Rise in automation is driving MEMS Pressure Sensors Market Growth

MEMS Pressure Sensors Market
MEMS Pressure Sensors Market

MEMS Pressure Sensors Market by Application (Medical, Automotive, Industrial, Aerospace and Defense, and Consumer Electronics), Type (Silicon Piezoresistive and Silicon Capacitive), and By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global MEMS Pressure Sensors Market is estimated to be valued at US$ 2360.54 million in 2023, and is expected to exhibit a CAGR of 6.20 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

MEMS sensors can be utilized to assess physical limitations such as speeding up, temperature and pressure. Electronic compounds can be made on the similar chip to measure the results of the detector, conduct signal processing and offer wireless communication. Silicon is the chosen material for MEMS pressure sensors with huge sensitivity, recurrence, and high mechanical features, and the current silicon production procedure is mature and low in price.

Competitive Landscape:

Key players involved in the growth of global MEMS Pressure Sensors Market are Bosch Sensortec GmbH, Amphenol Advanced Sensors (Amphenol Corporation), Goertek INC., Murata Manufacturing Co. Ltd and Sensata Technologies Inc.

Market Key Drivers:

The rising adoption of automation and increasing necessity of industrial robots is expected to augment the growth of global MEMS Pressure Sensors for Market. For instance, The International Federation of Robotics (IFR) states that industrial robot shipments across the globe reached around 384,000 in 2020.

Rising use of IoT applications is projected to propel the growth of global MEMS Pressure Sensors Market. For instance, as per Cisco, by 2022, machine-to-machine connections that assist IoT applications are known to account for around half of the globe’s 28.5 billion connected devices.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global MEMS Pressure Sensors for Market due to the strict imposition of lockdown and the disruption in supply chain. The lack of customer attraction towards the market has impeded the market growth.

Key Takeaways:

The global MEMS Pressure Sensors Market is anticipated to exhibit a CAGR of 6.20 % during the forecast period due to increasing mergers and acquisitions. For instance, in July 2022 - Bosch Sensortec declared that Edge Impulse's ML platform assists its detector on the Arduino NiclaSense ME microcontroller.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global MEMS Pressure Sensors for Market due to rising approvals and launches, increasing mergers and acquisitions, rising penetration of smartphones and increasing collaborations and partnerships. For instance, as per sources there were around 307 million smartphone users in U.S. in 2022.

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