Burlingame, March 27, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global microelectromechanical systems (MEMS) market is estimated to be valued at US$ 23,858 million in 2021 and is expected to exhibit a CAGR of 8.23% during the forecast period (2023-2030).
Analyst’s Views on Global Microelectromechanical Systems (MEMS):
Global Microelectromechanical systems market growth is expected to grow over the forecast period, owing to high demand in the Automotive Industry as MEMS are utilized widely in electric vehicles for automation such as providing drivers information about the health of their car checking it up physically. For instance, in November 2022, NXP Semiconductors launched the S32K93 series of automotive microcontrollers which are to be used in Electric Vehicle control applications. These MCUs reduces costs of the system and assists in remote smart actuation.
Global Microelectromechanical Systems (MEMS)- Drivers
Increasing use of MEMS in Home Automation
Many environmental sensors are frequently used in smart homes to gather information about regular human activity. The network, the controlling devices, and the home automation makes a smart home. This sensors are used in many devices, and can be controlled by the smartphone to handle electronic devices in the house like the lights, AC, cameras, and others. The trend of creating automated house in the market is expected to drive the global MEMS market growth. For instance, in June 2022, Hogar Controls, a leading provider of IoT and smart home solutions, launched a brand-new line of smart touch panels, premium controllers, electronic door locks, and smart curtain motors in the Indian market.
Rising popularity of Internet of Things (IoT) to boost market pace
The term "Internet of Things" (IoT) refers to a network of physical objects, or "things," that have sensors, software, and other technologies built into them in order to connect to and exchange data with other systems and devices over the internet. It indicates that sensors are used by common devices like vacuum cleaners, vehicles, and robots to collect data and respond to users. For instance, in February 2023, Quest global, a engineering services and solutions provider, and NVIDIA, a technology company, collaborated to develop digital twin solutions for the automotive and manufacturing sectors on NVIDIAs Omniverse Enterprise Platform.
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Microelectromechanical Systems (MEMS) Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2021: | US$ 23,858 Mn | |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 | |
| Forecast Period 2022 to 2030 CAGR: | 8.23% | 2030 Value Projection: | US$ 48,595.4 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Global Microelectromechanical Systems (MEMS)- Restraint
High cost of MEMS
For any new MEMS design or devices, the research and development phase is expensive. Even after the research and development of the new MEMS devices, the foundry facilities and fabrication cleanrooms needs very high upfront setup costs that makes up the high cost of devices at the end. For instance, in November 2022, according to Analytics India Magazine, cost of a fabrication plant to manufacture a silicon photonics or compound semiconductor fabrication is upto US$ 40 Million. Therefore, MEMS are not appropriate for specialized applications. Also, it can be costly to purchase the testing tools needed to evaluate the performance and quality.
Global Microelectromechanical Systems (MEMS)- Opportunity
Growing Automotive Sector
Growing automotive sector around the world is expected to offer lucrative business opportunities in the global microelectromechanical systems (MEMS) market during the forecast period. The automotive industry uses 20 MEMS devices per car. Moreover, the popular concept of autonomous cars is based on the data that is gathered by different MEMS sensors such as accelerometer, speed sensors, proximity sensors, position sensors, and others. Thus, rising adoption of fully autonomous cars is creating several growth opportunities in the market. For instance, in June 2022 Cruise LLC, a self driving car manufacturer, provided paid rides to the general public of California.
Global Microelectromechanical Systems (MEMS)- Cross Sectional Analysis
Among MEMS type, the sensor segment is dominant during the forecast period, due to increasing use of sensors in consumer electronics, and this is expected to drive segment growth over the forecast period. For instance, in February 2023, Melexis, a multinational engineering firm that specialises in microelectronics, launched MLX90824, a new line of pressure sensor integrated devices. It is designed for managing engines of automobiles.
Global Microelectromechanical Systems (MEMS)- Segmentation
Global Microelectromechanical Systems (MEMS) Market report is segmented into type, application, and region
Based on Type, global microelectromechanical systems (MEMS) market is segmented into sensor (gyroscopes, accelerometers, pressure sensor, inertial combos, microphones, magnetometers, and others), actuator (inkjet systems, optical mems, oscillators & resonators, microfluidic & biochip, Radio Frequency MEMS, and others). Out of which, the sensor segment is expected to dominate the global microelectromechanical systems (MEMS) market during the forecast period, due to increasing usage of sensors in home automation.
Based on Application, global microelectromechanical systems (MEMS) market is segmented into consumer electronics, automotive, industrial, aerospace & defense, healthcare, and telecommunication. The consumer electronics segment is expected to dominate the market over the forecast period, as consumers are preferring automated appliances in their homes.
Based on Region, global microelectromechanical systems (MEMS) market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa.
Global Microelectromechanical Systems (MEMS)- Key Developments
In October 2022, Bosch Sensortec, a provider of sensing solutions, launched the BMI323, a low-cost inertial measurement unit (IMU) with high performance and built-in capabilities for quick development of consumer applications . The BMI323's accessibility and affordable pricing ratio. Identical to its predecessor, the BMI160, the new BMI323 is a common-purpose, low power IMU that is used for angle & position detection in notebooks & tablets, toys & gadgets, game controllers & smart remote controls, in wearables and others.
In May 2022, STMicroelectronics partnered with AWS, an IT service management company and with Microsoft, a software and operating system developer, to increase its presence in the IoT space. STMicroelectronics provides a reference implementation for the AWS cloud that enablesa simpler and more secure connectivity of IoT devices. STMicroelectronics works with Microsoft to improve the security of new IoT applications.
In May 2022, Broadcom Inc., a infrastructure technology company, launched its Ethernet switch device named BCM8958X. This device is engineered to support the adoption of software defined vehicles, and to handle increasing bandwidth need for in-vehicle networking applications.
In April 2021, STMicroelectronics, a semiconductor manufacturer company, announced the launch of the AIS2IH three-axis linear accelerometer that delivers increased resolution, temperature stability, and mechanical durability for automotive applications other than safety such as anti-theft, telecommunications, entertainment, tilt/inclination evaluation, and target tracking.
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Key Market Takeaways:
Global microelectromechanical systems (MEMS) market was valued at US$ 23,858 Mn in 2021 and is expected to reach a value of US$ 48,595.4 Mn by 2030 at a CAGR of 8.23% between 2022 and 2030
Increasing demand for consumer electronics market is expected to drive the global microelectromechanical systems market growth. Thus, players involved in the manufacturing of these systems are focusing on the development of microelectromechanical systems. For instance, in 2021, Bosch Sensortec, launched The BME688, the smallest four-in-one air quality measuring system. It has the sophisticated artificial intelligence (AI) capability combined with sensing for gases, humidity, temperature, and barometric pressure that makes it the first air-quality MEMS sensor. By using BME688, customers can lower their overall cost of ownership, and can accelerate the development of new products, and simplify their design.
Asia Pacific is expected to witness substantial growth in the global microelectromechanical systems (MEMS) market over the forecast period, owing tolarge number of semiconductors manufacturing industries in this region. Strong presence of automotive components and consumer electronics industries in countries such as South Korea, Taiwan, and China, is driving the microelectromechanical systems technology in this region. Moreover, low cost of raw materials and labor leads to reduced production costs, and this is expected to drive the market growth in the region.
Competitive Landscape:
Key players operating in the global microelectromechanical systems (mems) include STMicroelectronics, Robert Bosch, Analog Devices, NXP Semiconductors, Texas Instruments, Panasonic Corp., TE Connectivity, Broadcom, Honeywell International, Knowles Corp. LLC, among others
Market Segmentation:
Global Microelectromechanical Systems (MEMS) Market, By Type
- Sensor
- Gyroscopes
- Accelerometers
- Pressure Sensor
- Inertial Combos
- Microphones
- Magnetometers
- Others
- Actuator
- Inkjet Systems
- Optical MEMS
- Oscillators & Resonators
- Microfluidic & Biochip
- RF MEMS
- Others
Global Microelectromechanical Systems (MEMS) Market, By Application
- Consumer Electronics
- Automotive
- Industrial
- Aerospace & Defense
- Healthcare
- Telecommunication
Global Microelectromechanical Systems (MEMS) Market, By Geography
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country
- Middle East & Africa
- By Country/Region:
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- By Country/Region:
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