In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
MEMS (Micro electro mechanical system) sensors are devices which gather information by analyzing environmental parameters by measuring thermal, chemical, magnetic, mechanical, and optical phenomenon. The sensors have a wide variety of application in various sectors such as automotive, electronics, healthcare etc. MEMS technology is designed to reduce the power consumption and cost of the final product which are some of the major factors driving the MEMS sensor market across the globe. The opportunities in the MEMS sensor market are increasing with the increased consumption of consumer products. Technological advancement in the product such as size reduction, high accuracy, and new application is expected to drive the market over the forecast period. Increasing safety issues in automotive sector will force the consumers to adopt better safety measures in the vehicle. Low manufacturing cost, ecofriendliness, bulk manufacturing and compact size are some of the factors that can raise the competition between the vendors across the globe.
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MEMS sensors have a wide variety of application in various sectors, the sensors can be segmented into following sectors on the basis of their application:-
Different sensors are used for measuring different environmental parameters, the sensor can be classified in to following categories:-
On the back of spiked safety issue in automotive sector, many sensors are used in vehicle to measure the parameters such as pressure, heat, collision parameters etc. MEMS sensors in automotive sector are further segmented into following categories:-
Due to growing importance of human life, Healthcare care has emerged as one of the biggest and fastest growing industry across the globe. MEMS sensors are used in medical facilities and equipment such as CT scan, X-ray machines, ECG etc. MEMS sensors in healthcare industry is further segment in to following categories:-
Geographically, the global MEMS sensor market can be segmented in to following regions:
Increasing applications in healthcare instruments, rising safety concerns in automotive sectors, growing consumer product industry and development in the industry sectors are some of the factors strengthening the growth of MEMS sensor market across the globe. The technology has led the smart phones market to a new horizon as MEMS sensors are used in smart phones; with technological advancement of the sensor this factor is likely to boost the MEMS sensor market in the upcoming years. MEMS sensor has evolved as one the revolutionized component used in health care devices, technological advancement in the MEMS sensor industry is opening new ventures of application in health care device, increasing consumer concern towards better medical facilities is expected to drive MEMS sensor market over the forecast period. Accuracy in the parameter measurement, calibration problems during sensor fusion, high competition among the key players are the main restraints for global MEMS sensor market.
The MEMS Sensor market is expected to reach USD 3.54 billion by 2021 and projected to expand with higher momentum in the upcoming year. Higher consumer product consumption is expected to be the key market driver, as it acquired 40% market share of global MEMS market across the globe by sectors in 2015. Further, Asia-pacific region is expected to contribute the highest share in the market due to rising demand in emerging economic countries such as India and China.
Overview of the Parent Market