Market overview
The MEMS and Sensors Market will be registering a CAGR of 9.78% during the forecast period. Due to the COVID-19 pandemic, certain MEMS sensors have significantly spiked in demand. The real-time polymerase chain reaction (PCR) diagnostic tests for detecting COVID-19 and microfluidics for DNA sequencing are gaining substantial market relevance. It serves as a premier method of detecting a bacteria or virus with high degrees of accuracy on the molecular level.
Microelectromechanical system (MEMS) sensors offer multiple advantages, such as accuracy and reliability, and the potential to make smaller electronic devices. As a result, they have gained considerable traction and market value. Miniaturized consumer devices, such as IoT-connected devices and wearables, are emerging applications of MEMS sensors in the market.
The key drivers for the market include the growing safety concerns for the automotive industry and the emergence of automation of industry 4.0. Industry 4.0 is poised to significantly impact the coming few years as it is widely adopted in multiple industrial settings post-COVID-19.
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Market segmentation
MEMS sensors gather relevant information by analyzing environmental parameters by measuring thermal, magnetic, mechanical, and optical phenomena. These sensors have various applications in numerous sectors, including electronics, automotive, and healthcare, which have formed part of the study in considering end-user industry estimation. The scope of the study is currently focused on key regions, such as North America, Europe, Asia-Pacific, Latin America, and others like the Middle East & Africa.
Regional analysis
The Asia-Pacific is expected to be the largest market for MEMS sensors due to economies like India, Japan, and China, along with the increasing growth of the consumer electronics and automobile segments. China has witnessed significant growth in the usage of MEMS sensors owing to an increase in its automotive and consumer markets and the export of smartphones, tablets, drones, and other microsystem and semiconductor-enabled products. Moreover, the Chinese government views its automotive industry, including the auto parts sector, as a prominent industry. The country’s Central Government expects China’s automobile industry’s output to reach 35 million units by 2025. It is posed to make the automotive sector one of the prominent uses of MEMS sensors in China. However, the country’s Association of Automobile Manufacturers revised the predictions and is forecasting an almost 10% drop in sales for the first half of the year and 5% for the entire year, based on the COVID-19 pandemic.
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Industry news
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