DUBLIN--(BUSINESS WIRE)--The "MEMS Combo Sensors Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global MEMS combo sensors market is projected to grow at a CAGR of 11.74% during the forecast period 2019 - 2024
Due to an increase in global demand for handheld devices and wearable devices the demand for MEMS combo sensors is also expected to go up, the increasing market of IoT is expected to drive the market for sensors. Global automotive industry is moving towards a significant market shift and adopting ADAS enabled vehicles, which in turn is expected to drive the demand for such sensors. Gaming industry's growth is also likely to influence the market.
- The global demand for connected wearable devices is significantly increased owing to the rising popularity of connected devices. According to CISCO Systems, the global number of connected wearable devices stood at 593 million during fiscal 2018 and is expected to reach 1105 million by 2022.
- The automotive industry is moving towards a technological shift and is on the verge of adopting autonomous vehicles. The Advanced Driver Assistance Systems are increasingly becoming intuitive. ADAS/AV market is expected to be USD 96 billion by 2025, according to Goldman Sachs. This, in turn, is expected to drive the demand for MEMS combo sensors market.
- The growing global consumer electronics market and IoT devices are expected to influence the demand for MEMS combo sensors market positively. According to GFU, the expenditure on consumer electronics products worldwide stood at USD 1014 billion during fiscal 2018.
Scope of the Report
The different type of sensors offered in the market have various applications which are increasingly adopted by industries such as aerospace & defense, automotive, consumer electronics, healthcare, etc. The demand for connected handheld and wearable devices are expected to propel the market.
Key Market Trends
Growing Demand for Connected Handheld and Wearable Devices is Expected to Drive the Market
- The global number of smartphone users is increasing significantly, and along with it, the demand for wearable devices is growing as well. According to Newzoo the number of smartphone users during fiscal 2018 stood at 3 billion and is expected to reach 3.8 billion users by 2021.
- The increasing popularity of handheld devices for gaming purposes is expected to drive the market for MEMS combo sensors, the popularity of mobile gaming is increasing significantly. According to DeviceAtlas the worldwide spending on mobile gaming is expected to surpass USD 80 billion by 2020.
- The increasing popularity of wearable devices owing to the global trend of health-conscious lifestyle and adoption of health data tracking applications is expected to drive the market for MEMS combo sensors market. According to CISCO Systems, there will be 1.1 billion wearable devices globally by 2022.
North America Region Holds the Significant Share of the Market
- Currently, the Asia-Pacific region is showing the fastest growth in the market; owing to the increasing adoption rates of smart devices, internet users, and growing economies which endow citizens with higher disposable incomes. According to CISCO Systems, Asia-Pacific region is expected to hold 311 million unit sales of wearable devices by 2022 from 155 million unit sales in 2017.
- However, North America region holds the maximum share of the MEMS combo sensors market; owing to its significant global market share of smart electronic devices, IoT and Automotive industry. The region is one expected to be one of the pioneers in adopting ADAS enabled vehicles and self-driven transportation solutions. According to Deutsche Bank, the US ADAS unit production volume is expected to reach 18.45 million by 2021.
- According to a survey done by Entertainment Software Association during fiscal 2019, the favorite video game device according to gamers was the smartphone in the US. The region holds a significant number of gamers as well; the number of mobile gamers from the US and Canada during fiscal 2018 stood at 210.9 million, according to VentureBeat.
The MEMS combo sensors market is moving towards consolidation format as market leaders are banking on diverse product portfolio and product development to gain an edge and the innovation capabilities of any player are dependent on the investments into R&D. The industry is capital intensive and poses an entry barrier to new entrants.
Key players are Honeywell International, Inc., Bosch Sensortec GmbH, Analog Devices, Inc., Murata Manufacturing Co., Ltd., InvenSense, Inc., Panasonic Corporation, etc.
A recent development in the market
- MAY 2019 - Honeywell announced HG4930S-CLASS IMU which is MEMS IMU sensor and delivers platform stabilization to challenging applications.
- Increasing Demand for Handheld & Wearable Devices
- Adoption of ADAS and Self Driving Solutions in Automotive Industry
- Growth in Interactive Gaming
- Increase in Overall Cost of MEMS
- Honeywell International, Inc.
- Bosch Sensortec GmbH
- Analog Devices, Inc.
- Murata Manufacturing Co., Ltd.
- InvenSense, Inc.
- Panasonic Corporation
- KIONIX, Inc.
- MEMSIC, Inc.
- Microchip Technology, Inc.
- NXP Semiconductors
- Safran Colibrys SA
- STMicroelectronics NV
For more information about this report visit https://www.researchandmarkets.com/r/lcxf5s