According to a research report titled ‘Global Micro-Electro-Mechanical Systems (MEMS) Market Size study, by Actuator Type (Optical, Inkjet Head, Microfluidics and Radio Frequency (RF)), by Sensor Type (Inertial, Pressure, Microphone, Environmental and Optical), by Vertical (Automotive, Consumer Electronics, Defense, Industrial, Healthcare, Telecom and Aerospace) and Regional Forecasts 2020-2027’, available with Market Study Report, global micro-electro-mechanical systems (MEMS) market was valued at USD 14.3 billion in 2019 and is anticipated to grow at an annual rate of 9.8%, reaching a remuneration of USD 30.2 billion over 2020-2027.
 

As per report findings, growing demand for smart wearable devices and consumer electronics, coupled with increasing adoption of automation in industries and homes are responsible for the growth of global micro-electro-mechanical systems (MEMS) market.
 

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Moreover, increasing preference for machines and robots over manual labor, along with lifestyle evolution are also adding traction to market growth. For instance, Capgemini’s Digital Transformation Institute reported that 43% of the world currently has operational smart factories, while 33% have launched smart factory initiatives, and the remaining 8% countries are expected to catch up to industry standards within the next 3-5 years.
 

For those uninitiated, micro-electro-mechanical systems (MEMS) are miniaturized mechanical and electro-mechanical elements that are employed in devices and structures using microfabrication technique. These devices include sensors, and actuators used in a wide range of applications.
 

Despite the lucrative returns, factors like complex manufacturing process and demanding cycle time are anticipated to negatively impact the business landscape during the forecast period.
 

By actuator type, global micro-electro-mechanical systems industry is classified into inkjet head, optical, microfluidics, and radio frequency. Moving on to sensor types, inertial, microphone, optical, environmental, and pressure segments constitute the marketplace.
 

Based on vertical, the industry is arrayed into consumer goods & retail, banking, financial services & insurance (BFSI), information technology, education, media & entertainment, telecom, manufacturing, healthcare & life sciences, energy & utilities, and others.
 

Speaking of geographical landscape, Asia Pacific micro-electro-mechanical systems industry size is slated to grow significantly over 2020-2027, owing to increasing trend of miniaturization, and improved communication capabilities of automobiles.
 

The competitive dashboard of global micro-electro-mechanical systems (MEMS) market is defined by companies such as STMicroelectronics N.V., Asahi Kasei Microdevices Corp., Robert Bosch GmbH, Infineon Technologies AG, Analog Devices Inc., InvenSense Inc., NXP Semiconductors N.V., Murata Manufacturing Co. Ltd., Panasonic Corp., and Texas Instruments Inc.