Market Size of MEMS Combo Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEMS Combo Sensors Market Analysis
The global MEMS combo sensors market is projected to grow at a CAGR of 11.5% during the forecast period. The global automotive industry is moving towards a significant market shift and adopting ADAS-enabled vehicles, which is expected to drive the demand for such sensors.
- The global demand for connected wearable devices is significantly increased owing to the rising popularity of connected devices. According to CISCO Systems, the global number of connected wearable devices stood at 593 million during fiscal 2018 and is expected to reach 1105 million by 2022. Thus, increasing the adoption of wearable devices is expected to contribute to market growth throughout the study period.
- The automotive industry is moving towards a technological shift and is on the verge of adopting autonomous vehicles. Advanced Driver Assistance Systems are increasingly becoming intuitive. According to Goldman Sachs, the ADAS/AV market is expected to be USD 96 billion by 2025. This, in turn, is anticipated to bolster the demand for the MEMS combo sensors.
- The growing global consumer electronics market and IoT devices are expected to positively influence the demand for the MEMS combo sensors market. According to GFU, the expenditure on consumer electronics products worldwide stood at 31.2 billion euros in 2021, an increase of 2.5% compared to 2020.
- The MEMS combo sensors in the chip industry have witnessed immense growth as technology companies globally accelerated innovation in the fight against the COVID-19 pandemic. The need for tiny devices is behind advances in the areas of electronics. Alongside introducing new products, vendors are navigating more ways of technological advancement to address the evolving demand. However, since the COVID-19 pandemic impacted multiple global markets, the automotive, mobility, and civil aviation industries have suffered drastically yet differently.
- Moreover, the pandemic has changed the perception of the global supply chain in manufacturing, where more localized value chains and regionalization have come into the picture. These are primarily done to minimize similar future risks posed by the pandemic.
