The Global market for piezoelectric MEMS sensor is forecast to reach $1.7 billion by 2025, growing at a CAGR of 4.7% from 2020 to 2025. The market growth is attributed to its growing applications along verticals including consumer electronics, automotive, healthcare, telecommunication, aerospace, oil& gas and others. Moreover real time monitoring data requirement by industries to make their work efficient, flexible, accurate and cost savings contributes to the market growth of piezoelectric MEMS sensor.
- Deployment of piezoelectric MEMS sensor in the automotive vertical including tire pressure, oil pressure, fuel pressure, air flow and others propels the market growth.
- Deployment of piezoelectric MEMS sensor in the healthcare vertical including medical facilities and equipment such as CT scan, X-ray machines, ECG and others boosts the market growth.
- APAC region is expected to dominate the global piezoelectric MEMS sensor market during the forecast period 2020-2025. The market growth is due to the growing automotive vertical, increasing demand of consumer electronics, development in healthcare vertical and others. This leverages a positive impact on piezoelectric MEMS sensor market.
By Energy Source type- Segment Analysis
Piezoelectric MEMS sensor market is segmented into mechanical, electromagnetic, thermal, chemical, and optical on the basis of energy source type. The optical energy source type segment is anticipated to hold the highest market share during the forecast period 2020-2025. The market growth is attributed to factors such as small size, light weight, electrically passive operation, high sensitivity, and resistance to electromagnetic interference and corrosion and others. In January 2019, premium motion sensor was launched by TDK for optical and computational image balance solicitations. The new 6-axis motion sensor InvenSense CORONA ICM-42622 offers unprecedented sensor efficiency for improved 4-axis optical and computational stabilisation strategies for still images and film. Such product launches and benefits of optical piezoelectric MEMS leads to rise in demand thereby propelling the market growth.
By End User type- Segment Analysis
Consumer Electronics segment held the highest market share of piezoelectric MEMS sensor in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. The market growth is due to its various applications such as microphone for smartphone and smart home applications, Inkjet print heads, micro mirror for LIDAR and projectors. In addition to it, smart mirrors for EUV lithography, microfluidic pumps and valves, ultrasound transducers (PMUT), RF-switches, energy harvesters, energy storages, fingerprint sensors, micro speaker, and others are some of its applications. Piezoelectricity, next to electrostatic or magnetic actuation is one of the key actuation pathways in MEMS systems. Piezoelectric actuation enables low voltages and function with low electricity, durable mechanical architecture. Moreover the sensing features can be easily added. Consequently with the rising development in the miniaturisation of electronic devices and ICs, the industry is seeing a growth in the use of piezoelectric MEMS sensors thereby enhancing the market growth.
Geography – Segment Analysis
North America held the highest market share of the piezoelectric MEMS sensor market in 2019. The market growth is attributed to the factors such as developments and implementation of advanced technology in verticals including automobiles, healthcare, aerospace and others. Moreover growth in demand of consumer electronics and rising automotive production and sales in this region results in enhancement of the market for piezoelectric MEMS sensor. However, APAC region is anticipated to observe the significant market growth during the forecast period 2020-2025. The market growth is attributable to factors including rapid industrialization, substantial investments in infrastructure leading to growth of automotive. Additionally, increasing investment in research and development of vehicle electrification-related systems tends to foster the market growth. Moreover Increasing mobile usage, advances in the portable electronics industry, expanded Internet of Things (IoT) awareness and high competition in the automation field also leverages a positive impact on the market growth of piezoelectric MEMS sensor. For instance, in January 2020, an investment of US $110 million was made by Hyundai Motor Company and Kia Motors Corporation in a partnership with Arrival limited for the development of electric commercial vehicles. Thus such investments and partnerships benefits the market growth.
Drivers – Piezoelectric MEMS sensor market
- Technological advancements in Consumer electronics and its growing demand
Growing implementation of artificial intelligence (AI), internet of things (IOT), virtual reality (VR), big data analytics in tandem with the introduction of 4 G and emerging 5 G and others are fuelling advancements in electronic technology. This leads to increase in customers demand along residential, commercial as well as industrial applications. Piezoelectric MEMS sensor applications including microphones, speakers, camera auto-focus coupled with the technical developments are fuelling the market growth.
Challenges – Piezoelectric MEMS sensor market
- High cost
The costs of designing and installing devices may be very large for limited quantities. MEMS is also not ideal for specialized applications if costs aren’t a concern. Thus cost factor plays matters a lot for the market growth.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the piezoelectric MEMS sensor market. As of 2019, the market for piezoelectric MEMS sensor market is consolidated with the top players including STMicroelectronics N. V., MegaChips Corporation., AMS AG, Robert Bosch GmbH, InvenSense Inc., Panasonic, Canon, Seiko Epson Corporation, Infineon Technologies, Knowless , Denso, Avago Technologies and among others.