Press Release-MEMS Sensor Market Anticipated to Reach USD 5.24 Billion by 2028

The MEMS Sensor Market is expected to reach USD 5.24 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2028. Microelectromechanical system (MEMS) sensors provide various advantages such as extremely high sensitivity, accuracy & reliability, sensitivity & selectivity, scalable in manufacturing, and some others. All these advantages gained considerable traction in the MEMS Sensor Market in the past few years. In addition, there is a huge demand for MEMS Sensors in various applications such as wearables, consumer electronics, and IoT-connected devices, thus, influencing the high demand for MEMS Sensor Market in the coming years.

Key Findings:

• The pressure sensors type segment is accounted to highlight the maximum growth of the MEMS Sensor Market during the forecast period. This surge is attributed to the high demand for these sensors in multiple applications such as automotive electronics, small home appliances, fitness electronics, wearable, and biomedicine.
• The automotive sector segment is accelerated the significant growth of the MEMS Sensor Market during the forecast period. These sensors are widely used in electronic stability programs (ESP), electric hand brake (EPB), electronic control suspension (ECS), slope starter auxiliary (HAS), and tire pressure monitoring (EPMS) in the automobile industry. Thus, it increases the demand for MEMS sensors in the automobile industry.
• Asia Pacific dominates the growth of MEMS Sensor Market over the forecast period. This surge is attributed to the increasing demand for automobile and consumer electronic sectors in this region.

The major players involved in the development of MEMS Sensor Market are 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.)..

In the past few years, there is a huge increase in awareness about physical, healthcare activities in people. Thus, it created the need for monitoring devices and smart sensor technologies to monitor, classify, sense, and provide related feedback to people about their health status. In addition, these devices are helpful to provide information about environmental and safety conditions accurately and in a reliable fashion. Because of all these uses, the demand for the MEMS Sensor Market is increasing in the coming days. Furthermore, these sensors are used to monitor weather forecasting, smart grids for lighting & electricity supply, high spatial/temporal resolution pollution monitoring, active traffic management & interactive transportation systems. This also propels the growth of MEMS Sensor Market in the coming years. According to the WHO, World Health Organization, more than 1.35 million people are killed in road accidents every year. Therefore, the use of these sensors improves the safety of vehicles.

COVID Impact Analysis

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the sand control solutions market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.