The Microelectromechanical Systems (MEMS) Market is estimated to be valued at US$ 27,946.62 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 Overview:
Microelectromechanical systems (MEMS) are tiny systems that integrate mechanical and electrical components on a microchip by using microfabrication techniques that are similar to those used in integrated circuit production. MEMS consist of micro-scale devices which are developed using the techniques of microfabrication. Some common MEMS devices include accelerometers, gyroscopes, inertial sensors, pressure sensors and microphones. These devices find applications across various end-use industries such as automotive, consumer electronics, industrial, healthcare and aerospace & defense among others. Owing to their small size and high efficiency, MEMS devices are increasingly replacing conventional devices which drives the growth of the market.
Market key trends:
The growing adoption of consumer electronics such as smartphones, laptops, wearables and other smart devices is a major factor propelling the demand for MEMS devices in the market. MEMS sensors are becoming an integral part of almost every consumer electronic device. For instance, MEMS gyroscopes and accelerometers are widely used in smartphones and tablets for motion detection and navigation applications. In addition, growing demand for advanced features in consumer electronics such as gesture recognition, augmented reality/virtual reality and motion sensing is also fueling the adoption of MEMS technology. The proliferation of IoT connectivity and growing requirement for sensors in wearable devices and robotics are some of the other key trends contributing to the growth of the MEMS market over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs to establish manufacturing facilities. Bargaining power of buyers: MEMS devices are relatively inexpensive due to mass production techniques. Barganing power of suppliers: Suppliers have pricing power due to specialized know-how and scarce raw materials. Threat of new substitutes: Advancements in 3D printing could enable new MEMS substitutes. Competitive rivalry: Competition is intense with many global players offering a wide range of MEMS products.
SWOT Analysis
Strengths: MEMS offer miniaturization, low power consumption and low manufacturing costs. Weaknesses: High R&D costs and design challenges. Require specialized fabrication facilities. Opportunities: Growing demand for MEMS in industries such as consumer electronics, automotive, healthcare etc. Threats: Trade protectionism can disrupt supply chains. Technological obsolescence is a concern.
Key Takeaways
The Global Microelectromechanical Systems (MEMS) Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing demand for portable electronics and wearable devices. North America dominated the market in 2023 with a share of over 35%, due to presence of major players and early adoption of advanced technologies. Asia Pacific is expected to be the fastest growing region, growing at a CAGR of over 10% till 2030, led by increasing electronic production in China, Taiwan and South Korea.
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 MEMS-based sensors and chips for various applications. Analog Devices focuses on design and production of MEMS solutions for industrial, automotive and consumer markets. Knowles Corporation is a provider of advanced micro-acoustic, audio processing, and precision device solutions.
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