MEMS Sensor Market Estimated to Observe Technological Advancements Further
The global MEMS sensor market is set to reach a valuation of US$ 50 Bn through the end of 2027, as per the recent market intelligence study of Fact.MR. Businesses in the MEMS (micro-electromechanical system) sensor market are increasingly pushing for widening the scope of application for MEMS sensors to boost their portfolios that cater to evolving consumer requirements.
“With concerns over cost-intensive sensors for industrial applications, smaller and more efficient MEMS sensors are being sold in billions, enabling smart industry applications. In addition, the development of new technologies and products will also encourage growth,” says the Fact.MR report.
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MEMS Sensor Market: Key Findings
- Automotive industry remains the key application area for MEMS sensors – passenger comfort and safety applications at the core.
- Clinical monitoring applications will bolster adoption across the medical and biotechnology sectors.
- Consumer electronics sector will remain a major contributor towards market growth.
- Accounting for over 35% market value share, APAC will continue to lead its way globally.
- Consumer electronics and electric vehicle (EV) manufacturers will particularly generate substantial demand.
- North America would remain a highly lucrative market for MEMS sensor manufacturers.
MEMS Sensor Market: Key Driving Factors
- The growth of the integrated circuit industry will be a prominent market growth driver.
- Increasing demand for smart devices and decline in average selling prices are boosting the rate of adoption.
- Mounting smartphone sales, advent of portable electronics, and growing adoption of Internet of Things (IoT) are collectively pushing market growth.
MEMS sensor: Key Market Restraints
- Higher price point of MEMS sensor production and sales remains a major challenge to market growth.
- Sensitivity to high temperature ranges would continue to be a strong barrier to wider adoption of MEMS sensors.
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The global MEMS sensor market is consolidated. Industry leaders are focusing their efforts on new product launches, and tech developments, in addition to strategic acquisitions and expansions to strengthen their position in the industry. New entrants in the market are most likely to maintain focus on product innovations in an effort to improve their market positioning. Moreover, companies are eying profits in surging MEMS sensor integration into automobiles, which plays a pivotal role in enhancing vehicular safety, protection, and fuel efficiency. The report has profiled some of the key players in global MEMS sensor market, including but not limited to, Texas Instruments Inc., STMicroelectronics, NXP Semiconductors N.V., and Robert Bosch GmbH.
About the Report
This 250+ pages study provides detailed forecast data on the MEMS sensor market. The key categories covered in the report include product type (mechanical sensors, optical sensors, thermal sensors, and chemical & biological sensors), fabrication material (silicon, polymers, ceramics, and metals), application (automotive, industrial, medical & biotechnology, aerospace & defense, telecommunications, and consumer electronics) and 25+ countries in key regions (North America, Latin America, Europe, APAC, and Middle East & Africa).