Microelectromechanical systems (MEMS) are miniaturized devices and structures that combine electrical and mechanical components on a small silicon chip using microfabrication techniques. MEMS technology is used to produce miniaturized mechanical and electro-mechanical elements such as microsensors, microactuators and microinstruments. Some common MEMS sensors include accelerometers, gyroscopes, magnetometers, microphones, pressure sensors and temperature sensors. Accelerometers are the most widely used MEMS devices and can be found in products like smartphones, gaming consoles, tablets and wearable devices. MEMS technology allows integrating sensors and actuators on a common substrate using fabrication processes developed from integrated circuit technology, enabling the manufacturing of whole systems on a chip. The advantages of MEMS include low cost, wide-scale manufacturing, compact size and better performance.
The global Microelectromechanical Systems (MEMS) Market is estimated to be valued at US$ 27946 million in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Miniaturization of consumer electronics is one of the key trends driving the growth of the MEMS market. Consumer demand for smaller, thinner, and lighter electronic devices necessitates the miniaturization of components. As MEMS technology allows integrating miniature mechanical and electro-mechanical devices on a chip-scale, it enables the production of highly miniaturized electronic components. This has resulted in MEMS being increasingly used in applications such as gesture recognition in smartphones, smartwatches, virtual reality headsets, and augmented reality devices. Continuous advancements in MEMS fabrication technology to achieve higher levels of integration and miniaturization are expected to further fuel the demand. Furthermore, rising applications of MEMS technology in the healthcare industry especially in medical wearables and implantable medical devices will provide significant growth opportunities for market players over the forecast period.
Threat of new entrants: The MEMS industry requires considerable R&D investments and capital expenditures. Established players enjoy economies of scale which make it difficult for new players to enter.
Bargaining power of buyers: Individual buyers have low negotiating power due to the highly fragmented nature of the market. However, large OEMs can negotiate better prices due to high volumes.
Bargaining power of suppliers: Key raw materials such as sensors and semiconductors have few substitutes. This gives suppliers moderate bargaining power over players.
Threat of new substitutes: No direct substitutes exist for MEMS given their small scale and ability to integrate electronics with mechanical/optical components in a single chip.
Competitive rivalry: The market is highly competitive with the presence ofglobalsuch as Texas Instruments, STMicroelectronics, Robert Bosch GmbH. Players compete on innovation, pricing and manufacturing capability.
The Global MEMS Market Growth is expected to witness high growth over the forecast period driven by rising demand for MEMS components in smartphones and automotive industry.
Regional analysis: Asia Pacific dominates the global MEMS market currently accounting for over 40% of the total share driven by strong presence of manufacturers in countries like China, Taiwan and South Korea. Countries like China experience fastest growth due to rising smartphone penetration and presence of leading OEMs. North America and Europe are other major markets driven byadoption of MEMS in automotive and medical industry.
Key players: Key players operating in the MEMS market are Texas Instruments, STMicroelectronics, Robert Bosch GmbH, Hewlett-Packard (HP) and Knowles Corporation. Texas Instruments and STMicroelectronics are the market leaders in MEMS with extensive product portfolio including pressure, inertial, microphones and optical sensors.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it