Micro-Electro-Mechanical System (MEMS) Market by Sensor Type (Inertial, Pressure, Microphone, Micxrospeaker, Environmental Sensor, Optical Sensor), Actuator Type(Optical, Inkjet Head, Microfluidics and RF), Vertical and Region - Global Forecast to 2028

Micro-Electro-Mechanical System (MEMS) Market by Sensor Type (Inertial, Pressure, Microphone, Micxrospeaker, Environmental Sensor, Optical Sensor), Actuator Type(Optical, Inkjet Head, Microfluidics and RF), Vertical and Region - Global Forecast to 2028

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 adoption for consumer electronics, advancement in sensor fusion technology, and increasing demand for IoT devices are key factors propelling the MEMS market growth. However, lack of standardization fabrication processes for MEMS and high complexity issues attributed to miniaturization are some factors hindering the growth of the MEMS market.

""Market for RF to grow at higher CAGR during forecast period""

The RF segment of the MEMS market is expected to account for the largest market size and highest growth rate during the forecast period. The growth is attributed to the wide usage of RF MEMS in smartphones, wearables, and the Internet of Things (IoT). RF MEMS offers advantages such as reduced size, lower power, improved antenna performance and radiated power, and reduced power loss.

""Asia Pacific to witness highest growth among other regions during forecast period""

Asia Pacific is expected to dominate the MEMS market during the forecast period. Asia Pacific is the rapidly growing MEMS market. The Asia Pacific market is further segmented into China, Japan, South Korea, India, and the Rest of Asia Pacific. Asia Pacific is a major market for consumer electronics, automobiles, and industrial. This region has become a global focal point for large investments and business expansion opportunities. The growth of the automotive industry in the Asia Pacific region is a major driver for the MEMS market. Additionally, Asia Pacific also has the world’s largest oil refineries—the Reliance Jamnagar refinery in India and Ulsan refinery in South Korea—as well as major consumer electronics companies such as Samsung Group (South Korea), Toshiba Corp. (Japan), Panasonic Corp. (Japan), and LG Electronics (South Korea).

The report profiles key players in the MEMS market with their respective market ranking analyses. Prominent players profiled in this report include STMicroelectronics (Switzerland), Robert Bosch (Germany), Analog Devices (US), NXP Semiconductors (Netherlands), Texas Instruments (US), Panasonic Corp. (Japan), TE Connectivity (Switzerland), Broadcom (US), Honeywell International US), and Knowles Corp. LLC (US), among others.

Research coverage

This research report categorizes the MEMS market on the basis of component, product, application, vertical, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the MEMS market and forecasts the same till 2028. Apart from these, the report also consists of leadership mapping and analysis of companies in the MEMS ecosystem.

Key benefits of buying report

The report will help market leaders/new entrants with information on the closest approximations of the revenue numbers for the MEMS market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.