With 7.6% CAGR, Micro-Electro-Mechanical System (MEMS) Market Growth to Surpass USD 22.9 billion

Posted by edwardzmusso on January 12th, 2023

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. Rising demand for consumer electronics and increasing demand for IoT devices are driving the market for MEMS. Advancement in sensor fusion technology will also boost market growth in the coming years.

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RF MEMS switches are more robust than other switch technologies and can deliver better performance in harsh environments and extreme operating conditions. RF MEMS switches have proven their capability to operate under extreme shock, harsh temperature, and vibrations and are durable to function throughout their operating life for demanding applications. These features of RF MEMS switches are increasing their applications as virtually every market seeks smaller, lighter components that consume less power can be produced in high volume and are cost-effective. MEMS-based switches are expected to substitute existing products and be used in new applications, such as smartphones and consumer electronics devices. RF MEMS is also expected to replace the electromechanical relay (EMR) as it is comparatively slow, large, consumes more DC power, and has a short operating life. It will be used in telecommunications, aerospace, defense, and many other applications.

The IoT components and devices can be made much simpler using MEMS technology. MEMS components come in various forms, including magnetometers, microphones, oscillators, sensors, and switches. Their compact form factor, low power consumption, and manufacturing scalability make MEMS devices a good fit for cost-conscious IoT applications. The demand for IoT devices is increasing in smart homes, factories, and the automotive industry. It is estimated that there will be more than 31 billion connected IoT devices by 2025. As MEMS technology plays a key role in IoT devices, their growing demand is expected to be one of the key drivers for the MEMS market growth.

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The consumer electronics industry is witnessing rapid growth. Wearables, hearables, and smart home devices are in high demand. These devices are increasingly becoming essential to the daily routine, monitoring the environment, tracking vitals, and sending alerts. In 2021, the global shipment of wearables was over 140 million—a yearly growth of over 25%. The need for miniaturized components is increasing as the size of consumer electronics is becoming compact, and their functionalities and features are increasing. This is where MEMS technology plays a key role in supporting the growth of the wearable and hearable devices market. Major players in the wearable devices market, such as Samsung Electronics, Apple Inc., Garmin, and Google (Fitbit), are increasing the implementation of MEMS components in their wearable and hearable devices.

News also Covered: https://www.marketwatch.com/press-release/micro-electro-mechanical-system-mems-market-worth-229-billion-by-2028-2023-01-11

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edwardzmusso
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