The global MEMS Pressure Sensors Market is estimated to be valued at US$ 2363.64 Mn in 2023 and is expected to exhibit a CAGR of 6.14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
MEMS (Micro-Electro-Mechanical Systems) pressure sensors are microchip devices that can sense, measure, and translate pressure into digital electric signals. They are widely used in medical devices, consumer electronics, automotive, industrial, and other applications. MEMS pressure sensors offer advantages such as high sensitivity, low power consumption, small size, mass production capabilities, and low cost. With the increasing demand for smart electronics and IoT devices, the adoption of MEMS pressure sensors is rising significantly.
Market key trends:
The MEMS pressure sensors market is witnessing significant growth due to the accelerating adoption of IoT and wearable devices. Various consumer electronics and automotive manufacturers are integrating MEMS pressure sensors in their products to add new functionalities. For instance, MEMS pressure sensors are increasingly being used in smartwatches to measure blood pressure, detect different postures and in vehicle cabin pressure sensors. In addition, the growing demand for medical equipment and patient monitoring devices is fueling the demand for MEMS pressure sensors in the healthcare sector. Furthermore, implementation of new safety and connectivity standards in the automotive industry is presenting growth opportunities for MEMS pressure sensors for applications such as ABS braking systems and tire pressure monitoring systems. Advancements in MEMS technology are enabling the development of miniaturized and highly sensitive pressure sensors with wider measurement ranges.
Threat of new entrants: The threat of new entrants is medium as the MEMS pressure sensor market requires high R&D investments and manufacturing costs. However, the growth opportunities in emerging applications are attracting new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple vendors providing low-cost substitutes. Buyers can negotiate on price and demand better quality products.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials required for MEMS pressure sensors such as silicon wafers are available from multiple sources.
Threat of new substitutes: The threat of new substitutes is low as MEMS pressure sensors provide better performance efficiency and reliability over traditional pressure sensors.
Competitive rivalry: intense rivalry exists among the existing players.
The Global MEMS Pressure Sensors Market Size is expected to reach US$ 2363.64 Mn in 2023 and is projected to grow at a high CAGR of 6.14% during the forecast period. Automotive applications are increasingly adopting MEMS pressure sensors due to their high reliability and accuracy in monitoring critical vehicle parameters.
Regional analysis: Asia Pacific dominates the MEMS pressure sensors market and is expected to continue its dominance during the forecast period. Increasing manufacturing activities in countries like China, Japan, India are driving the demand for MEMS pressure sensors in this region. North America and Europe are also high potential markets for MEMS pressure sensors due to ongoing research and development activities in these regions.
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. The key players are focusing on new product innovations and mergers & acquisitions to gain a competitive advantage in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it