Global sales of both sensors and MEMs are projected to reach nearly $11.1 billion (£6.8 billion) in global revenue and 9.6 billion unit shipments, according to a new report.
Electronics.ca Publications said that over the next five years, sales and shipments are expected to experience average annual growth of 12 per cent.
Furthermore, the report predicted that average selling prices will grow just slightly, reaching $1.15 in 2011 and growing slightly to $1.18 by 2016.
Last month, Irvine Sensors Corporation reported operating results for its first quarter of fiscal 2011.
Total revenues for the fiscal 2011 first quarter were $4.3 million (£2.6 million), up 34 per cent from $3.2 million in the first quarter of fiscal 2010.
This is, the firm confirmed, nearly double the approximately $2.2 million total revenues of the immediately preceding quarter that ended October 3rd.
The revenue increase was primarily due to increased sales of Irvine Sensors' thermal imaging cores, according to the firm.