Optical Sensors Industrial Application to Generate Lucrative Opportunities Forecast 2020 to 2027

ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.

The report offers actionable and valuable insights on the Optical Sensors market. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Optical Sensors across various industries and regions.

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The MEMS sensor market is poised for continued growth and is projected to be valued at more than US$ 50 billion. Over the last decade, the integrated circuit (IC) industry has given a huge momentum to the growth of MEMS sensor market, owing to rapid development in electrical and electronic systems. Increasing adoption of smart connected devices such as connected automobiles, smart wearable devices, smart homes and high growth in the automotive sector are some of the key drivers that are positively impacting the MEMS sensor market.

Demand for these devices is on a steady rise with a corresponding decrease in average selling prices (ASPs) and increased benefits of MEMS devices, such as low cost, lower space utilization, and higher precision. In addition, MEMS sensors are small enough to be soldered directly onto circuit boards, reducing the technology’s overall expense. Such aforementioned factors are expected to prove favorable for the growth of global MEMS sensor market which is set to grow at an impressive CAGR of more than 9% during the forecast period

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Key Takeaways of Global MEMS Sensor Market

• The global MEMS sensor market is expected to create a value opportunity of around US$ 52.7Bn during the forecast period.
• Polymer fabricated MEMS sensors remain the bestselling category, accounting for more than one-third of the global market value.
• Demand for optical MEMS sensors is set to grow at a higher rate, facilitated by mounting demand for IoT applications and advancement in the telecom industry.
• The global market for MEMS sensor is expected to witness strong growth in the developing countries such as India, China and Brazil, owing to greater awareness of advanced sensors and components used in consumer electronics and modern-day vehicles.
• Asia Pacific (APAC) is estimated to be the most lucrative market for MEMS sensors, currently valued at US$ 8.1Mn.
• MEMS sensors used in automotive and consumer electronics will continue to maintain dominance in the market.
• In North America’s market, application of MEMS sensors in automotive and consumer electronics accounts for more than half of the market value, and is expected to grow at a solid 18% rate over the forecast period.

“Advancement in telecom network infrastructure and the rise of connected and autonomous vehicles are set to boost demand for MEMS sensors with polymer as key formulation material,” says the Fact.MR analyst. 

MEMS (Micro-Electromechanical System) Sensor Market Segmentation

Fact.MR has studied the MEMS (Micro-Electromechanical System) sensor market with detailed segmentation on the basis of type, fabrication material, application and key regions.

Type

• Mechanical Sensors
• Optical Sensors
• Thermal Sensors
• Chemical & Biological Sensors
• Other Sensors

Fabrication Material

• Silicon
• Polymers
• Ceramics
• Metal

Application

• Automotive
• Consumer
• Medical
• Industrial
• Others

Region

• North America
• Latin America
• Europe
• APAC
• MEA

“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”

Product Development, the Primary Strategy among Competitors

The global MEMS sensor market is consolidated in nature with a few electronics and semiconductor multinationals such as STMicroelectronics, Robert Bosch GmbH, NXP Semiconductors N.V., and Texas Instruments Inc., acquiring top shares. In order to gain a stronger foothold in the MEMS sensors market, manufacturers are focusing on developing new product offerings. In October 2018, Bourns, Inc., a leading manufacturer and supplier of electronic components, introduced a new line of environmental sensor based on MEMS. These sensors “BPS-110” and “BPS-120” delivers extremely accurate ultra-low pressure sensing capabilities for sensitive applications.

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Key Question answered in the survey of Optical Sensors market report:

• Sales and Demand of Optical Sensors
• Growth of Optical Sensors Market
• Market Analysis of Optical Sensors
• Market Insights of Optical Sensors
• Key Drivers Impacting the Optical Sensors market
• Which are the Key drivers impacted by Optical Sensors market
• Restraints Shaping Market Growth
• Market Survey of Optical Sensors

More Valuable Insights on Keyword Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Optical Sensors, Sales and Demand of Optical Sensors, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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