MEMS Sensor Market to Witness Massive Growth at CAGR of 4.8% within Forecast Period

Market was valued at {[Revenue_2028}} in 2021 and is projected to reach USD 5.24 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) 4.8% from 2022-2028. MEMS systems are micrometer measurement devices that integrate electrical and mechanical components. This technology incorporates very small, moving, and electrical components and is used to make sensors such as accelerometers, gyroscopes, digital compasses, input modules, pressure sensors, humidity sensors, and microphones.

The imminent demand for miniaturization of various electronic devices such as smartphones, medical devices, and other electronic devices accelerates the growth of the Market. Demand for these devices is growing steadily with declining medium-sized retail prices (ASPs) and increasing benefits of MEMS devices, such as lower space usage, and higher accuracy. In addition, these devices are small enough to be sold directly to circuit boards, which reduces the cost of technology. Factors such as the increasing demand for wireless sensors in consumer electronics are emerging sensor styles in the automotive industry, and the growing popularity of IoT sensors amplifies the growth of Market share worldwide. Emerging approaches to private vehicles and increased acceptance in the medical field are expected to provide good opportunities for a growing Market. In addition, intelligent sensors are more expensive than other conventional sensors. Over the past five years, the cost of smart sensors has dropped by almost 10% per year due to increased production and technological advances in these sensors. However, they are still more expensive compared to other conventional sensors, thus reducing market growth. As a result, the adoption rate of s is low for all different applications.

The MEMS automotive sensor market for automotive segmentation includes the MEMS inertial sensors, MEMS microphone, and MEMS pressure sensor. The MEMS inertial sensor is further divided into a MEMS accelerometer, inertial combo sensor, and MEMS gyroscope. Considering applications, the market serves segments like automotive, industrial, aerospace & defense, healthcare, telecommunication, and others. The Market for automotive applications is divided into enhanced driver assistance systems, electronic stability control, electronic control unit, air conditioning system, safety and security, vehicle navigation, OIS camera, microphone cabinet, wheel stress monitoring system, and others. Such emerging applications are also expected to serve as potential market opportunities soon.

The concept of non-motor vehicles is based on data collected by various s such as speed sensor, accelerometer, location sensor, proximity sensor, and more. This data is regularly collected and processed through a central control system, which controls the movement of the vehicle and the need for the driver is eliminated. Companies like Google and Tesla are investing heavily in the R&D of these cars, and technology is in the testing phase right now. The positive results from the tests are expected to further market growth in the future. For example, in October 2016, Google tested its non-driving vehicle in the UK 1km, near the railway station, and a network of 40 such vehicles is expected to be available for public use shortly, thus exacerbating the need of MEMS in the coming years. This provides useful opportunities for predicting the market worldwide which covers North America, Asia Pacific, Europe, Latin America, Middle East & Africa. 

Major players in the Global Market include - Analog Devices, Inc. (U.S.), InvenSense, Inc. (U.S.), General Electric Company (U.S.), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Sensata Technologies, Inc. (U.S.), Infineon Technologies AG (Germany), Hitachi, Ltd. (Japan), Harman International (U.S.), Freescale Semiconductor, Inc. (U.S.), STMicroelectronics (Switzerland), Murata Electronics Oy (Finland), Delphi Automotive PLC (U.K.), and Freescale Semiconductor, Inc. (U.S.)..