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A01606 | Pages: 265 | Charts: 55 | Tables: 118 |
The Global Microelectromechanical System (MEMS) Market was valued at $76.52 billion in 2021, and is projected to reach $181.04 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.
Microelectromechanical systems (MEMS) are micrometer-scale devices that integrate electrical and mechanical elements. The micro-electromechanical systems (MEMS) technology includes very small, moving mechanical parts, and the electrical components. This technology is used to fabricate sensors such as accelerometers, gyroscopes, digital compasses, inertial modules, pressure sensors, humidity sensors, and microphones. Impending need of device miniaturization in various electronic devices such as smartphones, wearable devices, medical instruments, and other electronic devices has fueled the growth of the MEMS market. There is a continuous rise in the demand for these devices owing to a decline in average selling prices and increasing benefits of MEMS devices, such as low cost, less space consumption, and high accuracy. Moreover, these devices are small enough to be soldered directly onto the circuit boards, which reduces the cost of technology.
High adoption in smartphones, thriving portable electronic market, increasing popularity of the Internet of Things (IoT), and robust demand in the automation industry drive the growth of the overall Microelectromechanical System (MEMS) Industry. Sensor manufacturing companies use MEMS technology to fabricate a wide range of sensors, owing to its low power consumption, small size, and high precision. These manufacturers are developing new MEMS-based sensors for various applications to increase microelectromechanical system (MEMS) industry in distinctive areas as well as globally.
The MEMS market is segmented into Type and Application.
[TYPEGRAPH]
On the basis of type, the market is divided into sensors and actuators. In 2021, the sensors segment dominated the market, in terms of revenue, and is expected to follow the same trend during the forecast period.
[APPLICATIONGRAPH]
By application, the market is segmented into consumer electronics, automotive, industrial, aerospace & defense, healthcare, telecommunication and others. The consumer electronics segment acquired the largest share in 2021, and is expected to grow at a significant CAGR from 2022 to 2031 for microelectromechanical system market size.
[REGIONGRAPH]
Region-wise, the microelectromechanical (MEMS) market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific remains a significant participant in the microelectromechanical (MEMS) market. Major organizations and government institutions in the country are intensely putting resources into technology to grab microelectromechanical (MEMS) market opportunity.
The notable factors positively affecting the MEMS market include growth in trend of smart consumer electronics, emerging trends in automotive industry and increase in popularity of IoT. However, lack of standardized fabrication process of microelectromechanical devices and incorporation of sensor in devices, which incurs extra value and reduces life of device hampers the market growth. This factor is expected to slow down the market growth. Moreover, emerging trends toward autonomous vehicles and increase in adoption of smart wearables and innovative application in biomedical sector offers huge market opportunities by 2031.
Competitive analysis and profiles of the major MEMS market players such as Analog Devices Inc., Broadcom Inc, DENSO CORPORATION, HP Development Company, L.P., Knowles Electronics, LLC, NXP Semiconductors, Panasonic Corporation, Robert Bosch GmbH, STMicroelectronics and Texas Instruments Incorporated.
Key Market Segments
Key Market Players