by The MEMS Pressure Sensors market has witnessed steady growth over the past decade owing to its growing demand across industries such as automotive, consumer electronics, industrial applications and medical devices. MEMS Pressure Sensors provide accurate pressure measurements with very low power consumption and compact sizes. Their ability to sense pressure in minute ranges for automotive, medical and consumer applications have resulted in their increased adoption.
The Global MEMS Pressure Sensors Market is estimated to be valued at US$ 2722.92 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the MEMS Pressure Sensors are Henkel, KM Packaging, Bilcare Solutions, Flexifoil Packaging, Alfipa, Hydro, Symetal, Zenith Alluminium Pvt Ltd, OBEIKAN, UACJ Corporation, Norsk Hydro, JW Aluminum, Constellium, Aleris, Hulamin, Elvalhalcor, Gulf Extrusions, Alcoa, Hindalco Novelis, AMAG Austria Metall AG. Key players related content comprises the consistently growing demand for MEMS Pressure Sensors across industries to enable precise pressure monitoring systems. Their low power consumption and cost effectiveness has made them the choice for OEMs in the automotive and smart home automation industries.
The growing demand in automotive, consumer electronics and industrial applications is driving the MEMS Pressure Sensors Market Growth. Their ability to sense minute changes in pressure has resulted in their widespread adoption across automotive tire pressure monitoring systems, consumer wearables and several industrial machinery applications. Furthermore, their accurate pressure sensing capabilities with very low power usage is fueling their demand.
The market is witnessing high growth in demand across regions such as North America, Europe, Asia Pacific and Rest of World. Major players are focusing on expanding their operations across countries to tap prevailing opportunities. In addition, the growing adoption of IoT based solutions across industries has accelerated the need for highly precise and low power sensing components like MEMS Pressure Sensors.
Market key trends
One of the major trends enabling growth of MEMS Pressure Sensor market is the increasing demand for wearable devices and home automation systems. MEMS Pressure Sensors find wide usage in various wearables including smart watches, fitness bands, smart glasses etc. for applications ranging from altimeters, barometers to body worn sensors. In addition, MEMS Pressure Sensors have enabled development of several smart home automation systems including temperature, humidity and occupancy sensors. Their low cost and size has fueled integration across various wireless sensor nodes for home automation.
Porter’s Analysis
Threat of new entrants: Low startup costs and barriers which allows new players to enter the market easily.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and commodity nature of the product.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are several suppliers in the market.
Threat of new substitutes: Threat of substitution is low as MEMS pressure sensors have distinct advantages over traditional pressure sensors.
Competitive rivalry: High as the market is fragmented with presence of numerous global and regional players.
Geographical Regions
Asia Pacific currently holds the largest share in the MEMS pressure sensors market in terms of value mainly due to presence of various automotive, industrial and consumer electronics manufacturing facilities in countries like China, Japan, South Korea and India. North America is the second largest regional market driven by high adoption of consumer electronics and automotive sector. Europe also captures significant market share due to presence of major automotive OEMs and suppliers in Germany, UK and France. RoW regions including Middle East & Africa and Latin America are projected to be the fastest growing geographical markets during the forecast period attributed to increasing industrialization and rising living standards.
The fastest growing regional market for MEMS pressure sensors during the forecast period from 2024 to 2031 is projected to be Latin America owing to rising automotive production, rapid industrialization and growing demand for consumer electronics in major countries like Brazil and Mexico. Growth in Middle East & Africa region is also anticipated to be high primarily driven by oil & gas industry expansion plans and infrastructure development projects in GCC countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
