CHICAGO, March 29, 2024 /PRNewswire/ -- The Micro-electro-mechanical System (MEMS) market is projected to grow from USD 16.5 billion in 2024 and is estimated to reach USD 24.2 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.9% from 2024 to 2029 according to a new report by MarketsandMarkets. The growth of the MEMS market is driven by the growing adoption of RF MEMS technology in consumer electronics and LTE networks, Proliferation of IoT devices by manufacturing firms, Growing adoption of smart consumer electronics.
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Micro-Electro-Mechanical System (MEMS) Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 16.5 billion |
Estimated Value by 2029 | $ 24.2 billion |
Growth Rate | Poised to grow at a CAGR of 7.9% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Sensor Type, Actuator Type, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Shortage of skilled designers |
Key Market Opportunities | Widening application scope of MEMS technology |
Key Market Drivers | Rising demand for miniaturization of devices |
By Sensor Type, the microspeaker are projected to grow at a high CAGR of MEMS market during the forecast period.
The rise of MEMS microspeakers signals a transformative shift in audio technology, leveraging advanced materials science to achieve smaller, lighter, and more efficient designs. This innovation is driven by the integration of MEMS technology with automated production lines, streamlining manufacturing processes and ensuring scalability. As MEMS microspeakers continue to proliferate across consumer electronics, their adoption in automated production lines accelerates, promising enhanced audio experiences and widespread accessibility in various applications. In November 2023, xMEMS Labs Inc. developed a sound-from-ultrasound MEMS speaker, enabling the replacement of coil speakers in noise-canceling earbuds. This innovation utilizes ultrasound carrier and demodulation for smaller MEMS microspeakers with adequate bass response. This advancement is poised to drive significant growth in the MEMS market, offering smaller and more efficient microspeakers with enhanced bass response, thus meeting the demands of various applications including noise-canceling earbuds.
RF MEMS products in Actuator Type segment in MEMS market is expected to account for the largest share during the forecast period.
RF switches are crucial components in the RF front-end design of smart mobile devices, enabling seamless switching between different frequency bands and wireless services. As modern smartphones and tablets incorporate multiple wireless communication technologies, including cellular, Wi-Fi, GPS, Bluetooth, and more, the demand for RF switches has grown significantly. These switches play a vital role in optimizing connectivity, enhancing data rates, and improving signal quality in mobile devices. Continuous advancements and increasing demand for enhanced mobile connectivity position MEMS devices to play a pivotal role in modeling the future of smartphones and other mobile devices. In December 2023, Qorvo, a leading RF component manufacturer, announced the production of its next-generation BAW (Bulk Acoustic Wave) filter technology, which integrates seamlessly with RF MEMS switches for enhanced performance and miniaturization in 5G smartphones.
Consumer Electronics segment in MEMS Industry will account for largest share during the forecast period.
The consumer electronics segment represents a crucial arena for MEMS (Microelectromechanical Systems) technology, witnessing its widespread adoption across various devices. These systems are widely adopted in electronic equipment such as smartphones, tablets, wearable devices, digital cameras, laptops, portable media players, portable navigation devices, gaming consoles, and e-readers. This adoption is fueled by several factors, including the demand for improved electrical performance at high frequencies, the proliferation of IoT (Internet of Things) devices, and the integration of multiple chips for sensor and actuator applications in smartphones.
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Asia Pacific will account for the highest CAGR during the forecast period.
As semiconductor demand increases, there will be a corresponding rise in the need for MEMS sensors and devices, which are essential components in various semiconductor applications. China is a global manufacturing hub for various end-user industries, such as semiconductors and automotive that produce home appliances, smartphones, and computer and peripheral devices. The country has immense potential for the production and sale of sensor-based devices. Moreover, the MEMS demand in China is projected to advanced significantly owing to the presence of leading automotive manufacturing facilities. According to International Energy Agency (IEA), China dominates global electric car sales, accounting for around 60% of global electric car sales in 2022. This prominence is expected to significantly influence the MEMS market in the Asia-Pacific (APAC) region.
Key Players
Key companies operating in the MEMS companies are Robert Bosch GmbH (Germany), Broadcom (US), Qorvo, Inc (US), STMicroelectronics (Switzerland), Texas Instruments (US), Goertek microelectronics Inc (China), Hewlett Packard Enterprise Development LP (US), TDK Corporation (Japan), Knowles Electronics, LLC (US), Infineon Technologies AG (Germany), Honeywell International (US), Analog Devices, Inc (US), among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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