New York, US, May 26, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR),” MEMS and Sensors Market Research Report, Material, Type, Application - Forecast till 2030” will touch the market share of USD 18.2 Billion at a 8.1 % CAGR by 2030.
MEMS and Sensors Market Scope
Alluring Features and Reduction in Technology Cost to offer Robust Opportunities With the fall in average selling prices (ASPs) and the increased perks of MEMS devices, like low cost, low space consumption, and high precision, demand for these devices is on the rise. Furthermore, they are small enough in being directly soldered into circuit boards, lowering the technology's cost. This will offer robust opportunities for the MEMS and Sensors market over the forecast period.
| Report Metric | Details |
| Market Size | USD 18.2 billion |
| CAGR | 8.1% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Panasonic (Japan), Murata Manufacturing Co (Japan), Denso Corporation (Japan), Hitachi Ltd (Japan), Invensense (US),, Hewlett Packard (US), Honeywell (US), Qualcomm (US), Infineon (Germany), STMicroelectronics (Europe), Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands), Texas Instruments (US), Allego microsystems (US) and Mega Chips Corporation (Japan) |
| Key Market Opportunities | · The high adaptation of the Industrial Internet of Thing (IoT) · Technological advancements such as sensor fusion |
| Key Market Drivers | · The increasing adoption of smart connected devices like smart wearable devices, connected cars and smart homes · The emerging growth of the automotive industry |
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Drivers
Increasing Sensors Trend in Auto Industry to Boost Market Growth
Sensors have turned into an integral aspect of the manufacturing process, as they aid in the automation of efficiency and precision. Sensors are used to maintain track of numerous characteristics including pressure, flow, temperature, level, and other parameters in order to control the entire process and make it easier for robots to complete. In the automobile sector, smart MEMS sensors like pressure sensors and accelerometer sensors are utilized in vehicles to give benefits such as safety and fuel efficiency. A smart sensor, for example, analyses real-time data and alerts the engine to faults.
Furthermore, these aid communication between the vehicle's engine, braking, suspension, and other functions. Vehicle safety concerns have prompted automakers to implement smart sensors at a rapid rate, like in airbags. Such air bags are highly effective than traditional air bags at sensing accidents, resulting in fewer accidents and injuries for passengers. This aspect is projected to fuel the worldwide MEMS sensor market's expansion.
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Restraints
Rise in Overall Cost to act as Market Restraint
The rise in the overall price of MEMS and sensors implementation owing to interface design considerations & the shortage of standardized fabrication process of the MEMS may act as market restraints over the forecast period.
Challenges
Calibration and Accuracy Issues to act as Market Challenges
The calibration and accuracy issues may act as a market challenge over the forecast period.
MEMS and Sensors Market Segmentation
The global MEMS and sensors market has been bifurcated based on application, type, and material.
By material, the MEMS and sensors market is segmented into ceramic, metal, polymer, and silicon.
By type, the MEMS and sensors market is segmented into optical, environmental, microphone, pressure, and inertial.
By application, the automotive segment will lead the market over the forecast period.
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MEMS and Sensors Market Regional Analysis
North America to Precede MEMS and Sensors Market
North America will precede the MEMS and sensors market over the forecast period. Because it has top market players like Bosch, Allego Microsystems, Texas Instruments, Qualcomm, InvenSense, and Honeywell, North America is expected to create a large market share internationally. The region was one of the first to adopt sophisticated technology. The increased need for MEMS & sensors in the region has provided chances for key manufacturers to enhance supply. The presence of several MEMS sensor manufacturing firms and MEMS foundries, as well as the involvement of multiple key MEMS manufacturing firms & MEMS foundries, increased industrial and home automation, and acceptance of digital technologies including virtual reality (VR), augmented reality (AR), and the Internet of Things, have all contributed to this rise.
APAC to Have Admirable Growth in MEMS and Sensors Market
Due to economies like India, Japan, & China, as well as the growing consumer electronics and vehicle segments, Asia-Pacific is predicted to have a favourable market share for the MEMS sensors. Due to a surge in its automotive and consumer sectors, as well as the export of tablets, smartphones, drones, and other microsystem & semiconductor-enabled devices, China has seen tremendous growth in the use of MEMS sensors in recent years. A variety of MEMS sensors, including gyroscopes, accelerometers, pressure sensors, & radio frequency (RF) filters, were brought into China for product assembly. Furthermore, the Chinese government considers the automotive industry, which includes the car components industry, to be one of the most important industries.
China's automotive output is expected to exceed 35 million units by 2025, according to the country's central government. This is expected to make the auto industry in China one of the most significant users of MEMS sensors. Due to the inclusion of growing economies such as China and India, as well as the booming automobile & consumer electronics industries, Asia Pacific is expected to be a prominent regional Micro-electromechanical systems sensors market in the forecast period. During the projected period, the market in Asia Pacific is expected to develop at the quickest rate. This is due to the rising need for various consumer electronics in the region, like smartphones and laptops. In the near future, the market is likely to benefit from increased miniaturization and the growing automotive industry. In addition, rising government measures to encourage electronics are likely to stimulate need for MEMS technology especially in emerging nations like China & India. The NPE 2019, for example, aims to establish India as a worldwide hub for ESDM with a focus on exports by encouraging and boosting capabilities in the country for generating fundamental components, such as chipsets, and providing a competitive environment for the industry.
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Dominant Key Players on MEMS and Sensors Market Covered are:
- Panasonic (Japan)
- Murata Manufacturing Co (Japan)
- Denso Corporation (Japan)
- Hitachi Ltd (Japan)
- Invensense (US)
- Hewlett Packard (US)
- Honeywell (US)
- Qualcomm (US)
- Infineon (Germany)
- STMicroelectronics (Europe)
- Robert Bosch GmbH (Germany)
- NXP Semiconductors (Netherlands)
- Texas Instruments (US)
- Allego microsystems (US)
- Mega Chips Corporation (Japan)
MEMS and Sensors Market COVID-19 Analysis
The ongoing epidemic has had an impact on the MEMS business, causing supply chain disruptions. Revenue generation in the global market has also come to a halt. For a variety of reasons, many investors were hesitant to invest in MEMS & sensor research and development. The COVID-19 outbreak posed numerous obstacles for the MEMS industry, including a lack of manufacturing materials, health-related issues, workforce shortages, and so on. As a result, the global market has seen a decrease in consumer electronics demand (smartphones, smart watches, and wearable devices).
According to the MEMS & Sensors Market Report, global market manufacturers have used a variety of techniques to build client demand for smart services based on cutting-edge technology in order to boost global revenue creation. The COVID-19 has slowed the worldwide market's economic growth, yet the major participants have taken the necessary steps to resurrect the situation and achieve more profitable results.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
