by Microelectromechanical systems (MEMS) are miniaturized devices and structures that combine electrical and mechanical components and are manufactured using microfabrication techniques. They find widespread applications in products such as consumer electronics, automotive, industrial, healthcare, and defense industries. The growing demand for smartphones, smart wearables and other consumer electronics devices that utilize MEMS sensors such as accelerometers and gyroscopes are driving the growth of the MEMS market.
The global Microelectromechanical Systems (MEMS) Market is estimated to be valued at US$ 27946.62 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 key trends:
Growing demand for consumer electronics: MEMS find significant applications in portable consumer electronics devices such as smartphones, laptops, gaming consoles, digital cameras, and wearables. The accelerating penetration of these devices globally is propelling the growth of the MEMS market. In particular, the integration of MEMS sensors such as accelerometers, gyroscopes, magnetometers, etc. in smartphones and wearables is driving the demand. Further, the deployment of 5G technology and increasing demand for IoT devices are also indirectly supporting the growth of the MEMS market.
SWOT Analysis
Strength: MEMS technology enables miniaturization of devices and systems. MEMS accelerometers are widely used in mobile phones and automotive airbags due to their small size and high performance.
Weakness: High initial costs are involved in setting up the MEMS production facilities. MEMS technology is still at a nascent stage in some application areas.
Opportunity: Growing demand for MEMS-based sensors and actuators from various industries like consumer electronics, automotive, industrial, etc. offers significant opportunities. Remote healthcare monitoring using MEMS sensors is an emerging opportunity area.
Threats: Stiff competition from traditional sensing technologies and saturated demand for MEMS in certain applications like smartphones act as threats. Intense competition among MEMS manufacturers puts pricing pressure.
Key Takeaways
The global Microelectromechanical Systems (MEMS) Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 27,946.62 million by 2023 from US$ 20,375.01 million in 2018, at a CAGR of 8.2%.
Regional analysis: North America dominated the global MEMS market in 2018 due to high demand from consumer electronics and automotive industries in the region. Asia Pacific is expected to be the fastest growing region during the forecast period owing to the strong presence of consumer electronics manufacturers in China, Taiwan, South Korea and expansion of automotive industry in China.
Key players: Key players operating in the MEMS market are Nxp Semiconductors N.V., Analog Devices, Inc., and Knowles Corporation. Nxp Semiconductors is a global leader in MEMS-based automotive sensors. Analog Devices offers a comprehensive portfolio of MEMS sensors, DSPs and other components for industrial and consumer applications. Knowles focuses on MEMS microphones used in mobile devices, hearing aids, and IoT applications.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
