Global Micro-Electro-Mechanical Systems (MEMS) Mar
Global Micro-Electro-Mechanical Systems (MEMS) Market Size Expands to Touch USD 23.5 billion by 2029
Published | 10 March 2023
Global micro-electro-mechanical systems (MEMS) market is flourishing because of increasing adoption of IoT and rising application of radio-frequency MEMS across industries.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global micro-electro-mechanical system market (MEMS) size at USD 14.26 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global micro-electro-mechanical systems (MEMS) market size to grow at a significant CAGR of 7.52% reaching a value of USD 23.5 billion by 2029. Major growth factors of global micro-electro-mechanical systems (MEMS) market include growing acceptance of MEMS in smartphones and other portable devices, as well as rapid adoption of compact MEMS by various industries, such as aerospace, automobiles, consumer electronics, and defense. The development of MEMS has been accelerated by several years of technology innovations. Aside from the numerous benefits, the decreased cost of manufacturing these devices stimulates the development of the MEMS. Also, the growing use of semiconductor devices in automobiles, consumer electronics, and healthcare technologies is likely to boost demand for MEMS. Sensors based on the microelectromechanical system are widely used in vehicles for safety and security, navigation, and automation. As a result, the growing automotive industry is supporting the expansion of MEMS. However, high production and testing cost associated with MEMS is anticipated to restrain the overall market growth.
Global Micro-Electro-Mechanical System (MEMS) Market – Overview
A microelectromechanical System (MEMS) is a technology that is a small representation of a device's mechanical and electronic circuitry. The dimensions of the various parts of the small devices range from 10 to hundred micrometers. They vary in structure, ranging from complicated to simple formats of integrated functions. They are made up of the primary processor and a number of smaller micro components. Microsensors, microactuators, microelectronics, and microstructures are the main components of a MEMS. Silicon, polymers, metals, and ceramics are the components used in the MEMS. They are used to produce miniature integrated devices and systems that can regulate, sense, actuate, and function at the device's micro-level. The MEMS consumes extremely little energy, and as technology advances, the reliability of these devices grows on a larger scale. They are also employed as sensors in digital compasses, accelerometers, microphones, and a variety of other devices. They are widely utilized in a variety of industries due to benefits such as great scalability, high sensitivity, the capacity to process at higher frequencies, and decreased power consumption.
Impact of COVID -19 on Global Micro-Electro-Mechanical System (MEMS) Market
COVID-19 had a detrimental impact on global micro-electro-mechanical system (MEMS) market. Businesses and manufacturing facilities around the world were closed due to an increase in COVID-19 cases, and it is expected that these facilities remained closed in 2021. Furthermore, the telecommunications and medical sectors have benefited, whereas civil aviation, transportation, and automobiles have all suffered. The consequences have been minimal in the consumer, mobile, and industrial markets. As a result of COVID-19, the perception of the current global industrial supply chain is changing, which may lead to increased regionalization and localized value chains to mitigate dangers comparable to those posed by the pandemic and the first shutdown. MEMS firms will either connect multiple sensors to form sensor hubs, or they will add processing, algorithms, and software to add value and break out from the commoditization cycle. The repercussions of the COVID-19 lockout include broad industrial interruption in Europe and a halt to the export of Chinese components, which could harm the global MEMS sector.
Global Micro-Electro-Mechanical System (MEMS) Market – By Vertical
Based on vertical, global micro-electro-mechanical system market is segmented into Automotive, Consumer Electronics, Defense, Aerospace, Industrial, Healthcare, and Telecom. The automotive segment is predicted to grow rapidly due to sensors built from MEMS are widely utilized in automobile for safety and security, navigation, and automation. Government initiatives, growing healthcare expenses, and technology advancements are projected to boost the healthcare segment over the forecast period. Rising consumer demand for at-home medical monitoring in an effort to save hospital expenditures, as well as the adoption of wearable health monitoring devices, are expected to lead to expanded use of the technology and the creation of new opportunities for industry players.
Major players operating in global micro-electro-mechanical system (MEMS) market include STMicroelectronics, Analog Devices Inc., Robert Bosch GmbH, NXP Semiconductors, Panasonic Corporation, Honeywell International Inc., Infineon Technologies AG, TE Connectivity, Omron Corporation, Murata Manufacturing Co. Ltd., Sensata Technologies, and ROHM SEMICONDUCTOR. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Micro-Electro-Mechanical Systems (MEMS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Micro-Electro-Mechanical Systems (MEMS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Micro-Electro-Mechanical Systems (MEMS) Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Sensor Type (Inertial Sensors, Pressure Sensors, Microphones, Microspeakers, Environmental Sensors, Optical Sensors); By Actuator Type (Optical, Microfluidics, Inkjet Head, RF); By Vertical (Automotive, Consumer Electronics, Defense, Aerospace, Industrial, Healthcare, Telecom); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: March 2023
Increasing use of radio-frequency microelectromechanical systems (MEMS) and rising popularity of IoT are projected to propel the expansion of global micro-electro-mechanical systems (MEMS) market during the forecast period between 2023 and 2029.
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