Microelectromechanical Systems (MEMS) Market is Estimated to Witness High Growth Owing to Rising Adoption of Smartphones

Microelectromechanical Systems (MEMS) Market is Estimated to Witness High Growth Owing to Rising Adoption of Smartphones

Microelectromechanical systems (MEMS) refers to the integration of mechanical elements, sensors, actuators and electronics on a common silicon substrate using microfabrication technology. MEMS are utilized in a diverse range of applications such as automotive, consumer electronics, industrial, healthcare and others. MEMS sensors such as accelerometers, gyroscopes and microphones are widely used in smartphones for features like motion detection during gaming, stabilization during video capturing and voice control. The global microelectromechanical systems (MEMS) market is estimated to be valued at US$ 27946.62 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The microelectromechanical systems (MEMS) market is expected to witness significant growth over the forecast period owing to rising adoption of smartphones. According to Coherent market insights, over 6 billion smartphones will be shipped globally by 2025. The rising penetration of smartphones has fuelled the adoption of MEMS sensors like accelerometers and gyroscopes for various features. Another driver fueling the growth of MEMS market is increasing use of wearable devices. MEMS sensors like accelerometers and gyroscopes help in tracking motion, step counting and other biometric data collection in wearable devices. With rising health consciousness, the wearable device market is expected to witness a CAGR of over 15% from 2023 to 2030. Thus, the accelerating demand for smartphones and wearables will directly contribute to the growth of MEMS market over the forecast period.

SWOT Analysis
Strength: Microelectromechanical Systems (MEMS) have smaller size, lower manufacturing costs and more functionality than traditional macroscopic machines or electromechanical systems. They can be manufacturedusing compatible Complementary metal–oxide–semiconductor (CMOS) processes which allow incorporating electronics and mechanical components on a common silicon substrate to form a micro-system. They also require very small quantities of materials and have negligible moving parts which make them very reliable.
Weakness: It requires high initial investments in R&D and specialized infrastructure for commercial scale production of MEMS devices. The design and fabrication process of MEMS is complex requiring multidisciplinary expertise which increases costs initially. Initial applications of MEMS technology faced skepticism about performance and reliability issues.
Opportunity: MEMS are enabling miniaturization of devices and systems across many industries like automotive, consumer electronics, industrial, healthcare etc. This widespread applicability presents a major market opportunity. Advancements in fabrication technology will help address reliability issues further increasing adoption rates.
Threats: MEMS technology is evolving rapidly with many new players entering this space. Established companies face competition on costs from low-cost Asian manufacturers. Intellectual property issues can arise due to complexity of MEMS design and fabrication processes.

Key Takeaways
The global Microelectromechanical Systems (MEMS) Market Demand is expected to witness high growth driven by increasing demand for miniaturization across various industries. North America currently dominates the global market holding around 35% share majorly due to presence of major automotive OEMs and electronic device manufacturers in the region demanding MEMS solutions. The automotive industry is the largest end user segment globally and innovations in autonomous driving and vehicle electrification will boost MEMS adoption in automotive electrical and electronic systems.

Key players operating in the MEMS market are Nxp Semiconductors N.V., Analog Devices, Inc., and Knowles Corporation. Nxp Semiconductors is a global leader in driving innovation in the automotive and security industries with state of the art MEMS and mixed signal semiconductor solutions. Analog Devices focuses on MEMS for industrial, communications, automotive and consumer applications. Knowles specializes in MEMS microphones targeted at voice input solutions for mobile devices, hearing health applications, other consumer electronics, and IoT applications.

The Asia Pacific region is expected to witness the highest growth during the forecast period. This can be attributed to rising electronics manufacturing in China, Taiwan, South Korea and other ASEAN countries. Countries like China and Taiwan are emerging as major global hubs for MEMS fabrication with increasing focus on R&D and manufacturing capabilities by local players.

For more insights, Read- https://www.ukwebwire.com/microelectromechanical-systems-mems-market-size-and-share/