Portland, Oct. 04, 2019 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global microelectromechanical systems (MEMS) market accounted for $48.7 million in 2018 and is projected to reach $122.8 billion by 2026, registering a CAGR of 11.3% from 2019 to 2026.
Growing demand for smart consumer electronics, emerging trends in the automotive industry, and the rise in popularity of IoT have boosted the growth of the global MEMS market. However, there is dearth of a standardized fabrication process for MEMS and incorporation of a sensor in devices incur extra value and reduce the life of device, which hampers the market growth. On the contrary, emerging trends toward autonomous vehicles and increasing adoption of wearable devices and innovative applications in the biomedical sector are expected to create lucrative opportunities in the near future.
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The global MEMS market is divided into type, application, and geography. On the basis of type, the market is divided into sensors & actuators. The sensors segment dominated the market in 2018, accounting for more than half of the market. However, the actuators segment is projected to manifest the fastest CAGR of 12.3% during the forecast period.
Based on application, the market is segmented into consumer electronics, automotive, industrial, aerospace & defense, healthcare, and telecommunication, and others. The consumer electronics segment dominated the market in 2018, contributing more than three-fifths of the market. However, the industrial segment is estimated to register the fastest CAGR of 17.5% during the forecast period.
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The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share in 2018, accounting for around half of the market. Moreover, the region is anticipated to register the fastest CAGR of 12.3% during the forecast period.
The market report provides an in-depth analysis of the major market players such as Robert Bosch GmbH, Panasonic Corporation, Texas Instruments, STMicroelectronics N.V., Broadcom, Analog Devices Inc., HP Inc., Denso Corporation, NXP Semiconductors, and Knowles Corporation.
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