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Key Players in MEMS Market Growth

Published: 9.11.2023

The Micro-Electromechanical Systems (MEMS) market is expected to grow from US$14.5 billion in 2022 to US$20 billion by 2028 at an annual growth rate of 5%, as outlined in a report by Yole.

The high demand for consumer wearables has contributed to the MEMS market's expansion. Products like wireless headphones, smartwatches, and AR/VR headsets feature novel functionalities, including navigation assistance, altitude measurement, spatial audio, and sleep monitoring. OEMs are integrating more MEMS components to improve performance and enhance functionality, driving MEMS penetration rates in consumer wearables.

One of the primary drivers for the MEMS market's growth is the automotive sector, where the integration of autonomous driving and Advanced Driver-Assistance Systems (ADAS) features has significantly increased MEMS usage. Despite a relatively flat automotive market, the expanding MEMS penetration rate is set to counteract this trend.

Particularly, the demand for MEMS components such as inertial sensors for GNSS positioning, micromirrors for LiDAR, and environmental sensors for in-cabin comfort is expected to fuel market growth. By 2028, the automotive MEMS market is projected to reach US$4.1 billion with a Compound Annual Growth Rate (CAGR) of 7%.

The industrial sector, as the next largest segment, is experiencing growth due to warehouse automation and the adoption of Industry 4.0 practices. MEMS components such as inertial sensors, oscillators, and pressure sensors are critical for robots and autonomous vehicles in factory environments. These technologies enhance productivity and efficiency, driving MEMS demand in the industrial sector.

Position sensing, especially high-end MEMS inertial sensors, continues to be crucial in the defense and aerospace sectors. Additionally, the medical sector is witnessing increased demand for MEMS components due to the miniaturization of diagnostic and monitoring equipment, as well as the introduction of wearables for healthcare applications.

Several key players in the MEMS market have experienced notable growth. Robert Bosch, a prominent player with business segments in both consumer and automotive markets, achieved an impressive 12% Compound Annual Growth Rate (CAGR) between 2021 and 2022. This diversification has allowed Bosch to maintain robust revenues.

STMicroelectronics, a supplier to Samsung and a strong presence in the consumer sector experienced a 5% CAGR during the same period. This growth was further strengthened by their recent entry into the automotive market.

SiTime, a supplier of clock oscillators, achieved remarkable growth, boasting a 30% increase in the past year, building on several successful years in the industry.

While many players in the MEMS market reported growth, some faced challenges. Brands such as Oppo, Motorola, and Xiaomi, catering to mid- to low-end markets, found consumers less willing to pay premiums for added performance or functionality compared to Apple or Samsung users. This discrepancy has widened the gap between MEMS market leaders and their competitors, particularly in recent months.

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