Microelectromechanical Systems (MEMS) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $35 billion by 2024 from $15 billion in 2016; growing at a CAGR of 11.4% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 12.4% and 12.1%, respectively, during the forecast period.

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Microelectromechanical Systems (MEMS) Market is majorly driven by technological advancements, which has resulted in the reduction in size of devices, making it cost effective and efficient and consumer’s preferences for enhanced vehicle features for safety and comfort. Moreover, stringent rules and regulations by government for vehicles fuel efficiency and emission standards are also expected to enhance the market.

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The MEMS market is bifurcated based on the product type, industry vertical, and geography. In 2016, by industry type, consumer electronics and automotive accounted for 49.9% and 26.1% respectively. And by type, sensor holds 55.8% of the market followed by actuators. In sensors, accelerometer is anticipated to maintain its dominant position throughout the forecast period, followed by gyroscope.
By geography the MEMS market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). Asia-Pacific is the fastest growing region in the microelectromechanical systems market, and is expected to continue this trend over the 2016-2024, due to increase in the awareness and consumption, especially in China and India. In 2016 Asia-Pacific holds 52.9% of the market, followed by North America which had 22.7%.
Major companies operating in the Microelectromechanical Systems (MEMS) Market include Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), Canon Inc. (Japan), Hewlett-Packard Company (U.S.), Texas Instruments Inc. (U.S.), Knowles Electronics (U.S.), Denso Corporation (Japan), InvenSense, Inc. (U.S.), Analog Devices, Inc. (U.S.), Sensata Technologies, Inc. (U.S.), Avago Technologies (Singapore), and Seiko Epson Corporation (Japan). In June 2016, Seiko Epson Corporation acquired Fratelli Robustelli S.r.l, a leader in the textile printing industry.

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