The Global Microelectromechanical Systems (MEMS) Market is estimated to account for US$ 23,858 Mn in terms of value by the end of 2021. There are many different types of MEMS. A typical device consists of a central unit that processes data, as well as a number of other components that interact with the surrounding environment. Depending on the application, MEMS can be used to sense and react to physical phenomena, or they can be used to manipulate objects. Besides sensors, MEMS can be used as miniature robots, as gear trains, or as lasers.
Global Microelectromechanical systems (MEMS) Market: Drivers
Increasing need for miniaturization of different medical devices is expected to fuel growth of the global microelectromechanical systems (MEMS) market over the forecast period. MEMS are miniaturized electromechanical and mechanical elements utilized for fabricating sensors such as pressure sensors, gyroscopes, humidity sensors, and others. With the help of the technology, patients can be monitored in real-time without admitting to the fact. The need for miniaturization of various medical devices has created strong demand for MEMS in medical device industry, and this in turn is anticipated to boost growth of the global microelectromechanical systems (MEMS) market.
Global Microelectromechanical systems (MEMS) Market: Opportunities
Growing focus of market players in various organic and inorganic growth strategies is producing business opportunities in the global microelectromechanical systems (MEMS) market during the forecast period. Several organization in MEMS market are focusing on growth strategies such as product approvals, and launch of novel products, and patents and events. Moreover, market players are also getting involved in inorganic growth strategies such as partnership & collaborations, and acquisitions. These activities are paving path for business expansion and larger customer base for the market players.
Global Microelectromechanical systems (MEMS) Market: Restraints
The Covid-19 outbreak is likely to obstruct growth of the global microelectromechanical systems (MEMS) market during the forecast period. The pandemic impacted several industries including the ones requiring use of MEMS systems. Automotive industry around the globe was disrupted during the pandemic, which impacted adoption of MEMS. Moreover, due to disrupted manufacturing activities, the production and demand was also hampered in MEMS system market.
Global Microelectromechanical Systems (MEMS) Market- Impact of Coronavirus (Covid-19) Pandemic:
The coronavirus outbreak in Wuhan, China spread across more than 200 countries around the globe. Following which, many countries took preventative measures such as countrywide lockdowns. Various industries were impacted due to the lockdown regulations, as it restricted movements among people. Major market activities such as manufacturing, supply chains, and distribution operations were hindered during the pandemic, due to disrupted transportation, and lack of manpower and raw materials supply. Thus, the market witnessed negative impact of the pandemic. However, the industry will recover its growth, as the pandemic situation is returning to normal across various regions.
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Key Takeaways:
The global microelectromechanical systems (MEMS) market was valued at US$ 23,858 Mn in 2021 and is forecast to reach a value of US$ 48595.4 Mn by 2030 at a CAGR of 8.23% between 2022 and 2030.
Sensor segment held dominant position in the global microelectromechanical systems (MEMS) market in 2021, accounting for 53.85% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Microelectromechanical systems (MEMS) Market Trends:
Growing technological innovation along with increasing product extensions is a growing trend in the global microelectromechanical systems (MEMS) market. Key players functioning in the market are heavily focused on achieving product differentiation and offering unique services through proposition of unique value. Moreover, market competitors are also determined towards the development and launch of newest technologies to create strong competition in the market. Thus, this trend is expected to boost the adoption of MEMS systems, which in turn will propel growth of the market.
Furthermore, consumer electronics segment among applications is gaining traction in the global microelectromechanical systems (MEMS) market. MEMS systems technology is utilized to enable navigation, display control, gesture recognition, and motion control in devices such as tablets, smartphones, smart wearables, gaming consoles, and cameras. The growth of this segment is driven by factors such as high demand for smart wearables and smartphones. This trend is expected to continue in the market during the forecast future.
Global Microelectromechanical systems (MEMS) Market: Competitive Landscape
Nxp Semiconductors N.V., Analog Devices, Inc., and Knowles Corporation
Global Microelectromechanical systems (MEMS) Market: Recent Developments
In November 2016, Analog Devices, Inc. launched a fully integrated ADXC150x series, which will bring together best in class accuracy and reliability. This new series goes beyond challenges related to integrating an automotive-grade accelerometer and gyroscope in a single package.
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