Redding, California - August 1, 2024
Micro-Electro-Mechanical System (MEMS) Market to be Worth $31.4 Billion by 2031
Micro-Electro-Mechanical System (MEMS) Market Size, Share, Forecast, & Trends Analysis by Component (Sensors (Motion, Optical, Proximity, Others) Actuator, Electronic Circuits), End-user (Automotive, Healthcare, Aerospace & Defense, Biotechnology, Others) & Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Global Micro-Electro-Mechanical System (MEMS) Market by Component (Sensor (Motion, Optical, Proximity, Others) Actuator, Electronic Circuits), End-user (Automotive, Healthcare, Aerospace & Defense, Biotechnology, Others) & Geography—Global Forecasts to 2031’
According to this latest publication from Meticulous Research®, the micro-electro-mechanical system (MEMS) market is projected to reach $31.4 billion by 2031, at a CAGR of 8.8% from 2024 to 2031. The growth of the micro-electro-mechanical system (MEMS) market is driven by the proliferation of IoT devices and the increasing demand for miniaturized electronic devices. However, the high initial cost requirement for a production facility to develop MEMS is a factor restraining its growth.
Furthermore, the rise in the adoption of smart technologies across several industries and advancements in sensor fusion technology are expected to generate growth opportunities for the stakeholders in this market. However, the skill gap for the development of MEMS and lack of standardization are major challenges impacting market growth.
Based on components, the global micro-electro-mechanical system (MEMS) market is segmented into sensors, actuators, and electronic circuits. In 2024, the sensor segment is expected to account for the largest share of over 59.0% of the global micro-electro-mechanical system (MEMS) market. The segment’s large market share is mainly attributed to factors such as technology advancements, the growing focus of key players on the development of MEMS components with new capabilities such as waterproof or long life, and the increased demand for sensing technology for real-time data collection and analysis.
Moreover, the sensor segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the development of emerging technologies such as the internet-of-things (IoT) and autonomous systems, the increasing need for automation and digitization in various industries such as manufacturing, automotive, healthcare, consumer electronics, and infrastructure, and businesses' growing focus on automating processes.
Based on end-user, the global micro-electro-mechanical system (MEMS) market is segmented into aerospace & defense, automotive, consumer electronics & appliances, biotechnology, energy, healthcare, and other end-users. In 2024, the consumer electronics & appliances segment is expected to account for the largest share of over 45.0% of the global micro-electro-mechanical system (MEMS) market. The segment’s large share is mainly attributed to factors such as the increasing adoption of smart home technologies, advancements in component design technology and fabrication processes, and increased demand for consumer electronics devices such as laptops, smartphones, and air conditioners.
However, the healthcare segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the growing adoption of MEMS devices to facilitate telemedicine and remote medical examinations, the increasing development of medical devices, and the increasing demand for and innovation in MEMS devices in the medical industry.
Based on geography, the micro-electro-mechanical system (MEMS) market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 43.0% of the global micro-electro-mechanical system (MEMS) market. The large market share of this segment is attributed to factors such as growing investment across industries for digital transformation, growing adoption of automation systems by manufacturers, and growing smart city projects.
Moreover, the Asia-Pacific region is projected to register the highest CAGR of over 10% during the forecast period. This region's growth is mainly driven by rising industrialization, a growing focus on infrastructure development, growing spending on smart technologies due to growing disposable income, and increased adoption of advanced technology such as IoT and automation across industries.
Key Players:
Some of the key players operating in the micro-electro-mechanical system (MEMS) market are Analog Devices, Inc. (U.S.), MinebeaMitsumi, Inc. (Japan), STMicroelectronics N.V. (Switzerland), Mouser Electronics, Inc. (U.S.), Texas Instruments Incorporated (U.S.), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), First Sensor AG (Germany), TDK Corporation (Japan), FLUSSO Limited (U.K.), Melexis N.V. (Belgium), Teledyne Technologies Incorporated (U.S.), Amphenol Advanced Sensors (U.S.), AAC Technologies (China) and Robert Bosch GmbH (Germany).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5980
Key questions answered in the report-
- Which are the high-growth market segments based on component and end-user?
- What was the historical market for micro-electro-mechanical systems (MEMS)?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the micro-electro-mechanical system (MEMS) market?
- Who are the major players, and what shares do they hold in the micro-electro-mechanical system (MEMS) market?
- How is the competitive landscape in the micro-electro-mechanical system (MEMS) market?
- What are the recent developments in the micro-electro-mechanical system (MEMS) market?
- What are the different strategies adopted by the major players in the micro-electro-mechanical system (MEMS) market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global micro-electro-mechanical system (MEMS) market, and how do they compete with the other players?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
