Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific to Witness Fastest Growth in the Global MEMS Sensor Market
Asia Pacific is likely to witness fastest growth in the MEMS Sensor Market during the forecast period. This is attributable to the increasing demand for consumer electronics such as smartphones and laptops in the region. Additionally, the increasing miniaturization and rising automotive industry are also expected to support the growth of the MEMS Sensor market in near future. Furthermore, the increase in government initiatives to promote electronics is also expected to boost the demand for MEMS technology in emerging economies such as China and India. For instance, The National Policy on Electronics 2019 (NPE 2019), envisions to position India as a global hub for ESDM with thrust on exports by encouraging and driving capabilities in the country for developing core components, including chipsets, and creating an enabling environment for the industry to compete globally.
Browse market data Tables and Figures spread through 140 Pages and in-depth TOC on "MEMS Sensor Market by Type (Pressure Sensors, Inertial Sensors, Other Types), by End-User Industry (Automotive, Healthcare, Consumer Electronics, Industrial, Aerospace & Defense), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/mems-sensor-market-203216
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the MEMS Sensor Market?
- How will the MEMS Sensor Market change in the upcoming six years?
- Which application and product will take a lion’s share of the MEMS Sensor Market?
- What is the MEMS Sensor market drivers and restrictions?
- What will be the CAGR and size of the MEMS Sensor Market throughout the forecast period?
Recent Developments:
April, 2021: Bosch Sensortec announced the launch of 4-in-1 environmental MEMS sensor with AI. This 4-in-1 MEMS sensor measures gases, humidity, temperature and barometric pressure in a single compact package to reduce total cost of ownership (TCO).
This market titled “MEMS Sensor Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 3.77 Billion |
| Projected Market Size in 2028 | USD 5.24 Billion |
| CAGR Growth Rate | CAGR of 4.8% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Type
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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