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MEMS market to grow to US$20 billion by 2028
Sep 7, 2023
The MEMS market is expected to grow from US$14.5 billion in 2022 to US$20 billion in 2028, at a compound annual growth rate (CAGR) of 5%. The consumer MEMS market, which is currently the largest segment, is expected to grow at a CAGR of 4%, while the automotive market is expected to grow at a CAGR of 7%. The industrial, defense and aerospace, medical, and telecom markets are expected to grow at CAGRs of at least 5%.
The growth of the MEMS market is being driven by the increasing demand for MEMS sensors in a wide range of applications, such as smartphones, wearable devices, automotive, industrial, defense and aerospace, medical, and telecom.
The growth of the consumer MEMS market is being driven by the increasing demand for MEMS sensors in wearable devices. Wearables such as smartwatches, fitness trackers, and augmented reality (AR) headsets are increasingly incorporating MEMS sensors for features such as navigation, altitude measurement, and heart rate monitoring.
The growth of the automotive MEMS market is boosted by an increasing demand for MEMS sensors in autonomous and advanced driver assistance systems (ADAS). MEMS sensors are used in autonomous vehicles for a variety of applications, such as inertial measurement units (IMUs), pressure sensors, and image sensors.
Within industrial applications, there’s a strong demand for MEMS sensors in industrial automation and Industry 4.0. MEMS sensors are used in industrial automation for a variety of applications, such as proximity sensors, level sensors, and flow sensors.
In the defense and aerospace market, growth is being driven by the increasing demand for MEMS sensors in navigation and guidance systems. MEMS sensors are used in defense and aerospace applications for a variety of applications, such as inertial measurement units (IMUs), pressure sensors, and accelerometers.
In the medical market, there’s an increasing demand for MEMS sensors in medical devices. MEMS sensors are used in medical devices for a variety of applications, such as heart rate monitors, blood pressure monitors, and glucose meters.
The MEMS market is highly competitive, with a number of major players. The leading players in the MEMS market include Robert Bosch, STMicroelectronics, and SiTime.
The MEMS market is expected to continue to grow in the coming years, driven by the increasing demand for MEMS sensors in a wide range of applications.
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