Micro-Electro-Mechanical System Industry

Micro-Electro-Mechanical System (MEMS) Market Projected to reach $22.9 billion by 2028

The MEMS market is projected to grow from USD 14.8 billion in 2022 to USD 22.9 billion by 2028, registering a CAGR of 7.6% during the forecast period. The market growth in the field of microelectromechanical systems (MEMS) and the Internet of Things (IoT) is being driven by a variety of factors. One key factor is the growing use of radio-frequency (RF) MEMS, which are small mechanical devices that can control radio waves. Another driver is the increasing demand for IoT devices, which are connected to the internet and can interact with other devices. In addition, the advancement in sensor fusion technology, which involves combining data from multiple sensors to improve accuracy and reliability, is expected to create new opportunities for the market. Overall, these trends are driving growth in the MEMS and IoT markets, which are expected to continue expanding in the future.

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Inertial Sensor type accounted for larger share of MEMS market in 2022

The inertial sensor type accounted for the majority of the MEMS (microelectromechanical systems) market share in 2022 and is projected to continue its dominance during the forecast period. MEMS inertial sensors are being utilized in various industries such as automotive, consumer electronics, and communications. In the automotive sector, MEMS sensors are used to improve vehicle performance, reduce costs, and enhance reliability. MEMS inertial technology has been fully developed, and low-cost sensors have emerged over the years. Inertial sensors can be classified into four performance categories: tactical grade, performance grade, automotive and consumer grade, and industrial grade. The automotive and consumer grade includes gyroscopes and accelerometers, which are used in active suspension systems, airbags, anti-lock braking systems, and smartphones. Therefore, MEMS inertial sensors are becoming increasingly popular due to their widespread use in multiple applications across various sectors.

RF actuator to lead MEMS market during forecast period

The RF (radio-frequency) actuator is projected to offer higher opportunities than other types of actuators between 2023 and 2028. RF MEMS (microelectromechanical systems) can cover multiple frequency bands and enable carrier aggregation in different bands, as well as support beamforming on the device side rather than primarily on the cell base station side. RF MEMS have various applications, including smartphones, wearables, and the Internet of Things (IoT). Several prominent manufacturers of RF MEMS include Analog Devices, Inc. (US), NXP Semiconductors N.V. (Netherlands), Knowles Corp. (US), and Broadcom Ltd. (US). In summary, RF MEMS are expected to offer significant opportunities in the market due to their ability to support multiple bands, carrier aggregation, and beamforming, making them ideal for various applications in the IoT, wearables, and smartphones sectors.

Asia Pacific market to offer significant opportunities during forecast period

Asia Pacific is the rapidly growing MEMS market. The Asia Pacific market is further segmented into China, Japan, South Korea, India, and the Rest of Asia Pacific. Asia Pacific is a major market for consumer electronics, automobiles, and industrial. This region has become a global focal point for large investments and business expansion opportunities. In China, there is a huge demand for smartphones, wearable devices, and other connecting devices. Moreover, the Chinese market is expected to grow exponentially due to the availability of leading automotive manufacturing facilities. The developing economy and the growing implementation of MEMS sensors in most verticals are the driving factors for the growth of the MEMS market in China. Furthermore, the country’s Internet Plus strategy to integrate China’s IoT initiatives, mobile Internet, cloud computing, and big data would promote the extensive applications of wearable sensors and smart technologies.

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Key players

Key players in the MEMS market include STMicroelectronics (Switzerland), Robert Bosch (Germany), Analog Devices (US), NXP Semiconductors (Netherlands), Texas Instruments (US), Panasonic Corp. (Japan), TE Connectivity (Switzerland), Broadcom (US), Honeywell International US), and Knowles Corp. LLC (US), among others.

News also Covered: https://www.prnewswire.com/news-releases/micro-electro-mechanical-system-mems-market-worth-22-9-billion-by-2028---exclusive-report-by-marketsandmarkets-301717485.html