Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Microelectromechanical Systems (MEMS) Market size is expected to reach $131.8 billion by 2028, rising at a market growth of 8.4% CAGR during the forecast period.
The Actuators segment is showcasing a CAGR of 10.2% during (2022 - 2028). More than half of the fast-expanding MEMS industry is made up of MEMS actuators, which are machines that transform electrical energy into mechanical motion. These are used in several industrial, RF, and optical applications. Variable capacitors, optical phase shifters, micro-grippers for robotic surgery, next-generation displays, and focusing mechanisms for cameras in mobile devices are a few examples.
The Consumer Electronics segment acquired maximum revenue share in the Global Microelectromechanical Systems (MEMS) Market by End User in 2021 thereby, achieving a market value of $37.6 billion by 2028. Due to its improved electrical performance at high frequencies, MEMS is frequently employed in wearable technology and smartphones. These applications fuel developments in the MEMS industry as the consumer electronics sector changed its emphasis from conventional sensors to MEMS technology. The emphasis on energy efficiency is expanding as smart consumer gadgets become more laden with high-performance components.
The Asia Pacific market dominated the Global Microelectromechanical Systems (MEMS) Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $48.9 billion by 2028.The Europe market is estimated to grow a CAGR of 8.2% during (2022 - 2028). Additionally, The North America market would display a CAGR of 7.8% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Analog Devices, Inc., Broadcom, Inc., HP Development Company, L.P., NXP Semiconductors N.V., Panasonic Corporation, Robert Bosch GmbH, STMicroelectronics N.V., Texas Instruments, Inc., IBM Corporation, and Canon, Inc.
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