The global MEMS market is estimated to be valued at US$ 27946 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: Microelectromechanical systems offer precise manufacturing at a micro and nanoscale level. They have revolutionized industries like automotive, consumer electronics and healthcare due to their compact size, low power consumption and high reliability. MEMS technology allows fabrication of miniature electromechanical elements and is highly advantageous for miniaturized products.
Weakness: The design and fabrication process of MEMS devices is complex and requires specialized equipment and cleanroom facilities which increases costs. Also, MEMS sensors have limitations in terms of resolution, range and repeatability. Material issues related to wear and deformation also impact reliability over long periods of usage.
Opportunity: Growth of IoT and wearable devices will significantly boost the demand for MEMS sensors in the coming years. MEMS are increasingly being used in new applications like medical implants, user interfaces, industrial robotics, automated vehicles due to their ability to sense different physical quantities. Emerging areas such as virtual reality and smart cities also offer huge market potential.
Threats: Alternatives likepiezoelectric devices and CMOS image sensors could capture part of the MEMS market. Also, the high fixed costs of equipment and cleanroom facilities pose entry barriers for new players. Political uncertainties and macroeconomic fluctuations impact the investments and growth prospects of MEMS foundries. Patent-related litigations between major players also affect the competition dynamics.
Key Takeaways
The Global Microelectromechanical Systems (MEMS) Market Demand is expected to witness high growth over the forecast period supported by increasing demand from consumer electronics, automotive, medical and other industries.
The Asia Pacific region dominates currently due to presence of major foundries in countries like Taiwan, China and Japan. Taiwan is the world’s largest supplier of MEMS sensors and also has significant MEMS intellectual property. Key players operating in Taiwan include TDK Corporation, InvenSense and Winbond Electronics Corporation.
Key players operating in the microelectromechanical systems (MEMS) market are Analog Devices, General Electric, Honeywell International, STMicroelectronics, Texas Instruments Incorporated, TDK Corporation, Bosch Sensortec, Knowles Corporation, InvenSense and Panasonic Corporation. These leading companies are focusing on developing new application-specific sensors through continuous R&D while expanding their global footprint through strategic partnerships.
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