Microelectromechanical Systems Global Market Report 2023 : Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company's Microelectromechanical Systems Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, November 22, 2023 /EINPresswire.com/ -- The global microelectromechanical systems (MEMS) market, segmented by type into Sensors and Actuators, and by application into Consumer Electronics, Automotive, Industrial, Aerospace and Defense, Healthcare, Telecommunication, and Other Applications, experienced remarkable growth. The market size surged from $15.55 billion in 2022 to $17.71 billion in 2023, achieving a noteworthy Compound Annual Growth Rate (CAGR) of 13.9%. Despite challenges posed by the Russia-Ukraine war, which disrupted global economic recovery from the COVID-19 pandemic, the MEMS market is poised for continued expansion, projected to reach $29.92 billion by 2027, with a CAGR of 14.0%.

Driving Factors Amidst Global Challenges
Economic sanctions, commodity price surges, and supply chain disruptions caused inflation, affecting industries worldwide. However, the microelectromechanical systems market demonstrated resilience, leveraging its growth on the increasing need for device miniaturization in electronic devices.

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Device Miniaturization Fueling Market Growth
The demand for device miniaturization in electronic devices is a key driver propelling the growth of the MEMS market. The trend towards fitting more transistor nodes on smaller integrated circuits (ICs) aligns with the rise of miniature devices. Factors such as declining average selling prices (ASPs), cost-effectiveness, reduced space consumption, and high accuracy contribute to the growing preference for miniaturized components. The surge in wearable technology further accentuates the demand for these components. According to a 2020 survey by the National Library of Medicine, approximately 30% of US adults use wearable healthcare devices, with around 47.33% using them daily. This increasing need for device miniaturization is a significant factor driving the growth of the microelectromechanical systems market.

Major Players and Market Innovations
Key players in the microelectromechanical systems market, including STMicroelectronics, Hewlett Packard Enterprise Development LP, and Texas Instruments Incorporated, are driving innovation to gain a competitive edge. In 2021, Infineon Technologies AG introduced the XENSIV™ IM67D130A, the first microphone approved for automotive applications. This innovation reflects the industry's commitment to meeting the demand for high-performance, low-noise MEMS microphones in automotive applications.

Market Dominance in Asia-Pacific
Asia-Pacific emerged as the largest region in the microelectromechanical systems market in 2022 and is expected to maintain its dominance. The comprehensive report offers detailed insights into regional dynamics, market trends, and growth opportunities.

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Microelectromechanical Systems Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Microelectromechanical Systems Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on microelectromechanical systems market size, microelectromechanical systems market drivers and microelectromechanical systems market trends, microelectromechanical systems market major players, microelectromechanical systems market competitors' revenues, market positioning, and market growth across geographies. The microelectromechanical systems market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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