Microelectromechanical Systems (MEMS) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $35 billion by 2024 from $15 billion in 2016; growing at a CAGR of 11.4% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 12.4% and 12.1%, respectively, during the forecast period.
Technological advancements, which has resulted in the reduction in size of devices, making it cost effective and efficient and consumer’s preferences for enhanced vehicle features for safety and comfort are the major drivers of the market. Moreover, stringent rules and regulations by government for vehicles fuel efficiency and emission standards are also expected to boost the market further.
By industry type, consumer electronics and automotives accounted for 49.9% and 26.1% respectively, in 2016. And by type, sensor holds 55.8% of the market followed by actuators. In sensors, accelerometer is expected to maintain its dominant position throughout the forecast period, followed by gyroscope.
Asia-Pacific is the fastest growing region in the microelectromechanical systems market, and is expected to continue this trend over the 2016-2024, owing to increase in the awareness and consumption, especially in China and India. Asia-Pacific holds 52.9% of the market, followed by North America which had 22.7% in 2016.
The key market players include Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Canon Inc. (Japan), Texas Instruments Inc. (U.S.), Hewlett-Packard Company (U.S.), Knowles Electronics (U.S.), Denso Corporation (Japan), InvenSense, Inc. (U.S.), Analog Devices, Inc. (U.S.), Sensata Technologies, Inc. (U.S.), Avago Technologies (Singapore), and Seiko Epson Corporation (Japan). In June 2016, Seiko Epson Corporation acquired Fratelli Robustelli S.r.l, a leader in the textile printing industry.