MEMS Sensors - Motion Sensors

Products

MEMS设备包括有sensors, audios等。

常用的传感器（sensor）：

• Gyroscopes (陀螺仪，x/y/z三个轴上的旋转角速度): 用在手机里面的陀螺仪都是MEMS陀螺仪，里面的微机械结构为振动件，通过测量旋转产生的科氏加速度来获得角速度。 用途：照相防抖，以及配合加速度计（有的还有磁传感器）形成的组合传感器来完成特定的功能（如惯性导航，还有玩游戏时的一些角速度测试）
• Accelerometers (加速度计/重力感应器，x/y/z三个轴上的线性加速度): 用在手机里的加速度计同样是MEMS的，也是由振动结构，由于外界加速度会影响结构的振动特性，由此来测量加速度
• E-Compass (电子罗盘/方向传感器，二轴或者三轴)：主要通过磁传感器来测量地磁场来判断方向（类似指南针的作用），有时还需要配合GPS（各地的磁场不一样）
• Pressure (压力传感器)：手机上也称为“第十轴”。

Market Analysis

全球MEMS市场按应用领域划分：

其中IoT的MEMS市场到2019年大约为1bn USD，而2014年这个数字100mn都不到。

Motion Sensor

Motion sensor是MEMS中的一个重要部分，Motion Sensor的TAM为：

Source: Invensense presentation

Example of opportunities for motion processing:

• Video gaming: Market for gaming controllers, game console peripherals, gaming accessories, and handheld game players is expected to grow from 176 mn units shipped in 2010 to approximately 202 mn units shipped by 2015, and each of these devices individually has the potential to integrate motion processors. IHS iSuppli expects shipments of multi-axis gyroscopes for these gaming devices to grow from 60 million units in 2010 to approximately 169 million units by 2015. (Source: IHS iSuppli)
• Smart phones: 原来的SP有一些简单的motion processing，为了有更丰富的体验，以后motion processing的传感器会更多。Worldwide smartphone market is expected to grow from 294 million units shipped in 2010 to approximately 1,044 million units shipped by 2015. Shipments of multi-axis gyroscopes for mobile handsets to grow from 41 mn units in 2010 to approximately 691 mn units by 2015. (Source: IHS iSuppli)
• Tablet: Media tablet market is expected to grow from 17 million units shipped in 2010 to approximately 287 million units shipped by 2015. Shipments of multi-axis gyroscopes for media tablets to grow from approximately 6 mn units in 2010 to approximately 267 mn units by 2015. (Source: IHS iSuppli)
• Smart TV: Digital set-top box, television, and multimedia HDD market is expected to grow from 390 million units shipped in 2010 to approximately 550 million units shipped by 2015, with each of these devices individually having the potential to integrate motion processors. Shipments of multi-axis gyroscopes for these devices to grow from 2 mn units in 2010 to approximately 102 mn units in 2015 (Source: Yole Développment).
• Optical Image Stabilization (OIS) for Camera Phone Modules: DSCs employ OIS technology to eliminate hand jitter by using gyroscopes to detect movement and then mechanically adjusting the optical path such that the image remains stable on the image sensor duringexposure. Advancements in camera module assembly and availability of smaller and high performance gyroscopes have made it possible to incorporate the OIS function into handset camera modules while providing image qualities comparable to that of a DSC. 8 MP and 12 MP camera phone modules are expected to grow from 51 million units shipped in 2010 to approximately 678 million units shipped by 2015. TSR expects shipments of OIS solutions for camera phone modules to grow from none in 2010 to approximately 60 mn units by 2015. (Source: Techno Systems Research (TSR))
• Other emerging opportunities: There are many other possible applications for motion processing in products used by consumers daily. For example, manufacturers of digital still and video cameras, toys, navigation devices, wearable sensors, healthcare monitoring equipment, health and fitness equipment, and industrial tools have or may in the future expand the use of motion processing technologies. 无人机也将大量采用MEMS Sensors来检测姿态，构成控制系统。

Competition

Top 20 IDM and fabless MEMS suppliers worldwide in revenue (Source: IHS, March 2014):

以上收入是指总的MEMS收入排名（包含了motion sensor以及其他）。

其他Motion sensor公司与Invensense的比较：

MEMS Foundry: 2012年全球的MEMS的foundry市场在600mn USD，ST占据了1/3达200mn USD。

• STM：年收入80亿美金，毛利34%左右，净利率只有5%不到。业务范围广，从sensors, MCUs, Power Management chips， 从Industrials到Auto再到消费品；
• Invensenses：产品较为单一，只有sensors，客户以消费电子OEMs为主，原先最主要客户是Nientendo，现在最大客户是Apple，Samsung等；还有一些sensors提供给OIS（光学防抖等）。

Stocks

Invensense (INVN US)

Invensense研究但芯片多姿态传感器集成（MotionFusion Technology）。从2011财年开始，大部分的出货来自于2轴或者3轴陀螺仪以及相关的解决方案。2011年9月开始6轴运动传感器开始大量出货。

• Our MotionFusion technology consists of a hardware acceleration engine we refer to as a DigitalMotion processor (DMP) and sensor fusion firmware. MotionFusion technology enables the conversion of analog signals to digital signals and intelligently assimilates them into usable data.
• Our MotionApps platform provides application programming interfaces (API) and calibration algorithms that simplify access to complex functionality commonly needed by our customers. This platform utilizes the output from the MotionFusion layer to enable system designers to use the sensor data in their applications without the need to understand detailed motion sensor outputs and develop related motion processing algorithms. We are designing our MotionApps platform to be interoperable with major mobile operating systems, such as Google’s Android and RIM’s QNX. In addition, we have developed numerous system level APIs for various third-party applications and motion sensors.

(Our most advanced products include our MPUs and IMUs, which integrate multiple sensors with advanced mixed-signal circuitry. Our latest generation product, the nine-axis MPU-9150, combines our three-axis MEMS gyroscope, three-axis MEMS accelerometer, MotionFusion technology and MotionApps platform with a third-party three-axis e-compass. his provides all of the capabilities required for complete nine-axis motion processing on a single chip. In addition, we have recently introduced our new IDG-2020 and IXZ-2020 families of dual-axis gyroscopes with significantly reduced package sizes to address the need for optical image stabilization (OIS) technology in camera phones. )

The foundation of our MotionProcessing solution is our patented Nasiri-Fabrication platform, which enables integration of standard MEMS with CMOS (also known as CMOS-MEMS) in a small, cost-effective wafer-level solution. Combining a MEMS wafer with an industry standard CMOS wafer reduces the number of MEMS manufacturing steps, perform wafer-level testing, and use wafer-level packaging, thereby reducing back-end costs of packaging and testing and improving overall product yield and performance.

Customers

Historically we have relied on Nintendo for a significant portion of our net revenue. Nintendo accounted for approximately 80%, 85%, 73%, 41% and 34% of our net revenue for fiscal years 2009, 2010 and 2011 and the three and nine months ended January 1, 2012, respectively, with the majority of those sales relating to the Wii platform. No other customer accounted for 10% or more of our net revenue in fiscal years 2009, 2010 or 2011. For the three and nine months ended January 1, 2012, two other customers accounted for 10% or more of our net revenue, HTC (17%, for both periods) and Samsung (13% and 10%, respectively).

Competitors

We currently compete with the following: Analog Devices, Inc., Epson Toyocom Corporation, Freescale Semiconductor, Inc., Kionix, Inc. (a wholly owned subsidiary of Rohm Co., Ltd.), MEMSIC, Inc., Murata Manufacturing Co., Ltd., Panasonic Corporation, Robert Bosch GmbH, Sensor Dynamics, Inc. (recently acquired by Maxim Integrated Products, Inc.) Sony Corporation, STMicroelectronics N.V. (STMicro) and VTI Technologies, Inc. (recently acquired by Murata). Currently, we believe STMicro is our primary competitor in the consumer motion sensing market. Over time, we expect continued competition from motion sensor competitors as well as competition from new entrants into the motion processing market.

Valuation 毛利50%左右，R&D加上G&A 25%左右，OP 25%，NP 25%左右