by The Microelectromechanical Systems (MEMS) Market is estimated to be valued at US$ 27,946.62 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Microelectromechanical systems (MEMS) refers to tiny integrated devices or systems that combine mechanical and electrical components using microfabrication technology. MEMS are used in a wide variety of applications including biomedical implants, optical scanners, 3D displays, accelerometers, and gyroscopes among others. Common applications of MEMS include pressure, inertial, magnetic, optical sensors, actuators, microfluidics, and micromachines.
Market Dynamics:
Increasing demand for consumer electronics is expected to drive growth of the MEMS market over the forecast period. Growing adoption of smart consumer devices such as smartphones, tablets, notebooks, and gaming consoles has augmented the usage of MEMS technologies. MEMS inertial sensors are widely used in consumer devices for navigation functions. Increasing penetration of wearable devices such as smartwatch and fitness bands is also fueling market growth. These devices utilize MEMS accelerometers and gyroscopes to track physical activities.
Growing demand for miniaturization of devices is also propelling market growth. MEMS devices enables miniaturization of components and systems. This allows incorporation of sensing capabilities into small portable devices. Ongoing technological advancement in manufacturing processes is enabling production of MEMS components smaller in size with enhanced performance. This is further supporting increased application scope of MEMS technologies.
Segment Analysis
Microelectromechanical Systems (MEMS) market is dominated by the accelerometer sub-segment due to its wide applications in smartphones, automotive, wearables, and other consumer electronics. Accelerometers account for over 30% of the total MEMS market share as they enable key features like gestures, fitness tracking, and tapping in various consumer devices.
PEST Analysis
Political: The governments across regions are supporting MEMS development through funding in R&D activities. For instance, governments in North America and Europe are funding MEMS projects to strengthen their competitive advantage in developing innovative MEMS products.
Economic: Growth in consumer electronics and automotive industries along with declining average selling prices of MEMS sensors is contributing to the economic growth of the MEMS market.
Social: Increasing health awareness among consumers and growing adoption of wearable devices for fitness tracking, healthcare monitoring are some key social factors positively impacting the MEMS market growth.
Technological: Advancements in MEMS fabrication technologies are enabling the development of innovative sensors with improved functionalities. Also, integration of MEMS in System-on-Chip (SoC) technology is expanding their applications.
Key Takeaways
The Global Microelectromechanical Systems (MEMS) Market Size is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period, due to increasing adoption of MEMS in consumer electronics and automotive industries. The market size is estimated to reach US$ 27946.62 Mn in 2023.
Regional analysis indicates that Asia Pacific dominates the global MEMS market with over 40% market share due to strong presence of consumer electronics manufacturers in countries like China, Taiwan, and others. North America is also emerging as a major region owing to extensive R&D investments by prominent players in the US and Canada.
Key players operating in the Microelectromechanical Systems (MEMS) market are Nxp Semiconductors N.V., Analog Devices, Inc., and Knowles Corporation. Nxp Semiconductors dominates MEMS sensors for automotive while Analog Devices leads the MEMS technology for industrial and healthcare applications. Knowles Corporation has a significant market share in audio MEMS and microphones segment.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
