Microelectromechanical systems (MEMS) pressure sensors are microsensors used to measure pressure levels in gases and liquids. MEMS pressure sensors are popularly used in applications such as healthcare equipment, automotive components, industrial monitoring, and consumer electronics. MEMS pressure sensors are found in diverse applications such as barometric pressure sensors for smart watches, pressure sensors for wearable devices, differential pressure sensors for air data computers, absolute and gauge pressure sensors for HVAC systems, and tire pressure monitoring systems for vehicles.
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.
Market Dynamics:
The growing demand for pressure sensors from the IoT devices industry is expected to drive the growth of the MEMS pressure sensors market during the forecast period. MEMS pressure sensors play a vital role in IoT devices to monitor various industrial and environmental parameters such as pressure, level, flow, and humidity. The rising adoption of IoT devices in various industries such as automotive, healthcare, industrial, commercial, and residential is propelling the demand for pressure sensors. Moreover, the development of smart cities and infrastructure is increasing the demand for sensors from various applications such as smart homes, asset tracking, smart transportation, and environmental monitoring, which is projected to support the market growth of MEMS pressure sensors over the coming years. The rising preference for IoT devices for monitoring and telemetry applications across industries due to benefits such as remote access and real-time data insights is expected to fuel the demand for MEMS pressure sensors during the forecast period.
Segment Analysis
The MEMS pressure sensor market is dominated by the automotive sub segment which accounts for over 40% share of the overall market. MEMS pressure sensors find wide application in vehicle airbag systems, ABS/ESC systems, tyre pressure monitoring systems, and other automotive electronic control units. Growing vehicle production and stringent safety regulations mandating installation of airbags and ABS systems in new vehicles is driving demand for MEMS pressure sensors in the automotive sub segment.
PEST Analysis
Political: Implementation of stringent vehicle safety norms in regions like North America and Europe regarding installation of airbags and ABS systems in new vehicles is positively impacting the demand for MEMS pressure sensors from the automotive industry.
Economic: Growth in the global automotive industry and rising vehicle ownership in developing economies of Asia Pacific are driving demand for MEMS pressure sensors from the automotive sub segment.
Social: Increasing consumer demand for advanced safety features in vehicles along with rising disposable incomes is accelerating adoption of automotive electronic systems incorporating MEMS pressure sensors.
Technological: Advancements in MEMS fabrication technology is enabling development and commercialization of low cost, high accuracy MEMS pressure sensors for diverse industrial and consumer applications. Miniaturization of sensor size allows for integration into compact electronic products.
Key Takeaways
The Global MEMS Pressure Sensor Market Growth is expected to witness high over the forecast period supported by auto industry growth and increasing penetration of MEMS pressure sensors across diverse industrial applications including consumer electronics, medical devices, HVAC systems. The automotive sub segment dominates regional demand patterns accounting for a bulk of consumption. Factors such as mandatory installation of airbags and ESC systems in vehicles promote sensor adoption.
Regional analysis comprises:
The Asia Pacific MEMS pressure sensor market accounts for a major share of the global market supported by large automotive manufacturing base in China, India, Japan and South Korea. Presence of leading automakers has made the region a manufacturing hub thus driving regional sensor demand. North America and Europe also contribute significant shares driven by extensive automobile production and aftermarket maintenance services in the regions.
Key players operating in the MEMS Pressure Sensors market are: Ball Corporation, Crown Holdings, Trivium Packaging B.V., Mauser Packaging Solutions, CCL Containers. Key players such as Ball Corporation and Crown Holdings are global leaders in beverage can and packaging with significant market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it