MEMS Sensor Market Size is Projected to Reach USD 21,145 Million at a CAGR of 6.85% by 2030: Straits Research
European Commission has announced that it will revise the General Safety Stringent regulations require automotive manufacturers to implement the most recent sensor-based systems driving the MEMS sensors market.
New York, United States, Oct. 12, 2023 (GLOBE NEWSWIRE) — MEMS technology sensors are low-cost, high-precision inertial sensors that can be used to satisfy a wide range of industrial applications. The microelectromechanical system, or MEMS, sensors offer several advantages, including precision, dependability, and the potential for smaller electronic devices. “The global MEMS sensor market size is envisioned to advance to USD 21,145 million growing at a CAGR of 6.85% during the forecast period.,” stated by Research Manager at Straits Research P. Ltd.
The positive expansion of the MEMS sensors market is primarily driven by the rising concern for the safety of automobile passengers and drivers. The World Health Organization (WHO) estimates that approximately 1.35 million people die annually from auto accidents. In addition, the European Commission has announced that it will revise the General Safety Stringent regulations require automotive manufacturers to implement the most recent sensor-based systems driving the MEMS sensors market.
Industry 4.0 systems can utilize MEMS sensors for early failure detection and predictive maintenance. MEMS sensors are used in automation and Industry 4.0 applications where vibration, temperature, pressure, sound, and acoustics analysis are needed. The machines are interconnected so that their data can be transmitted to the cloud in various ways, including wirelessly, directly, or via a gateway that employs MEMS sensors.
Due to the prevalence of the Internet of Things, a significant portion of the sensor market consists of MEMS. In addition, it is anticipated that MEMS pressure sensors will expand into new fields, including sensors for the healthcare and automotive industries. In healthcare, potential applications for MEMS pressure sensors include eye therapy and gut monitoring. As MEMS pressure sensors offer design advantages, the growing emphasis on invasive applications is expected to drive the market for MEMS pressure sensors and create lucrative opportunities.
Asia-Pacific will command the market with the largest share and grow at a CAGR of 7.42% during the forecast period. With favorable regulatory compliances and sustained demand for renewable energy infrastructure, power electronics, and automotive, developing economies like India and China are emerging as the fastest-growing MEMS sensor markets. China has imported numerous MEMS sensors for product assembly, including accelerometers, gyroscopes, pressure sensors, and radio frequency (RF) filters.
Europe MEMS Sensors Market will grow at a CAGR of 6.87% during the forecast period. In support of its Industry 4.0 initiative, the German government has allocated approximately EUR 200 million. Large corporations and thousands of small and medium-sized businesses in Germany are simultaneously investing in information and communication technology (ICT) to accelerate their respective development.
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- The consumer electronics segment will hold the largest market share growing at a CAGR of 6.9%.
- Based on type, the segment of inertial sensors is most likely to dominate the market with the largest share and growing at a CAGR of 6.61% during the forecast period.
- Based on regional analysis, Asia-Pacific will command the market with the largest share and grow at a CAGR of 7.42% during the forecast period.
Competitive Players in the Market
- STMicroelectronics NV
- InvenSense Inc. (TDK Corp)
- Bosch Sensortec GmbH (Robert Bosch GmbH)
- Analog Devices, Inc.
- Murata Manufacturing Co. Ltd
- Kionix Inc. (ROHM Co. Ltd)
- Infineon Technologies AG
- Freescale Semiconductors Ltd (NXP Semiconductors NV)
- Panasonic Corporation
- Omron Corporation
- First Sensor AG (TE Connectivity)
- In 2022, STMicroelectronics NV introduced the market’s first Serial Page EEPROM technology, a high-density, page-erasable SPI memory that delivers unique and unprecedented flexibility and performance with ultra-low power consumption.
- In 2022, STMicroelectronics NV released NanoEdge AI studio machine learning design software supporting smart sensors that contain ST’s embedded intelligent sensor processing unit.
Global MEMS Sensors Market: Segmentation
- Pressure Sensors
- Inertial Sensors
- Other Types
By End-User Industry
- Consumer Electronics
- Aerospace and Defense
- North America
- Asia Pacific
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