Accelerometer and gyroscope market to grow thanks to internet of things
IoT spurs growing accelerometer and gyroscope market
The “internet of things” is helping grow the accelerometer and gyroscope market, which is expected to reach $3.5 billion by 2022, according to a new report from MarketsandMarkets.
According to the report, “Accelerometer and gyroscope market by accelerometer type, gyroscope type, dimension, application and geography – global forecast to 2022,” the high-end accelerometer and gyroscope market is expected to grow at a compound annual growth rate of 3.8% between 2016 and 2022, to reach $2.07 billion by 2022 from $1.59 billion in 2015.
According to the report, the market is being driven by increasing global defense expenditures, whereas the overall market is driven by factors such as demand from the consumer electronics industry; stringent government regulations for the automotive industry; the emergence of efficient, economic and compact micro-electro mechanical systems technology; growing adoption of automation in industries and homes; and rising demand from emerging economies.
The MEMS accelerometer and gyroscope market for high-end applications is expected to grow at the highest rate between 2016 and 2022, mainly due to the growing deployment of these sensors in remotely operated vehicles, aerospace, industrial and defense sectors. MEMS accelerometers are replacing traditional accelerometers in these applications owing to the benefits of low cost, small size and power efficiency – all characteristics required for IoT deployments.
Largest share: 3-axis accelerometers and gyroscopes
Three-axis accelerometers and gyroscopes held the largest share of the overall accelerometer and gyroscope market in 2015, and the same trend is expected to continue until 2022. This is said to be because of the growing level of integration, which is driving manufacturers to integrate several functionalities in one system to reduce the number of components per device and to reduce the size and weight of the overall product, for which 3-axis devices are suitable.
The Asia-Pacific region is expected to hold the largest share of the global accelerometer and gyroscope market in 2015, with the area emerging as the manufacturing hub for low-end applications such as automotive and consumer electronics.