According to Market Research Future (MRFR)’s report, the global MEMS and sensors market is expected to expand at a CAGR of 10.2% CAGR over the forecast period 2018 to 2023. Its valuation, as per MRFR’s analysis, is projected to reach USD 26.1 Bn by the end of 2023. The rapid adoption of connected devices for enhancing efficiency and accuracy across almost every industry vertical is anticipated to expedite the growth cycle of the market.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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By application, the MEMS and sensors market has been segmented into consumer electronics, healthcare, industrial, aerospace & defense, and automotive among others.
By type, the global MEMS and sensors market has been segmented into inertial, pressure, microphone, environmental, and optical.
By materials, the MEMS and sensors market has been segmented into silicon, polymer, metal, and ceramic.
The global MEMS and sensors market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the world. North America is the hub of technological innovations. The region is not only quick to adopt new technologies, but it also pioneers the development of technologies. In addition, the rapid developments in the sensor technology coupled with its widening range of application across different industry verticals are responsible for the growth of the MEMS and sensors market in the region.
Europe, too, has been projected to accelerate the adoption of MEMS and sensors in various sectors of the economy. The strong value maintained by the automotive industry is also anticipated to act as a catalyst to the growth rate of the booming market. In addition, the region is projected to witness a surge in demand for robot cars which is likely to help the expansion of MEMS and Sensing Covid 19 in the region.
Asia Pacific is presumed to retain its control over a significant share of the global MEMS and sensors market over the assessment period. The Chinese government is endeavoring to revolutionize its transportation industry to control its carbon emissions. This, in turn, has led to an increase in demand for vehicles equipped with smart and intelligent sensors. In Addition, the region has developed a penchant for smart consumer electronics which is expected to augment the MEMS and sensors market in the forthcoming years.
Some of the prominent players of the global MEMS and sensors market identified in the report are Honeywell (US), Qualcomm (US), STMicroelectronics (Europe), NXP Semiconductors (Netherlands), Texas Instruments (US), Robert Bosch GmbH (Germany), Panasonic (Japan), Invensense (US), Hewlett Packard (US), Murata Manufacturing Co (Japan), Infineon (Germany), Mega Chips Corporation (Japan), Denso Corporation (Japan), Allego Microsystems (US), and Hitachi Ltd (Japan).
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