Microelectromechanical Systems Market Size, Competitive Landscape and Market Forecast - 2030

Global Microelectromechanical Systems Market is segmented By Product Type(Accelerometers, Gyroscope, Inertial Combos, Others) By Actuators(MicroFluidic Chips, Oscillators, and Resonators, RF MEMS, Others)by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Microelectromechanical Systems Market Overview

The Global "Microelectromechanical Systems Market" is expected to grow at a high CAGR of 10%  during the forecasting period of (2023-2030). Microelectromechanical systems (MEMS) devices or microdevice usually has a dimension of a few microns to a few millimeters.

Microelectromechanical Systems Market Scope and Summary

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• The width of human hair is of the order of 80 microns. The dimensions of the microdevices are even smaller than the aspects of the microdevices.
• A MEMS system is the combination of a few MEMS sensors and MEMS actuators that work harmoniously to provide specific functionality.
• The main advantages of microdevices are low cost, accurate sensing, small space, and low energy consumption. MEMS devices are usually classified into sensors and actuators.
• The Global Microelectromechanical Systems (MEMS) Market was worth USD XX billion in 2018 and is forecast to reach USD XX billion by 2026, growing at a CAGR of XX% during the forecast period (2018-2025).

Microelectromechanical Systems Market Dynamics and Trends

• An increase in sales of smartphones, widespread internet connectivity, rising demand for wearable technologies like smartwatches, and the growing market for IoT devices are the key factors responsible for boosting the growth of the global microelectromechanical systems (MEMS) market.
• Increasing adoption of wearable technologies like smartwatches is the primary factor boosting the global microelectromechanical systems (MEMS) market.
• For instance, Apple in September 2018 launched the ‘Apple Series 4 watch which is embedded with an electric heart sensor that helps in recording the ECG of a person by measuring atrial fibrillation (Afib), a form of irregular rhythm.
• Technological advancements in wearable technologies in integrating the number of sensors is another key contributing factor. According to a report by the United States National Library of Medicine, only 1.7% of wearable devices in 2016 comprised of more than five sensors and this figure increased to 11% in 2017.
• This growth rate can be ascribed to the advancements in compactness of sensors. Furthermore, according to the consumer technology association, the global sales revenue from wearable technologies in 2017 increased to USD billion compared to USD 15 billion in 2016 and USD 9 billion in 2015.
• The growth of the wearable technologies market is a significant factor fueling the growth of the global microelectromechanical systems market.
• However, high development costs of MEMS devices, government regulations, and reliability issues of MEMS devices are the crucial factors hampering the growth of the global microelectromechanical systems (MEMS) market.
• New Innovations can quickly gain prominence amongst the end-users before the government organizations can regulate them.
• For instance, the United States Consumer Product Safety Commission imposed regulations on the Fitbit force which was responsible for causing skin irritation to the users. Fitbit Inc had to recall more than 1million units in the US and about 28000 units in Canada incurring considerable losses to the company.
• The government regulations imposed upon wearable devices comprising of MEMS devices is a primary factor impeding the growth of the global microelectromechanical systems market.

Microelectromechanical Systems Market Segmentation Analysis

• The Global Microelectromechanical Systems (MEMS) Market has been segmented by end-user application, product type, and geography.
• Based on the end-user application, the market is segmented as Automotive industry, Aerospace and Defense Industry, Health care industry, consumer electronics and others.
• The Health care industry and the consumer electronics industry is the dominant segment owing to the potential use of MEMS devices in clinical imaging and medical diagnosis and technological advancements in Healthcare technology coupled with high investments on healthcare technology research and development.
• According to the World trade statistical review conducted by the World Trade Organization (WTO), the global healthcare technology market in 2017 was worth USD 430 billion, and this is growing at an annual rate of 4.2% per year.
• The global spending on healthcare technology research and development in 2017 was about USD 28 billion. The healthcare industry is anticipated to dominate the global microelectromechanical systems market owing to the rapid growth of the healthcare industry.

Microelectromechanical Systems Market Geographical Share

• The Global Microelectromechanical Systems (MEMS) Market is segmented into North America, Europe, Asia Pacific, South America, and Rest of the world.
• The Asia Pacific region is further segmented into the following areas like South Korea, India, Japan, China, and Taiwan.
• The Asia Pacific region is the dominant segment of the global microelectromechanical systems market owing to the presence of a large number of and growing demand for consumer electronics like smartphones, tablets, and Tablets and rising demand for automobiles from countries like China, Japan, and India. MEMS devices are used in cars to provide additional features like anti-collision features, airbags deployment, electronic stability control, and others. According to the International Organization of Motor Vehicles Manufacturers (OICA), out of the total 70 million cars sold globally in 2017, more than 40 million vehicles were sold in the Asia Pacific region with China alone accounting for 24 million vehicles in 2017.
• A rapid increase in automobile sales in countries like China, Japan, and India, is the primary factor responsible for driving the Asia Pacific region in dominating the global microelectromechanical systems market.

Microelectromechanical Systems Companies and Competitive Landscape

• Some of the major players in this market incorporate competitive strategies like mergers and acquisitions to retain their market competitiveness. For instance, in December 2018, AISIN and DENSO corporation agreed to form a new company to sell driving modules for electric vehicles. Furthermore, in November 2018, TE connectivity sold its subsea communications business to Cerberus Capital Management LLP, an alternative investment firm.
• New product launches and expansion of facilities are some other vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate. For instance, in February 2018, NXP technologies launched the new IoT on-chip device which enhances a wide range of IoT devices concerning functionality, connectivity, and security.
• In September 2018, TE connectivity launched its new online store giving the opportunity to its customers to compare products and purchase them either via the company’s website or through registered online retail distributors

The scope of the Report

• The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
• The Global Microelectromechanical Systems (MEMS) Market is segmented based on the type of the product as sensors and actuators.
• The sensors segment is further divided into gyroscopes, accelerometers, pressure sensors, inertial combos, and others. The actuators segment is also classified as RF MEMS, microfluidic chips, oscillators and resonators, and others. Based on the end-user application, the market is segmented as the automotive industry, aerospace and defense industry, consumer electronics, healthcare industry, and others. Based on the geography, the market is segmented into North America, South America, Europe, Asia Pacific, and the Rest of the World (ROW).
• The report profiles the following companies – Robert Bosch GmbH, ST Microelectronics, Texas Instruments, GE, Analog Devices Inc, Honeywell, Denso Corporation, TE connectivity Corp, Panasonic Corp, and NXP Semiconductors.