The MEMS market is expected to be valued at USD 18.88 Billion by 2022, at a CAGR of 9.8% between 2017 and 2022. The drivers for this market are the growing demand for smart consumer electronics and wearable device, huge adoption of automation in industries and homes, stringent government regulations for the automotive vertical, and introduction of efficient, economical, and compact MEMS technology.
Among all the major verticals in the MEMS market, the consumer electronics vertical held the largest share in 2017. The main driver for the growth of this vertical is the increasing usage of MEMS in electronics such as wearable devices; smartphones, tablets, and laptops; portable navigation devices; portable media players; digital cameras; and gaming consoles; as well as e-readers. The MEMS market for healthcare is expected to grow at the highest CAGR during the forecast period because of the high adoption of MEMS for clinical monitoring applications, imaging applications, diagnostic and treatment equipment positioning applications, and prostheses and patient monitoring applications.
The inertial sensor type is expected to hold the major share of the MEMS market during the forecast period. This growth is attributed to the increasing usage of inertial sensors, such as accelerometer, gyroscope, magnetometer, and inertial combo sensor, in automotive applications such as electronic stability control (ESC), traction control system (TCS), and anti-lock braking system (ABS). Moreover, this growth is attributed to the high adoption in consumer and wearable applications for location-based services, gaming, built-in compass app providing screen orientation and for undoing actions by shaking the device. The MEMS market for environmental sensors is expected to grow at the highest CAGR during the forecast period because of the increasing opportunities in areas such as home automation, smartphones, and wearables.
MEMS are widely being used in the automotive and consumer electronics verticals. However, the manufacturing of MEMS is highly complex, and requires advanced and increasingly costly equipment, which has to be continuously modified or maintained to improve yields and product performance and lower the cost of production. Currently, the industry has no standardized process for a majority of MEMS fabrication needs because the fabrication process for a MEMS device is dependent on the application it is intended for.