Market Overview
As per the latest report, the global MEMS Sensor market size is valued at USD 3.77 billion in 2021 and is expected to exhibit a significant CAGR of 4.8% with a market size of USD 5.24 billion during the forecast period 2021-2028.
Micro-electro-mechanical systems (MEMS) are also named micromachines and microsystems technology or MST. This is one type of technology that is composed of electronic and mechanical components like sensors, actuators, microelectronics, and miniaturized structures. This technology is used to manufacture sensors like accelerometers, digital compasses, gyroscopes, pressure sensors, inertial modules, microphones, and humidity sensors. As it has excellent characteristics like small size, low power consumption, and high precision, these MEMS are preferred for manufacturing various sensors by the production companies.
The device miniaturization is highly demanded in electronic devices like wearable devices, smartphones, medical instruments, etc are accelerating the MEMS sensors market growth. The MEMS devices have advantages like low cost, high accuracy, and less space consumption which makes them ideal to use in various applications. The decline in average selling prices (ASPs) may raise the demand for MEMS devices. These devices are soldered directly on the circuit boards as they are small enough. Thus it reduces the technology cost. Moreover, the factors like rising adoption of smartphones, the growing popularity of the Internet of things (IoT), high demand in the automation industry are boosting the growth of the MEMS market.
The MEMS Sensors market opportunities are growing trends towards autonomous vehicles and the rise in adoption of MEMS sensors in the biomedical sector is escalating the growth of the market.
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Market Segmentation
The MEMS and Sensors Market is sectioned into three forms such as types, material, and application.
Type Segmentation: The MEMS sensors is classified into various types like environmental, pressure, inertial, microphone, and optical.
Material Segmentation: The MEMS sensors by materials segment are categorized into four material types metal, silicon, polymer, and ceramic.
Application Segmentation: By application segment, the MEMS Sensors are divided into various forms like aerospace& defense, industrial, consumer electronics, healthcare, and automotive.
Regional Analysis
In terms of different geographic region, Asia Pacific region holds the maximum share in the market in 2016 and is expected to grow at rapid rate through the forecast period. Asia Pacific is a major market for consumer electronics, automotive, and industrial verticals. Moreover, Asia Pacific has become a global central point for large investments and business expansion opportunities. North America holds the second largest place in terms of market share in the global MEMS and sensors market. Due to the presence of sensor manufacturing companies, the growing home automation, and the adoption of evolving technologies makes North America to hold its share in the global competition.
The MEMS Sensors market key players are Denso Corporation (Japan), Panasonic (Japan), Invensense, Qualcomm(US), Honeywell(US), Texas Instruments(US), Allego Microsystems (US), and others.
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Industry News
According to the latest updates, the MEMS Sensors market forecast states that the sensors market will reach immense growth during the review period due to the rising trend in autonomous vehicles and introducing the new type of sensors like 4-in-1 environmental MEMS sensor with AI which can measure humidity, gases, temperature, and barometric pressure in a single compact package for reducing the cost of the devices.
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