LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global microelectromechanical systems (MEMS) market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global microelectromechanical systems market will grow at a CAGR of over 9% during the forecast period. The reduction in the ASP is a major factor driving the market’s growth.
One of the major drivers for the growth of the global MEMS market is the declining ASP of different types of MEMS. There are several factors resulting in the diminishing ASP. Some of the factors include the standardization of MEMS manufacturing techniques, the increasing level of competition among top vendors, the trend toward fabless manufacturing, and the trend toward adopting a vertically integrated structure.
Reduction in ASP enables OEMs to purchase MEMS in large numbers, which can be integrated across several devices such as smartphones, tablets, smart wearables, medical devices, and industrial equipment. The continuous demand from the end-user industries, such as aerospace and defense, automotive, consumer electronics, healthcare, and industrial will enforce OEMs to integrate MEMS at a large scale. This will propel growth in the global MEMS market.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio highlights the adoption of fusion sensor as one of the key emerging trends driving the global MEMS market:
Adoption of fusion sensor
Sensor fusion is the combination of the sensory inputs derived from distinct sources that provides highly accurate result, which is not possible with a single standalone sensor. To achieve sensor fusion, there is a need for extensive technical algorithms which can allow the integration of different sensors and obtain a single output. One of the main algorithms used is the Kalman filtering.
“Kalman filtering is used in MEMS as a method to combine the information received from multiple sensors. It is an algorithm used to arrive at the estimates of unknown variables that are usually found to be more precise than a single measurement of the same. Kalman filtering strives to reduce the amount of noise from the measurement value through a recursive step procedure, as they usually have statistical noise and inaccuracies integrated within them due to the existence of a finite margin for errors,” says a senior analyst at Technavio for research on sensors.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global MEMS market segmentation
This market research report segments the global MEMS market into the following products (pressure sensor, gyroscope, accelerometer, RF MEMS, inertial combo, microphone, optical MEMS, and microfluidic), application (consumer electronics, automotive, industrial, healthcare, and aerospace and defense), and key regions (the Americas, APAC, and EMEA).
The consumer electronics segment held the largest market share in 2017, accounting for nearly 50% of the market. The market share for this application is expected to increase nearly 8% by 2022.
APAC was the leading region for the global microelectromechanical systems market in 2017, accounting for a market share of 56%. By 2022, APAC is expected to witness growth of nearly 2%.
Big savings with Technavio this February!
Get 20% OFF on all Education Technology reports. This offer is valid only till the 28th of this month.
Celebrate winter sports with 23% OFF on all reports in the Outdoor Gear library (Offer valid from Feb 9-25).
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.