MICROELECTROMECHANICAL SYSTEMS (MEMS) MARKET ANALYSIS
The global microelectromechanical systems (MEMS) market size was valued at USD 23,858 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 8.23% from 2022 to 2030. The growing trend of the Internet of Things is driving the market. Microelectromechanical systems technology is used in a variety of sectors, including telecommunications, display control, navigation and motion control. Furthermore, a growing demand for wearable technologies is expected to boost the growth of the market. Moreover, the rise of the internet of things (IoT) is expected to boost the demand for MEMS devices.
Figure 1. Global Microelectromechanical systems (MEMS) Market Share (%), by Region, 2021
Global Microelectromechanical systems (MEMS) Market Trends:
High demand for smart consumer electronics is a recent trend
Rise in demand for smart consumer electronics is a growing trend in the global microelectromechanical systems (MEMS) market. MEMS are utilized widely in smartphones and wearable devices, as they offered enhanced electrical performance at high frequencies. The consumer electronics industry is increasingly shifting its focus from conventional sensors toward MEMS technologies. Thus, such applications of MEMS are driving innovations and developments in the industry. This trend is anticipated to continue in the market in the coming future.
Growing investment in R&D of innovative offering is trending in the market
Companies involved in MEMS industry are increasingly focusing on investing in the R&D of novel offerings for verticals such as aerospace and automotive among others. For instance, in January 2022, Silicon Designs Inc. introduced new MEMS accelerometers for space applications. The Model 1527 series includes novel micro-electromechanical inertial accelerometers, which are tested for radiation and are tactical grade to be used in various space applications such as spacecraft and satellites.
Microelectromechanical Systems (MEMS) Market Report Snapshots
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