The MEMS Pressure Sensors Market is estimated to be valued at US$ 2363.64 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
MEMS pressure sensors are microelectromechanical devices that can convert pressure into an electrical signal. They are used for measuring pressure in various industrial and automotive applications. Major advantages of MEMS pressure sensors over traditional pressure sensors are small size, low cost, high sensitivity, and lower power consumption. Their small footprint allows easy integration into devices.
Market key trends:
One of the major trends driving the growth of MEMS pressure sensors market is increasing demand from Internet of Things (IoT) applications. IoT enabled devices require integration of various types of sensors including pressure, temperature and motion sensors to capture data about the physical world and share it through the internet. Considering their small size and cost effectiveness, MEMS pressure sensors can easily be embedded into various connected devices. Growing penetration of wearable devices, home automation systems and industrial IoT is creating significant opportunities for MEMS pressure sensor market players. Additionally, emergence of autonomous and electric vehicles is also augmenting the demand for MEMS pressure sensors as they are utilized for cabin pressure monitoring, airbag deployment and brake systems in vehicles. Continued technological advancements to develop highly sensitive and durable MEMS pressure sensors with lower power consumption will further support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The MEMS Pressure Sensors market has moderate barriers to entry owing to high capital requirements for setting up manufacturing facilities. Bargaining power of buyers: Buyers in the market has low bargaining power due to availability of multiple options from different suppliers. Bargaining power of suppliers: Suppliers have a moderate level of bargaining power due to presence of alternative raw material suppliers. Threat of new substitutes: The threat of new substitutes is low as there are limited alternative sensors for pressure sensing applications. Competitive rivalry: The MEMS Pressure Sensors market witnesses high competitive rivalry between established players.
SWOT Analysis
Strength: MEMS pressure sensors offer precision, repeatability, miniaturization and cost-effectiveness.
Weakness: Sensors require heavy capital investment in R&D and manufacturing infrastructure. Temperature variation can affect the sensor output.
Opportunity: Growth in automotive, industrial and consumer electronics industry will propel the demand. Increasing adoption of IoT and wearable devices offer growth prospects.
Threats: Stringent regulation and quality standards from end-use industries. Trade war and supply chain disruptions pose challenges.
Key Takeaways
The Global MEMS Pressure Sensors Market Size is expected to witness high growth, exhibiting CAGR of 6.14% over the forecast period, due to increasing adoption in automotive, industrial and medical applications.
Asia Pacific dominates the market holding over 35% share in 2023 due to presence of manufacturing facilities in China, Japan and Taiwan coupled with the rising demand from industrial machinery and consumer electronics sectors.
Key players operating in the MEMS Pressure Sensors market are First Sensor AG, Bosch Sensortec GmbH, Honeywell International Inc., Murata Manufacturing Co. Ltd., ROHM Co. Ltd., Amphenol Corporation, InvenSense Inc., Sensata Technologies Inc., NXP Semiconductors NV (Freescale), Goertek Inc., TE Connectivity Ltd., STMicroelectronics NV, Infineon Technologies AG, Omron Corporation, and Alps Alpine Co. Ltd.
