by MEMS pressure sensors have gained huge importance across industries due to their miniaturized design, low power consumption, and high accuracy in measuring pressure changes. MEMS pressure sensors are used in various industrial applications such as HVAC systems, gas and water distribution systems, process control monitoring, and more. They also find significance in medical equipment such as patient monitoring devices, infusion & syringe pumps, and anesthesia delivery machines where precise and reliable measurement of pressure fluctuations is critical.
MEMS pressure sensors work on the principle of measuring changes in capacitance or resistance value as pressure acts upon a sensitive silicon diaphragm or microstructure fabricated using MEMS technology. Compared to traditional pressure sensors, MEMS pressure sensors provide higher sensitivity and accuracy along with compact size suitable for various form factors. Their rugged design makes them withstand harsh operating environments encountered in industrial processes. The demand for condition monitoring and remote asset management across industries is further fueling adoption of MEMS pressure sensors for real-time pressure monitoring and data analysis.
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:
One of the key trends in the MEMS pressure sensors market is the increasing focus on development of temperature compensated sensors with improved accuracy. Temperature variations can cause measurement errors in pressure sensing. To address this, manufacturers are focusing on incorporating temperature sensing elements alongside pressure sensing elements on the chip itself. This enables real-time compensation of pressure readings based on temperature readings. Another noteworthy trend is miniaturization of sensor dimensions without compromising on sensing performance. This opens up opportunities for usage of MEMS pressure sensors in tighter spaces and wearables. Advanced nanofabrication techniques are enabling development of highly miniaturized yet robust MEMS pressure sensors.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the MEMS pressure sensors market requires huge R&D investments and technological expertise to research and develop new MEMS pressure sensor designs.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitute MEMS pressure sensor products from various global players offering similar functionalities at competitive pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have few alternatives and players have stringent quality control policies.
Threat of new substitutes: The threat of new substitutes is moderate as alternative pressure sensing technologies offer compelling value propositions.
Competitive rivalry: Competition in the market is high as key players compete on the basis of technology, product differentiation, quality and pricing.
Key Takeaways
The Global MEMS Pressure Sensors Market Demand is expected to witness high growth over the forecast period driven by rising demand from automotive, industrial, and medical sectors. 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.
Regional analysis: North America dominates the global MEMS pressure sensors market currently owing to established automobile industry and presence of leading sensor manufacturers in the region. Asia Pacific is expected to witness fastest growth due to rising industrial activities and increased automobile production in countries such as China and India.
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. Ball Corporation and Crown Holdings, Inc. are recognized for their technical expertise and innovative product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
