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Global MEMS Pressure Sensor Market to Top 4 Billion by 2020
January 20, 2016 | Business WireEstimated reading time: 2 minutes
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
- Europe
- APAC
- ROW
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 semiconductor research 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.
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