MEMS Pressure Sensors Market Is Estimated To Witness High Growth
Micro-electromechanical systems (MEMS) pressure sensors have emerged as a core component in automotive pressure monitoring applications such as tire pressure monitoring systems (TPMS), turbocharger inlet pressure sensors, pressure sensors for transmission and brake systems. MEMS pressure sensors provide more accurate pressure measurement with features such as compact size, cost-effectiveness and extended operational life. The rising adoption of TPMS in automobiles to enhance vehicle safety and improve fuel efficiency has propelled the demand for MEMS pressure sensors in the automotive industry.
The global MEMS Pressure Sensors Market is estimated to be valued at US$ 2,363.64 million 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 Opportunity
The rapidly expanding automotive industry across the globe offers significant growth opportunities for MEMS pressure sensors market. According to various estimates, global vehicle production is projected to surpass 120 million units by 2030 from around 95 million units in 2021. MEMS pressure sensors play a vital role in vehicle safety, comfort and performance. Growing consumer demand for technologically advanced vehicles equipped with features such as TPMS and advanced driver assistance systems will continue to drive the adoption of MEMS pressure sensors in automotive pressure monitoring applications. Leading automakers are rapidly inducting MEMS sensors in their vehicles to improve fuel-efficiency, manage boost pressure, regulate transmission shifts and monitor brake fluid pressure, offering vast opportunities to sensor manufacturers in the upcoming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital investments and economies of scale are required to enter the MEMS pressure sensors market. MEMS pressure sensors makers need to invest in advanced technology and manufacturing facilities to become competitive.
Bargaining power of buyers: The bargaining power of buyers is moderate to high due to the availability of numerous suppliers in the market. Buyers can negotiate on price and demand better services from existing suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is low. MEMS pressure sensors market has a large number of component manufacturers and suppliers. Suppliers are unable to dictate the pricing and service demands.
Threat of new substitutes: The threat of new substitutes is low as MEMS pressure sensors have very few substitutes and are an integral component of automotive, industrial, consumer electronics and medical applications.
Competitive rivalry: High as major players are focusing on new technology developments and product innovations in various applications to gain market share in the competitive MEMS pressure sensors market.
SWOT Analysis
Strengths: MEMS pressure sensors provide high accuracy, miniaturization, and flexibility to integrate into various devices. Major applications in automotive and healthcare sectors driving growth.
Weaknesses: High manufacturing costs due to nanofabrication processes involved. Design complexities and reliability issues pose challenges.
Opportunities: Growing usage in IoT devices, wearables, and industrial automation opens up new growth avenues. Miniaturization allowing integration into more compact designs.
Threats: Changing technological standards and compatibility issues across industries. Sensitivity to price variations and demand fluctuations.
Key Takeaways
The Global MEMS Pressure Sensors Market Growth is expected to witness high over the forecast period of 2023-2030, growing at a CAGR of around 6.14%. Factors such as increasing use of MEMS sensors in automotive, consumer electronics and medical applications is expected to drive market growth.
Regional analysis indicates that Asia Pacific dominates the global MEMS pressure sensors market currently, accounting for around 45% of the total market share in 2023. Rapid industrialization, rising automotive production, and growing medical device industry in countries such as China, Japan, and South Korea are fueling the growth of MEMS pressure sensors in Asia Pacific. North America and Europe are other major regions for MEMS pressure sensors globally.
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. Major players are focusing on new product development through nano fabrication and material technology advancements to diversify their applications in automotive, industrial, medical and consumer electronics sectors.
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