Rise in trends in the automotive industry drive the growth in the global MEMS market
PUNE, MAHARASHTRA, INDIA, December 4, 2020 /EINPresswire.com/ — Surge in popularity of IoT, rise in demand for smart computer electronics, and rise in trends in the automotive industry drive the growth in the market. However, lack of standardized process for fabrication of MEMS and incorporation of sensors that reduces lifespan of devices hinder the market growth. On the other hand, trends toward autonomous vehicles and adoption of wearable devices & increase in application in the biomedical sector create new opportunities in the industry.
According to the report, the global microelectromechanical system market garnered $48.7 million in 2018, and is estimated to reach $122.8 million by 2026, growing at a CAGR of 11.3% from 2019 to 2026.
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Sensors segment to continue its lead position by 2026
Based on type, the sensors segment contributed the major market share in 2018, contributing more than half of the total share, and is projected to continue its lead position during the forecast period. This is due to advancements in ubiquitous computing, miniature and mobile devices, and demand for wearables. However, the actuators segment is expected to register the largest CAGR of 12.3% from 2019 to 2026. This is attributed to trend of miniature devices.
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Consumer electronics segment to maintain its lead status during the forecast period
Based on application, the consumer electronics segment held the major share in 2018, contributing for more than three-fifths of the total market share, and is estimated to maintain its lead status during the forecast period. This is due to rise in penetration of sensors and actuators along with efforts to improve overall interface for smartphones, laptops, and other devices. However, the industrial segment would grow at the fastest CAGR of 17.5% from 2019 to 2026, owing to emerging trend of automation.
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Asia-Pacific to offer lucrative opportunities
Based on region, Asia-Pacific contributed the major market share in 2018, accounting for nearly half of the total market share. This region is expected to maintain its lion's share throughout the forecast period. Moreover, this region would grow at the fastest growth rate with a CAGR of 12.3% from 2019 to 2026. This is attributed to adoption of advanced technologies in different industries such as consumer electronics, infrastructure, manufacturing industry, and others in developing nations such as India, China, and others along with new product launches. The report also analyzes North America, Europe, and LAMEA.
Leading market players
Key market players analyzed in the research include Panasonic Corporation, STMicroelectronics N.V., Robert Bosch GmbH, Analog Devices Inc., Texas Instruments, Denso Corporation, Broadcom, NXP Semiconductors, HP Inc., and Knowles Corporation.
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Source: EIN Presswire