(MENAFN- Ameliorate Digital Consultancy)
Fact.MR predicts the global sales of MEMS sensors to exceed US$ 75 Bn by registering a staggering double-digit CAGR of 18.01% in the forecast period 2022-2032. Consumer electronics remain a key application area of MEM sensors, and account for a majority of the total market value. Mounting demand for customized and intelligent cars has resulted in opening up numerous opportunities for MEMS sensor market players.
Historically, from 2017 to 2021, the sales of MEMS sensors registered a CAGR worth 15%. The outbreak of the COVID-19 impacted the demand for MEMS sensors, primarily by the aftereffect of nationwide lockdown and disrupted supply chains. Significant rise in demand for essential services and goods during the pandemic has resulted in downsizing demand for consumer electronics such as smart phones, smart watches, and other smart wearable devices. As the world is gaining back normalcy, the demand for MEMS sensors is expected to retrieve.
Moreover, polymer fabricated MEMS sensor is expected to be the most attractive segment, due to their high functional properties. Increasing usage of polymer fabricated MEMS in automotive, medical, and biotechnology industries will continue to offer tailwinds to the market growth.
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Prioritizing Product Portfolio Expansion Helping MEMS Sensors to Gain Revenue?
Prominent players in the MEMS sensor market performance coating are focusing on the expansion of their product line to meet demand associated with different applications and segments.
For instance, in November 2019, Cree, Inc. and STMicroelectronics announced the expansion and extension of their long-term silicon carbide (SiC) wafer supply agreement. This agreement was aimed at multiplying value for the supply of MEMS sensors to Cree by nearly doubling its volume over the duration of 10 years.
Besides, these key players are also entering into long-term collaboration with end-use industries and raw material suppliers to strengthen their presence in both regional and global markets.
Country-wise Analysis How do Growth Prospects Appear for MEMS Sensors in North America? Regulatory Policies Creating Lucrative Opportunities for MEMS Sensors in North America?
North America is seen as most lucrative region for the MEMS sensor market, backed by high growth in consumer electronics industry as well as increased demand for modern automobiles and wearable devices, the sales of MEMS sensors have escalated in U.S. and Canada.
Moreover, regional trend and regulatory policies play an important role in development of the MEMS sensor and semiconductor markets. Thus, North America is expected to register a CAGR of more than 18% in the sales indicator period.
Category-Wise Insights Which is the Dominant MEMS Sensor Type by Fabrication? Lower Costs and Better Functionality Key Reason for Increasing Demand of Polymer Fabricated MEMS Sensors
Demand for MEMS sensors processed with polymer as fabrication material is poised to grow at a higher rate compared to other fabrication material such as silicon, ceramic, and metal over the forecast period. With fast-expanding range of application, from semiconductor chip to flexible devices, demand for MEMS sensors fabricated with polymer will continue to grow at an impressive rate.
Polymer fabricated MEMS sensors provide novel and better functionality at lower cost compared to other fabricated materials. Thus, polymer fabricated MEMS sensors are expected to account for nearly 35% market share for MEMS sensors.
By Type, Which is the Most Preferred MEMS Sensor? Optical MEMS Sensor to Gain Significant Traction due to Fiberization
Optical MEMS sensor continues to account for a major share of manufacturers' bottom lines, with increasing adoption of FTTH services and fiberization of telecommunication BTS. Furthermore, introduction of NGN backed by concept of MIMO (Multiple-Input-Multiple-Output) will drive sales of optical MEMS sensors, at an impressive growth rate of 22% over the forecast period.
Chemicals and biological sensors will follow the growth trend with increasing adoption in remote surgery and other biomedical applications. Mechanical MEMS sensor is also gaining significant momentum, which is expected to account for 30% of total market revenue by 2032.
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Competitive Landscape In December 2021, STMicroelectronics N.V introduces a smart sensor evaluation kit that accelerates design with IO-Link Transceiver and STM32 MCU. The device eases workload and is designed for easy integration with additional X-cube software to expand the sensors functionality. In September 2021, STMicroelectronics N.V announces the first multi-zone Flightsense time of flight sensor for various general purpose applications. The company is focusing on providing the same to a wide spectrum of industrial and consumer products. In January 2021, Honeywell International Inc announced that the company is creating the next generation of inertial sensor technology that will be used in commercial and defense navigation applications. The company is focusing on building sensors that increase performance without changing the size or the weight of the IMU. In September 2021, STMicroelectronics N.V announces the first multi-zone Flightsense time of flight sensor for various general purpose applications. The company is focusing on providing the same to a wide spectrum of industrial and consumer products.
Key Segments Covered
· Type Mechanical MEMS Sensors Optical MEMS Sensors Thermal MEMS Sensors Chemical & Biological MEMS Sensors Other MEMS Sensors
· Fabrication Material Silicon MEMS Sensors Polymer MEMS Sensors Ceramic MEMS Sensors Metal MEMS Sensors
· Application Automotive MEMS Sensors Consumer MEMS Sensors Medical MEMS Sensors Industrial MEMS Sensors Other MEMS Sensors
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