by 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 Overview:
Microelectromechanical systems (MEMS) are tiny built-in systems that integrate mechanical and electro-mechanical elements, sensors and actuators on a common silicon substrate using microfabrication technology. MEMS products include accelerometers, gyroscopes, digital compasses, inertial modules, pressure sensors, microphone, environmental sensors and optical MEMS among others. Accelerometers enable features in smartphones, tablets, gaming consoles and digital cameras such as motion-activated screen rotation and image stabilization. Gyroscopes, motion sensors track fitness activities like steps walked, distance traveled, calories burned etc. MEMS sensors find applications in automotive, consumer electronics, industrial, medical and other industries.
Market key trends:
Growing demand for MEMS sensors in consumer electronics such as smartphones, tablets and gaming consoles is a key trend. Nearly all smartphones today are equipped with MEMS sensors like accelerometers, gyroscopes and pressure sensors. Manufacturers are focusing on integration of advanced sensors in smartphones to enable innovative features. Another key trend is rising adoption of IoT devices which use MEMS sensors for connectivity, monitoring and automation applications. Industrial applications like MEMS based robots, drones and automotive also provide significant growth opportunities. With proliferation of technologies like autonomous vehicles, augmented and virtual reality, demand for high performance MEMS sensors and systems is likely to increase over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants will face high initial costs and need massive investments for R&D. Established key players such as Nxp Semiconductors N.V., Analog Devices, Inc. have strong brand loyalty.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products. They can negotiate on prices with suppliers.
Bargaining power of suppliers: A few large suppliers like Texas Instruments and
STMicroelectronics dominate the supply market. This allows them to influence pricing.
Threat of new substitutes: New substitutes from emerging technologies pose threats.
However, switch to new substitutes requires huge investments that deter customers.
Competitive rivalry: Intense competition exists among key players to gain market share. Players differentiate through innovative offerings and mergers & acquisitions.
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 2023 to 2030, due to increasing demand for IoT, consumer electronics and automotive devices. The market size for 2023 is US$ 27946.62 Mn.
Regional analysis:
Asia Pacific dominated the market with over 35% share in 2023 due to massive manufacturing sectors in China, Japan, South Korea and others. The region will continue to lead with growing electronics and automotive demand. North America will grow at a CAGR of 8.5% during 2023-2030 on back of high adoption across industries.
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 innovative MEMS solutions like magnetic sensor ICs for automotive and industrial applications. Analog Devices, Inc. provides MEMS for communication infrastructure, weighing systems and medical devices. Knowles Corporation focuses on MEMS microphones used in smartphones, IoT devices, and tablets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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