The global Microelectromechanical Systems (MEMS) Market Growth Accelerated by Increased Demand for Consumer Electronics
Microelectromechanical systems or MEMS are microscopic devices that incorporate mechanical and electrical components used to sense, control and actuate on the micro scale. MEMS technology provides many advantages like small size, low power consumption and high reliability. MEMS pressure sensors, accelerometers and gyroscopes find major applications in consumer electronics like smartphones, tablets and gaming consoles. 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for consumer electronic devices is one of the major trends driving the growth of the MEMS market. Smartphones, tablets, gaming consoles and other consumer electronics are increasingly incorporating MEMS sensors to add new functionalities and improve user experience. MEMS gyroscopes enable motion-controlled gaming while MEMS accelerometers and gyroscopes facilitate gesture recognition and motion tracking in mobile devices. This has prompted smartphone manufacturers to adopt more MEMS components in their devices. The proliferation of IoT devices and wearables is also positively impacting the demand for low-cost MEMS sensors. MEMS manufacturers are focused on developing highly-sensitive and power-efficient sensors to capitalize on these trends in the consumer electronics space.
Segment Analysis
The global Microelectromechanical Systems (MEMS) Market Demand is dominated by sensors segment. Sensors held the largest market share of around 55% in 2020 owing to wide application in automotive, consumer electronics, industrial, and healthcare sectors. MEMS gyroscopes are witnessing high demand for navigation and stabilization in vehicles, drones, and other devices. Growing adoption of inertial MEMS sensors in automotive airbag systems, anti-lock braking systems, rollover detection, and vehicle telematics is fueling the sensor segment growth.
Key Takeaways
The global Microelectromechanical Systems (MEMS) Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to increase from US$ 27946.62 Mn in 2023 to reach over US$ 60000 Mn by 2030, exhibiting a CAGR of around 8.2%.
Regional analysis
The Asia Pacific region currently dominates the global MEMS market with over 40% share. Rapid industrialization and growing production of consumer electronics in China, Taiwan, South Korea, and other Asian countries is driving the APAC MEMS market. The presence of key manufacturers such as Robert Bosch and STMicroelectronics is further strengthening the regional market. North America is expected to grow at a significant pace during the forecast period due to rising implementation of MEMS sensors in automotive, medical devices, and industrial equipment manufacturing industries in the US and Canada.
Key players
Key players operating in the microelectromechanical systems (MEMS) market are Nxp Semiconductors N.V., Analog Devices, Inc., and Knowles Corporation. Nxp Semiconductors N.V. offers a wide range of inertial, pressure, and microphone MEMS sensors for automotive, industrial, consumer, and communication applications. Analog Devices, Inc. provides MEMS sensors, DSPs, precision converters, processing solutions, and software for industrial, automotive, consumer, and communication end-use sectors. Knowles Corporation is a leading manufacturer of MEMS microphones for smartphones, tablets, laptops, headsets, speakers, and IoT devices.
For more insights, Read- http://marketerefforts.weebly.com/home/microelectromechanical-systems-mems-market-is-estimated-to-witness-high-growth-owing-to-opportunity-of-widespread-adoption-in-consumer-electronics
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