February 23, 2024
Microelectromechanical Systems (MEMS) Market

Microelectromechanical Systems (MEMS) Market is expected to be Flourished by Growing Demand for Portable and Connected Devices

Microelectromechanical systems (MEMS) refers to miniaturized mechanical and electro-mechanical elements that are made using the techniques of microfabrication. MEMS products include accelerometers, gyroscopes, digital compasses, inertial modules, pressure sensors, microphones, and environment monitors. MEMS are commonly found in automotive, consumer electronics, industrial, and medical applications. For instance, inertial MEMS sensors are extensively used in smartphones, tablets, and gaming consoles for navigation functions. Accelerometers are integrated within wearables to monitor activities and movements.

The global MEMS market is estimated to be valued at US$ 32194.51 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for portable and connected devices is expected to fuel the growth of the MEMS market during the forecast period. Miniaturization of electronics has led to the development of compact consumer electronics and wearable devices which extensively utilize MEMS sensors. Further, innovations in autonomous and electric vehicles are creating opportunities for automotive-grade MEMS sensors. For instance, autonomous vehicles require a multitude of inertial sensors, environmental monitors, and radars to function accurately. MEMS technology enables the compact integration of such advanced sensing capabilities in vehicles. The increasing adoption of autonomous vehicles is thus expected to propel the demand for MEMS over the next few years. However, price pressures faced by MEMS manufacturers due to rising commoditization of MEMS sensors and intense competition may deter the market growth to some extent during the forecast period.

Segment Analysis

The microelectromechanical systems (MEMS) market is dominated by the automotive segment, accounting for over 30% share in 2024. MEMS inertial sensors find widespread use in advanced driver-assistance systems (ADAS), tire pressure monitoring systems, and electronic stability control systems in vehicles. The increasing electrification of vehicles along with growing adoption of ADAS and autonomous driving technologies is expected to drive the demand for MEMS sensors from the automotive segment during the forecast period.

PEST Analysis

Political: MEMS industry is affected by trade wars and tariffs imposed by governments. For example, the ongoing US-China trade tensions have disrupted supply chains of many MEMS companies.
Economic: Strong GDP growth in developing nations coupled with growing middle-class population is increasing the demand for consumer electronics and automotive, driving the MEMS market. However, recession can negatively impact the market.
Social: Increasing consumer preference for smart and connected devices is favoring the growth of MEMS applications in smartphones, AR/VR headsets, and wearables. R&D in MEMS also receives support from governments and space research organizations due to its strategic importance.
Technological: Advancements in MEMS fabrication technology enabling smaller, more power-efficient, and multi-sensor modules. New application areas like IoT, 3D sensing, and medical devices offer significant growth opportunities.

Key Takeaways

The Global Microelectromechanical Systems (MEMS) Market Size is expected to witness high growth in the coming years supported by proliferation of IoT, increasing electrification in automotive, and growing adoption of wearables and smartphones. The global MEMS market is estimated to be valued at US$ 32194.51 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific dominates MEMS market with a share of over 40% in 2024 led by strong presence of consumer electronics manufacturers in China, Taiwan and growth in automotive industry in the region. Countries like China, South Korea, Japan and Taiwan are fastest growing regional markets.
Key players operating in the microelectromechanical systems (MEMS) market are Bosch Rexroth AG, Tsubakimoto Europe B.V., RACO-Elektro-Maschinen GmbH, Mul-T-Lock, Exlar Europe GmbH, Linearmech S.R.L., Parker Hannifin, SEW-EURODRIVE GmbH & Co KG, SKF, BJ-Gear, Kollmorgen, Tolomatic, RK Rose+Krieger GmbH, Seimens AG, Moog, Inc., SMC Corporation, and Rockwell Automation.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it