MEMS sensor manufacturers are displaying interest in sensor fusion technologies with low cost, miniaturization, and integration for research applications.
ROCKVILLE, MD / ACCESSWIRE / August 31, 2020 / The MEMS sensors market is estimated to rise at an exponential 18% CAGR between assessment years from 2020 to 2027. The ongoing coronavirus outbreak has restricted demand for MEMS sensors in the short-term. Suspension or restricted activity in the automotive and consumer goods sector during the crisis has hurt demand. On the other hand, potential for MEMS sensors in healthcare and covid-19 diagnosis applications will provide niche growth opportunities.
"MEMS sensors are compatible to on-chip integration. Furthermore, these sensors can also be manufactured at a mass scale, at low cost while maintaining performance and reliability standards. These factors will remain crucial in growth of the industry through the projection period," says the Fact.MR analyst.
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MEMS Sensors Market - Important Takeaways
- Collision avoidance applications in automotive platforms contribute significantly to revenue with ADAS systems going mainstream.
- Optical MEMS sensors account for a large market share on the back of growing applications in consumer goods sector.
- Asia Pacific is a major market for MEMS sensors with presence of leading market players in China and India.
MEMS Sensors Market - Driving Factors
- Asset tracking and smart grid applications in industrial automation provides impetus to market growth.
- Niche applications of MEMS sensors in biomedicine are providing major growth opportunities.
MEMS Sensors Market - Leading Constraints
- Calibration and accuracy problems remain a major challenge for MEMS sensor manufacturers.
- High levels of competition in the industry reduce profit margins and restrict market players.
Anticipated Market Impact by Coronavirus Outbreak
The impact of the coronavirus pandemic on the MEMS sensors market has largely been negative. Suspension of industrial activities including the automotive, manufacturing, and consumer goods sector has limited the demand for MEMS sensors in the short term. On the other hand, potential applications in covid-19 virus detection for PCR analysis machines are generating lucrative growth opportunities, which will help in a faster recovery of the industry, and lower losses during the crisis.
Explore the global MEMS sensor market with 103 figures, 131 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4528/mems-sensor-market
Competition Landscape
Some of the leading manufacturers in the global MEMS sensor market include but are not limited to Panasonic Corporation, Infineon Technologies, Texas Instruments, Global Foundries, SilTerra Malaysia Sdn. Bhd., and ST Microelectronics N.V.
Players in the MEMS sensor market have been increasingly pushing for development and launch of new products in line with expanding the scope of applications in multiple end use verticals.
For example, Bosch has unveiled its new SMI230 MEMS sensor for automotive navigation platforms, complementing conventional GPS systems. Posifa Technologies has introduced the PAV3000 air velocity MEMS sensors for superior resistance to pressure and clogging. Similarly, InvenSense has introduced ICM-42688-P MEMS sensor for motion tracking applications.
More on the Report
The FACT.MR's market research report provides in-depth insights on MEMS sensor market. The market is scrutinized according to type (mechanical, optical, thermal, chemical & biological, and others), fabrication material (silicon, polymer, ceramics, and metal), and application (automotive, consumer, medical, industrial, and others) across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
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SOURCE: Fact.MR