Our in-depth analysis segmented the Global micro electro mechanical systems (mems) sensors market in the following segments:
By Sensor Type
By Actuator Type
Global micro electro mechanical systems (mems) sensors market is further classified on the basis of region as follows:
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The global micro electro mechanical system sensors market is expected to reach USD 25.9 Billion by 2027 with CAGR of 12.8% from 2018-2027. In the modern world everything is monitored digitally. Increasing demand for the various upgraded applications such as IoT and expansion of automation industry is driving the micro electro mechanical system sensors market.
On the basis of region, the market is segmented into North America, Latin America, Europe, Asia-Pacific, Middle-East and Africa. Asia-Pacific region is expected to lead the market on the account of growing automobile and electronics sector. China and India are the major countries in the micro electro mechanical system market.
North America is also prominent competitor on the account of rising usage of MEMS devices in medical industry. These devices help to control the difficult diseases which cannot be diagnosed by traditional devices. In Europe countries such as UK, France and Germany are investing in R&D to produce most effective equipment which uses digital technology.
The integration of technology with sensors results in growth in global micro electro mechanical systems market. A major advancement is IoT (Internet of things) which is driving the demand for micro electro mechanical system sensors. Machine tools, vehicles, wearable, street light and wind turbines are implanted with software and sensors for connectivity. Sensors are extensively used in smart homes and smart cities which in turn garner high growth. The automation industry is also increasing the demand for the micro electro mechanical system sensors.
There is increasing application of micro electro mechanical system sensors in consumer electronics in order to make it more digital to the user. The use of smartphones incorporated with micro electro mechanical system sensors is also expected to increase the market size. One of the prominent challenges associated with micro electro mechanical system sensors is that it requires more devices for the incorporation. Furthermore, many small devices are incapable of adding sensors in them which is expected to hinder the micro electro mechanical system sensors market growth in the upcoming years.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh