The Microelectromechanical Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Microelectromechanical Systems Global Market Report 2024, The microelectromechanical systems market size has grown rapidly in recent years. It will grow from $17.91 billion in 2023 to $20.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to miniaturization demand, consumer electronics growth, automotive safety, healthcare diagnostics, environmental monitoring.
The microelectromechanical systems market size is expected to see rapid growth in the next few years. It will grow to $32.93 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to autonomous vehicles, precision agriculture, aerospace and defense, biomedical implants, energy harvesting. Major trends in the forecast period include advancements in nanotechnology, 5g and beyond, smart cities, edge computing, healthcare wearables.
The increasing need for device miniaturization in various electronic devices is expected to propel the growth of the microelectromechanical systems market. Miniaturization in electronic devices includes fitting more transistor nodes on a smaller integrated circuit (IC). The usage of miniature devices is rising due to a decline in average selling prices (ASPs), low cost, less space consumption, and high accuracy. Wearable technology has increased the demand for miniaturized components. These devices can be soldered directly on the circuit boards with decreased cost of technology. For instance, in December 2021, according to Deloitte Touche Tohmatsu Limited, a UK-based consulting company, there were 320 million consumer health and wellness wearable devices in 2022, and it is estimated that this will increase to nearly 440 million by 2024. Therefore, the need for device miniaturization is driving the growth of the microelectromechanical systems market.
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The microelectromechanical systems market covered in this report is segmented –
1) By Type: Sensors, Actuators
2) By Application: Consumer Electronics, Automotive, Industrial, Aerospace And Defense, Healthcare, Telecommunication, Other Applications
Innovations are gaining popularity in the microelectromechanical systems market. Major players in the market are focusing on bringing innovative products to obtain an edge in the market against their competitors. For instance, in 2021, Infineon Technologies AG introduced the XENSIV™ IM67D130A. This innovative device combines the company’s automotive experience with its technical leadership in high-end MEMS microphones to meet the demand for high-performance, low-noise MEMS microphones in automotive applications. The XENSIV IM67D130A is the first microphone on the market to be approved for automotive applications, making design-in efforts easier and lowering the risk of certification failure.
The microelectromechanical systems market report table of contents includes:
1. Executive Summary
2. Microelectromechanical Systems Market Characteristics
3. Microelectromechanical Systems Market Trends And Strategies
4. Microelectromechanical Systems Market – Macro Economic Scenario
5. Global Microelectromechanical Systems Market Size and Growth
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26. South America Microelectromechanical Systems Market
27. Brazil Microelectromechanical Systems Market
28. Middle East Microelectromechanical Systems Market
29. Africa Microelectromechanical Systems Market
30. Microelectromechanical Systems Market Competitive Landscape And Company Profiles
Top Major Players:
- STMicroelectronics Pvt. Ltd
- Hewlett Packard Enterprise Ltd
- Texas Instruments Incorporated
- Bosch Limited
- Robert Bosch GmbH
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