Categories: Market Research

Microelectromechanical Systems Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Microelectromechanical systems refer to the technology ingthat are used to create small integrated devices or systems that combine electrical and mechanical components. They are made using integrated circuit (IC) batch processing techniques and can be as small as a few micrometers to as large as millimeters.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the microelectromechanical systems market in 2023. The regions covered in the microelectromechanical systems market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the microelectromechanical systems market include STMicroelectronics Pvt. Ltd., Hewlett Packard Enterprise Ltd., Texas Instruments Incorporated, Bosch Limited, Robert Bosch GmbH, Analog Devices Inc., NXP Semiconductors N.V., Panasonic Corp., Tyco Electronics Ltd., Broadcom Inc., Honeywell International Inc., Knowles Corp. LLC, Infineon Technologies AG, GoerTek Inc., TDK Corporation, Qorvo Inc., Murata Manufacturing Co. Ltd., Sensirion AG, InvenSense Inc., AAC Technologies Holdings Inc., Silicon Laboratories Inc., Omron Corporation, MEMSIC Inc., Knowles Corporation, Vesper Technologies Inc., Tronics Microsystems SA, X-FAB Silicon Foundries SE, SiTime Corporation, MEMSensing Microsystems SA, mCube Inc.

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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31. Global Microelectromechanical Systems Market Competitive Benchmarking

32. Global Microelectromechanical Systems Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Microelectromechanical Systems Market

34. Microelectromechanical Systems Market Future Outlook and Potential Analysis

35. Appendix