Selbyville, Delaware, March 21, 2023 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Micro-Electro-Mechanical System (MEMS) Market was estimated at USD 14 billion in 2022 and is expected to surpass a valuation of $25 billion by 2032, progressing at a CAGR of 5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The report identifies emerging electrification and advancement in the automotive industry as the key driver of the micro-electro-mechanical system (MEMS) market. The demand for several electrical components, such as MEMS, photonics, optical devices, and others, is gaining positive attention due to intensifying popularity of electric vehicles. This has encouraged automotive companies to focus on developing lightweight and efficient parts for new electric vehicles. In October 2022, STMicroelectronics, a semiconductor company, introduced a new vibration sensor for road noise-cancellation (RNC) via active noise-control techniques for electric and other cars.
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Mounting demand for wearable devices to increase the use of actuators
With respect to type, the micro-electro-mechanical system (MEMS) market from the actuators segment is slated to progress at over 5% CAGR between 2023 and 2032 on account of the surging need for smaller, more precise, and efficient devices that translate electrical impulses into mechanical motions. Additionally, the segment growth is attributed to the burgeoning demand for smart gadgets, wearable technology, and Internet of Things (IoT) devices.
Key reasons for micro-electro-mechanical system market growth:
- Increasing use of radio frequency MEMS system.
- Rising demand for miniaturization of devices.
- Increasing demand for smart consumer electronics.
- Emerging trends in the automotive industry and technology.
- Mounting healthcare spending by government in Asia Pacific.
- Proliferation of advanced packaging trends in MEMS industry.
Wide usage in 3D imaging systems to push the demand for optical devices
The report further classifies actuators into RF actuators and optical devices. The optical devices segment accounted for over USD 2 billion in revenue in 2022 due to its extensive use in numerous applications, such as image stabilization, focusing optical zoom, and others. A research study on MEMS-based silicon photonics LiDAR utilized MEMS-actuated optical switches to control the grating antenna digitally in this large-scale imaging LiDAR. It concluded that the angular resolution of the current system can be improved by optimizing optical design and fabrication technology.
Growing inclination towards automation to shape the industrial segment outlook
Micro-electro-mechanical system market size from the industrial segment is slated to reach more than USD 3 billion by 2032. The growing popularity of industrial automation and Industry 4.0 is driving product adoption in the industrial sector. In December 2022, Menlo Micro, an electronic component manufacturer, introduced a new micromechanical power switch, the MM9200 Ideal Switch that can handle 10A in a miniature surface package. The switch’s design and process technology enable effective power distribution, load switching, management, and control with a virtually loss-less solution for industrial automation and other applications.
Favorable government spending on chip production to accelerate North America industry expansion
North America micro-electro-mechanical system market was valued at over USD 2.5 billion in 2022 due to the region’s booming economy, rising investment, and continuous efforts for the development of technology. In August 2022, the US government inked the Chips and Science Act to boost the semiconductor manufacturing industry with an investment of USD 280 billion for the next decade. The Act allocated USD 200 billion for scientific R&D purposes, over USD 52 billion for semiconductor manufacturing, and USD 24 billion as tax incentives for chip production.
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Production expansion efforts for automotive sensors to remain a key growth strategy
Micro-electro-mechanical system (MEMS) market is speculated to witness a series of production capacity expansion efforts and customer base development tactics undertaken by industry players to remain ahead in the competitive landscape. Top companies in the MEMS industry are Murata Manufacturing Co., Ltd., Bosch Sensortec GmbH, TDK Corporation, TE Connectivity, STMicroelectronics, and Honeywell International Inc., among others.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Micro-electro-mechanical system (MEMS) market 360º synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Industry vertical trends
Chapter 3 Micro-Electro-Mechanical System (MEMS) market Insights
3.1 Impact on COVID-19 impact
3.2 Impact of Russia- Ukraine war on the industry
3.3 Impact of U.S. China trade war on the industry
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.8 Regulatory landscape
3.9 Impact forces
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of key market players, 2022
4.4 Competitive analysis of innovative market players, 2022
4.5 Competitive positioning matrix, 2022
4.6 Strategic outlook matrix, 2022
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
