With 7.9% CAGR, Micro-Electro-Mechanical System (MEMS) Market Growth to Surpass USD 24.2 billion
Author : naresh kumar | Published On : 03 Apr 2024
The Micro-electro-mechanical System (MEMS) market is projected to grow from USD 16.5 billion in 2024 and is projected to reach USD 24.2 billion by 2029; it is expected to grow at a CAGR of 7.9% from 2024 to 2029. The growth of the MEMS market is driven by growing adoption of smart consumer electronics; proliferation of IoT devices by manufacturing firm; and advancement in sensor fusion technology.
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RF MEMS is a MEMS-based RF passive component that offers various advantages over conventional microwave devices, including improved isolation, lower power dissipation, and reduced cost, size, and weight. Therefore, they have broader application prospects in many fields, such as switches, capacitors, filters, phase shifters, amplifiers, and reconfigurable antennas. Flexible RF MEMS play an irreplaceable role in flexible communications for reliable microwave performance and ultralow-power consumption. With the advantages of being conformal, flexible, and impact-resistant, flexible RF MEMS are very suitable for airborne/spaceborne radar or IoT communication systems. Flexible reconfigurable RF MEMS feature lightweight, high integration and performance and meet the requirements of large curvature bending or stretchable conformal integration in satellite communication applications, including flexible RF MEMS switch matrix, MEMS phase shifters, reconfigurable MEMS antennas, and phased array MEMS antennas.
The automotive sector continues to integrate MEMS technology, advancing its performance and functionality through innovations like the recent introduction of MEMS devices. For instance, In January 2024, TDK unveiled the InvenSense SmartAutomotive IAM-20381HT, which completed the transition of its SmartAutomotive family to 105°C. This three-axis MotionTracking accelerometer, qualified for automotive use, enhanced navigation, infotainment, and telematics applications. This advancement underscores the pivotal role of MEMS in steering innovation and meeting the growing needs of the automotive industry. Along with this, Murata Manufacturing, a prominent electronics components manufacturer in Japan, is set to deliver its inaugural shipment of automotive inertial navigation sensors by March 2024.
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Growing automotive industry in Asia Pacific region is one of the major factor influencing the demand for MEMS in the region. According to International Organization of Motor Vehicle Manufacturers (OICA), Asia Pacific region continues to be a vital hub for the automotive industry, with countries like China, India, Indonesia, and Malaysia experiencing notable growth in vehicle sales. In 2022, China maintains its dominance with over 27 million vehicles sold while India exhibits robust expansion with a 24% surge in vehicle sales, reflecting its burgeoning economy and rising consumer demand driven by economic development, urbanization, and increasing consumer purchasing power, the Asia Pacific region solidifies its position as a vital hub for the automotive industry, promising continued expansion and opportunity.
