CHICAGO, Jan. 10, 2023 /PRNewswire/ -- The Micro-Electro-Mechanical System (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 according to a new report by MarketsandMarkets. The market growth is attributed to the growing use of radio-frequency microelectromechanical system and increasing demand of IoT devices. Furthermore, advancement in sensor fusion technology is expected to create lucrative opportunities for the market.
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Inertial Sensor type accounted for larger share of MEMS market in 2022
Inertial sensor type accounted for a larger share of the MEMS market in 2022 and is expected to remain dominant throughout the forecast period. MEMS inertial sensors are being used in different verticals such as automotive, consumer electronics, and communications. MEMS sensors are being used in the automotive vertical to improve performance, reduce cost, and increase the reliability of vehicles. Currently, MEMS inertial technology has been fully developed over the span of time. Low-cost MEMS inertial sensors have emerged over the years. Inertial sensors can be divided into four categories. These four performance categories are tactical grade, performance grade, automotive and consumer grade, and industrial grade. For instance, the automotive and consumer grade consists of inertial sensors such as gyroscopes and accelerometers. These are being used in active suspension systems, airbags, anti-lock braking systems, and smartphones.
RF actuator to lead MEMS market during forecast period
The RF actuator is expected to hold higher opportunities than the other actuator type between 2023 and 2028. RF MEMS can cover multiple bands and support carrier aggregation in disparate bands as well as support beamforming on the device side rather than primarily on the cell base station side. Smartphones, wearables, and the Internet of Things (IoT) are the major application areas of RF MEMS. A few of the major manufacturers of RF MEMS include Analog Devices, Inc. (US), NXP Semiconductors N.V. (Netherlands), Knowles Corp. (US), and Broadcom Ltd. (US).
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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.
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.
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