Microelectromechanical System (MEMS) Market Expected to Reach $181.04 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Microelectromechanical System (MEMS) Market," The microelectromechanical system (MEMS) market was valued at $76.52 billion in 2021, and is estimated to reach $181 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.

The global microelectromechanical system (MEMS) market was valued at $76.52 billion in 2021, and is projected to reach $181.04 billion by 2031, registering a CAGR of 8.65% from 2022 to 2031. The Asia-Pacific region is expected to be the leading contributor to the global microelectromechanical system (MEMS) market during the forecast period, followed by North America and Europe.

Microelectromechanical devices is largely used in the electrical and electronics manufacturing industry for various applications such as consumer electronics, healthcare, telecommunication, and others. A microelectromechanical system (MEMS) constitutes the technology of microscopic devices, particularly those with moving parts. Microelectromechanical Systems (MEMS) are also referred to as micromachines in Japan and microsystem technology (MST) in Europe. The production of microelectromechanical system (MEMS) evolved from the process technology used to create semiconductor devices, and the fundamental methods used are the deposition of material layers, photolithographic patterning, and etching to create the desired shapes.

Furthermore, the overall microelectromechanical system (MEMS) industry is expanding as a result of widespread smartphone adoption, a booming portable electronics market, the rise in popularity of the Internet of Things (IoT), and strong demand in the automation sector. MEMS technology is used by sensor manufacturing companies to create a variety of sensors due to low power consumption, small size, and high precision. These producers are creating new MEMS-based sensors for different uses to expand their global and regional market presence.

Region wise, the microelectromechanical system (MEMS) market trends and microelectromechanical system (MEMS) market analysis have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a significant share of the global market in 2021 and is expected to garner significant revenue during the forecast period. This is attributed to high adoption of technologically advanced Microelectromechanical System (MEMS) along with significant presence of major regulatory bodies, companies, and research institutes in the region.

North America is the second largest region, in terms of revenue generation in the global market, due to higher adoption rate of Microelectromechanical System (MEMS). Ongoing demand for critical communications, and large business enterprises in Europe and LAMEA primarily drives the growth of the Europe and LAMEA microelectromechanical system (MEMS) market growth.

KEY FINDINGS OF THE STUDY

• The sensors segment is projected to be the major type during the forecast period followed by actuators. The growing electronic vehicle, 5G and IoT technology is anticipated to drive the market growth.
• The Asia-Pacific and North America collectively accounted for 72.88% of the Microelectromechanical System (MEMS) market share in 2021.
• Asia-Pacific is anticipated to witness highest microelectromechanical system (MEMS) market size during the forecast period.
• China and South Korea collectively accounted for around 66.2% share in 2021.

The key players profiled in the report include 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. These players have adopted various strategies such as product launch, acquisition, partnership, and expansion to expand their foothold in the industry