Microelectromechanical Systems Market Trend, Industry Size,and Growth Analysis
Posted by Neha Bora on January 23rd, 2020
San Francisco, 23 January 2020: The Report Microelectromechanical Systems Market Size, Share & Trends Analysis Report By Application (Automotive, Consumer Electronics, Industrial, Healthcare), By Region (NA, Europe, APAC, MEA, LA), And Segment Forecasts, 2018 – 2024
The global microelectromechanical systems (MEMS) market size is estimated to reach USD 28.84 billion by 2024, according to a new report by Grand View Research, Inc. The industry is expected to witness tremendous growth owing to increasing demand in consumer and automotive application segment.
The market for MEMS technology is gaining traction in automotive sector with increasing concerns for passenger safety and regulatory norms. MEMS devices such as pressure sensors, accelerometers, and others are used in cars for air bags, tire pressure monitoring, electronic stability control, and other safety features. Growing popularity of wearable devices is anticipated to be key driver for the industry over the next seven years.
Advancement in technology such as sensor fusion is expected to boost industry growth over the forecast period. Technology advancement has led to reduction in size of the devices, making it cost-effective, efficient, and compatible at the same time.
Calibration and accuracy issues may hinder market growth. Intense competition observed among industry participants is a key challenge, forcing industry players to keep the price low to remain competitive in the market.
Access Research Report of Microelectromechanical Systems Market @ https://www.grandviewresearch.com/industry-analysis/microeletromechanical-systems-market
Further key findings from the report suggest:
Grand View Research has segmented the global MEMS market on the basis of application and region:
Microelectromechanical Systems Application Outlook (Revenue, USD Million; 2014 - 2024)
Microelectromechanical Systems Regional Outlook (Revenue, USD Million; 2014 - 2024)
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About the AuthorNeha Bora
Joined: September 16th, 2019
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