Global MEMS Pressure Sensor Market to Exceed USD 4 Billion by 2020, According to Technavio
By Business Wire News
By Business Wire News
The global MEMS pressure sensor market was valued at USD 2 billion in 2015 and is expected to exceed nearly USD 4 billion by 2020, growing at a CAGR of 14%.
In this report, Technavio covers the present scenario and growth prospects of the global MEMS pressure sensor market for 2016-2020. Based on end user platforms, the market is divided into the following segments: Automotive, industrial, healthcare, others.
The MEMS pressure sensor market is also segmented into the following regions:
- North America
APAC: largest MEMS pressure sensor market
APAC accounted for over half the market share in 2015 and its domination will continue through 2020 where the region is expected to hold nearly 55% of the market. China, Japan, Taiwan, and South Korea are some of the leading consumer markets in this region, propelling the market to a very impressive CAGR of 15% during the forecast period. This growth can be attributed to the regions dominance of the automotive production sector, a sector which creates huge demand for MEMS sensors.
“The automotive segment in Japan is a manufacturing hub for many prominent car manufacturers, such as Toyota, Honda, Nissan, Suzuki, and Mitsubishi, while the automotive market in China is the largest in terms of automobile unit production,” said Technavio semiconductorresearch analyst Navin Rajendra. “In addition, China is also one of the largest manufacturers of automotive products that employ various types of sensors including MEMS pressure sensors,” added Navin.
Apart from the automotive industry, APAC is host to a large number of players in the consumer electronics and mobile devices industry where MEMS sensor technology integration is extremely prevalent. Companies like Samsung, LG, HTC, ZTE, Huawei Technologies, Lenovo, and Sony are all based in either China, South Korea, and Taiwan.
In the industrial segment, governments of countries like Taiwan and India are providing incentives and platforms to improve the manufacturing sector.
“The Government of India is attracting FDI in its manufacturing sector through its ‘Make in India’ initiative. Due to the availability of cheap labor, global manufacturers are planning to open new manufacturing plants or increase their production capacity,” said Navin. “These manufacturing plants employ several systems, such as hydraulic systems, gas analyzers, and gas meters, which employ MEMS pressure sensors for monitoring and measurement.”
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Bosch, Denso, Freescale Semiconductors are major vendors headquartered in APAC. Texas Instruments, Schneider Electric, Delphi, Infineon Technologies, and GE Sensing Philips Healthcare and GE Healthcare are also major vendors but headquartered in Europe or the Americas.
Eurozone crisis and high cost of labor hindering Europe’s market share
Spending on MEMS pressure sensors in Europe is expected to grow at a CAGR of 11% during the forecast period. Just like the APAC, Europe is a significant contributor to the total market revenue because of a significant presence of the automotive industry, with prominent automakers such as Volkswagen, BMW, Audi, Mercedes-Benz, Porsche, Renault, Fiat, and Alfa Romeo in Germany, France, and Italy.
Despite Europe’s high market growth rate during the forecast period, their market share is dwindling because of the Eurozone crisis, high cost of labor and raw materials, and excessive supply costs. These factors are compelling manufacturers to shift their manufacturing facilities to more economically favorable countries in APAC. This is ultimately hindering the growth of the overall MEMS sensor market in the region.
Browse Related Reports:
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