The global MEMS Pressure Sensors Market is estimated to be valued at US$ 2,363.64 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 Overview:
MEMS pressure sensors are microelectromechanical systems used for monitoring and measuring pressure levels in various industrial and automotive applications. They provide advantages such as high sensitivity, small size, low power consumption, and real-time output.
Market key trends:
One of the key trends in the MEMS pressure sensors market is the increasing focus of automotive OEMs on driver safety and vehicle health monitoring systems. MEMS pressure sensors are crucial components for monitoring tire pressure, oil pressure, coolant levels etc. They help in detecting faults and preventing accidents. With the growing adoption of driver assistance systems and self-driving technologies, the demand for accurate pressure sensing is expected to increase tremendously in the automotive sector over the forecast period.
SWOT Analysis
Strength: MEMS pressure sensors offer high sensitivity and accuracy with fast response time. They are compact in size, lightweight and durable.
Weakness: Initial setup and manufacturing costs of MEMS pressure sensors are high. Quality issues and signal drift are some weaknesses.
Opportunity: Growing demand for MEMS pressure sensors from automotive, medical, industrial and consumer electronics industries present lucrative opportunities.
Threats: Price wars among existing players and entry of new players pose threat. Trade barriers and regulations can impact the market.
Key Takeaways
The Global MEMS Pressure Sensors Market Size is expected to witness high growth, exhibiting a CAGR of 6.14% over the forecast period, due to increasing demand for sensors in automotive and IoT devices.
Regional analysis
Asia Pacific dominates the MEMS pressure sensors market and is expected to continue its dominance during the forecast period. Growing automotive production and presence of sensor manufacturers in countries like China, Japan, South Korea and Taiwan drives the market in the region.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it