Significant surge in the adoption of smartphones among people across the globe, increase in the popularity of innovative technologies such as Internet of Things (IoT), and growth of the electronics industry are expected to drive the growth of the global microelectromechanical system market. Closed manufacturing facilities for automotive, consumer electronics, and others, reduced workforce, and other supply chain challenges during the pandemic had a negative impact on the market.
| Source: Allied Market Research
Portland, OR, Sept. 12, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global microelectromechanical system market generated $76.52 billion in 2021, and is projected to reach $181.04 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
|Market Size in 2021||$76.52 billion|
|Market Size in 2031||$181.04 billion|
|No. of Pages in Report||265|
|Segments Covered||Type, Application, And Region|
|Drivers||Increase in the standard of living|
|Significant surge in the adoption of smartphones among people across the globe|
|Opportunities||Increase in the popularity of innovative technologies such as Internet of Things (IoT)|
|Robust demand from the automotive industry|
|Restrains||Lack of standardization in fabrication process of micro-electromechanical systems|
- The microelectromechanical system market experienced a negative impact due to the prevalence of lockdowns in numerous countries.
- Stringent regulatory restrictions were imposed by the government of various countries across the globe, which resulted in the closure of various manufacturing units across units.
- Besides, the reduction in the presence of skilled professionals, decreased demand for consumer electronics during the pandemic, and economic and financial struggles in emerging economies further aggravated the impact on the market.
- In addition, a strict ban on the import and export of raw materials from various governments adversely affected the growth of the market.
- However, with technological advancements, remarkable demand from the automotive industry, and eased lockdown restrictions, the market is expected to recoup soon.
The report offers detailed segmentation of the global microelectromechanical system market based on type, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on type, the sensors segment held the dominating market share in 2021, holding more than half of the global market. The actuators segment, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 9.46% during the forecast period.
Based on application, the consumer electronics segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The industrial segment, on the other hand, is expected to cite the fastest CAGR of 13.8% during the forecast period.
Based on region, the market across the Asia-Pacific region held the dominating market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 9.65% during the forecast period. The report also analyses other regions of the market such as North America, Europe, and LAMEA.
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The key players analyzed in the global microelectromechanical system market include Analog Devices Inc., Broadcom Inc, DENSO CORPORATION, HP Development Company, L.P., Knowles Electronics, LLC, NXP Semiconductors, Panasonic Corporation, Robert Bosch GmbH, STMicroelectronics and Texas Instruments Incorporated.
The report analyzes these key players in the global microelectromechanical system market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the microelectromechanical system market analysis from 2021 to 2031 to identify the prevailing microelectromechanical system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the microelectromechanical system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global microelectromechanical system market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
- Sensors Type
- Inertial Sensors
- Pressure Sensors
- Optical Sensors
- Environment Sensors
- Ultrasonic Sensors
- Sensors Type
- Actuators Type
- Optical MEMS
- RF MEMS
- Actuators Type
- Consumer Electronics
- Aerospace and Defense
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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