The market for microelectromechanical systems (MEMS) looks set for major growth according to analysts.
A report from iSuppli found that the MEMS market is projected to reach $1.6bn (£1.05bn) in 2010, up 29.7 per cent from $1.2bn (£780m) last year. However, by 2014 the company suggests the market will hit $2.6bn (£1.7bn) a compound annual growth rate of around 20 per cent.
Richard Dixon, senior analyst at iSuppli said "the rapid growth of high-value MEMS is being driven by global trends that highlight the unique value proposition that the tiny devices bring to countless applications."
"For instance, MEMS microvalves, pressure sensors and flow sensors are used to help reduce energy consumption in industrial processes, residential heating and transportation systems. In China, fiber deployments in the country are helping stimulate the overall global optical MEMS market for telecommunications."
Approximately half of MEMs market is made up of high end automation and manufacturing sales, particularly in the semiconductor business. Medical electronics are in second place, followed by aerospace-defense in third, and wired communications in fourth.
The growing need for more energy efficient production, spurred by global warming fears, and the rapidly aging Western population, are powerful spurs to the MEMS market the analyst house said.
Return to business news headlines
View Business News Archive