by MEMS pressure sensors are an integral part of automotive, industrial and consumer electronic applications. They provide accurate pressure level monitoring through MEMS technology which helps improve performance and efficiency of systems. These tiny yet powerful sensors are vital in monitoring tire pressure in vehicles and detecting pressure changes in engines.
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 key trends:
The growing automotive industry is witnessing strong demand for MEMS pressure sensors. Vehicles nowadays are integrated with various sensors and modules to make driving safer, more convenient and fuel efficient. MEMS pressure sensors play a critical role in monitoring brake pressure, tire pressure and engine performance parameters. Additionally, government mandates worldwide regarding regular monitoring of tire pressure have further boosted adoption of these sensors in vehicles. The automotive sector accounts for over 30% share of the global MEMS pressure sensors market currently. With rising vehicle production and implementation of advanced driver-assistance systems, demand from the automotive industry is expected to increase considerably over the coming years, driving the overall MEMS pressure sensors market growth.
SWOT Analysis
Strength: MEMS pressure sensors offer high accuracy and sensitivity. Their small size enables incorporation into miniature devices.
Weakness: Initial set up and design costs of MEMS fabrication can be high. They also require precision manufacturing facilities.
Opportunity: Growing demand for IoT and wearable devices is propelling the need for small, accurate sensors. Automotive and industrial applications also offer scope for growth.
Threats: Availability of alternative pressure sensing technologies can limit market potential. Macroeconomic factors like trade wars pose risks.
Key Takeaways
The Global MEMS Pressure Sensors Market Size is expected to witness high growth. The market size is projected to reach US$ 2363.64 Mn by 2023 from US$ XXXX Mn in 2023, expanding at a CAGR of 6.14 %during the forecast period.
Regional analysis: North America currently dominates owing to widespread use in industrial machinery, medical equipment and automotive electronics. Asia Pacific is poised to grow the fastest on account of a burgeoning automotive sector and a thriving electronics industry in China, South Korea and others.
Key players: Key players operating in the MEMS pressure sensors market are Ball Corporation, Crown Holdings, Inc., Trivium Packaging B.V., Mauser Packaging Solutions and CCL Containers. They are focused on new product development and leveraging latest fabrication methods to achieve enhanced performance at lower costs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
