The MEMS market is projected to grow from USD 14.8 billion in 2022 to USD 22.9 billion by 2028, registering a CAGR of 7.6% during the forecast period. The market growth is attributed to the growing use of radio-frequency microelectromechanical system and increasing demand of IoT devices. Furthermore, advancement in sensor fusion technology is expected to create lucrative opportunities for the market.

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Inertial Sensor type accounted for larger share of MEMS market in 2022

The inertial sensor type had a greater market share in the MEMS market in 2022, and it is expected to remain dominant in the future. MEMS inertial sensors are utilized in various industries, such as automotive, consumer electronics, and communications, to enhance performance, reduce costs, and improve reliability. The development of low-cost MEMS inertial sensors has increased over the years. Inertial sensors are categorized into tactical grade, performance grade, automotive and consumer grade, and industrial grade. The automotive and consumer grade consist of gyroscopes and accelerometers, which are used in active suspension systems, airbags, anti-lock braking systems, and smartphones.

RF actuator to lead MEMS market during forecast period

The RF actuator is expected to have greater opportunities between 2023 and 2028 compared to other actuator types. RF MEMS can cover multiple bands, support carrier aggregation in different bands, and beamforming on the device side, which is useful for smartphones, wearables, and the Internet of Things (IoT). Major manufacturers of RF MEMS include Analog Devices, Inc., NXP Semiconductors N.V., Knowles Corp., and Broadcom Ltd.

Asia Pacific market to offer significant opportunities during forecast period

The Asia Pacific region is experiencing rapid growth in the MEMS market, which is further segmented into China, Japan, South Korea, India, and the Rest of Asia Pacific. This region is a significant market for consumer electronics, automobiles, and industrial products and has become a global focal point for investments and business expansion opportunities. China has a high demand for smartphones, wearable devices, and other connecting devices, and the market is expected to grow rapidly due to the availability of leading automotive manufacturing facilities. The growth of the MEMS market in China is driven by the developing economy and the increasing implementation of MEMS sensors in most verticals. Additionally, China's Internet Plus strategy to integrate IoT initiatives, mobile Internet, cloud computing, and big data is expected to promote the widespread use of wearable sensors and smart technologies.

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Key players

Key players in the MEMS market include STMicroelectronics (Switzerland), Robert Bosch (Germany), Analog Devices (US), NXP Semiconductors (Netherlands), Texas Instruments (US), Panasonic Corp. (Japan), TE Connectivity (Switzerland), Broadcom (US), Honeywell International US), and Knowles Corp. LLC (US), among others.

News also Covered: https://www.prnewswire.com/news-releases/micro-electro-mechanical-system-mems-market-worth-22-9-billion-by-2028---exclusive-report-by-marketsandmarkets-301717485.html