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Micro-Electromechanical Systems (MEMS) Gyroscopes Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
Micro-Electromechanical Systems (MEMS) Gyroscopes Market Size
According to The Business Research Company's, The micro-electromechanical systems (MEMS) gyroscopes market size has grown strongly in recent years. It will grow from $2.17 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to demand for consumer electronics, growth of automotive applications, emergence of wearable devices, cost reduction.
The micro-electromechanical systems (MEMS) gyroscopes market size is expected to see strong growth in the next few years. It will grow to $3.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to expansion of IoT applications, growth in wearable health tech, autonomous vehicles and robotics, regularity compliance. Major trends in the forecast period include ultra-miniaturization, enhanced performance, multi-axis gyroscopes, low-power designs, sensor fusion, advanced calibration techniques.
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Market Drivers and Trends:
The rising production of automotive vehicles is expected to propel the growth of the micro-electromechanical systems (MEMS) gyroscope market going forward. Automotive vehicles are self-propelled vehicles designed primarily for road, street, and highway transportation. It arises because of advancements, environmental regulations, and consumer preferences. Micro-electromechanical systems gyroscopes are used for automotive vehicles to enhance rotational motion and orientation's safety, performance, and functionality. For instance, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturer association, the global production of motor vehicles reached 85.4 million units in 2022, reflecting a notable increase of 5.7% compared to 2021. Therefore, the rising production of automotive vehicles is driving the growth of the micro-electromechanical systems (MEMS) gyroscope market.
Major companies operating in micro-electromechanical systems (MEMS) gyroscopes are focusing on the development of innovative advancements such as the IAM-20380HT, a monolithic stand-alone MEMS gyroscope, to cater to the growing demand for highly accurate and reliable gyroscopes in automotive applications. This gyroscope is a single integrated circuit that includes the MEMS gyroscope and the necessary electronics for operation. For instance, in November 2022, TDK Corporation, a Japan-based electronics manufacturer, launched the world's first monolithic stand-alone MEMS gyroscope, the IAM-20380HT, for non-safety automotive applications. It is designed to operate over a wide temperature range and deliver reliable and highly accurate measurement data for various automotive non-safety applications, such as navigation, vehicle tracking, telematics, door control, and vision systems. It also features adjustable bandwidth, a selectable scale, sleep mode, a compact size, high accuracy, and advanced functionality while offering high precision, reliability, and versatility in a compact and efficient design.
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Major Key Players of the Market:
Robert Bosch GmbH, Panasonic Corporation, Honeywell International Inc., Texas Instruments Incorporated (TI), STMicroelectronics N.V., NXP Semiconductors, Murata Manufacturing Co. Ltd., Analog Devices Inc., Seiko Epson Corporation, Qorvo Inc., Sensata Technologies, Knowles Corporation, Xsens Technologies B.V., InvenSense, MEMSIC Inc., KIONIX Inc., Silicon Sensing Systems Ltd., Systron Donner Inertial, Tronics Microsystems, Sensonor AS, Vesper Technologies, Inc., Colibrys Ltd., MicroStrain Inc., VTI Technologies, MemsTech Co., Ltd.
Micro-Electromechanical Systems (MEMS) Gyroscopes Market 2024 Key Insights:
• The Micro-Electromechanical Systems (MEMS) Gyroscopes Market is expected to grow to $3.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• MEMS Gyroscopes Ride The Wave Of Surging Automotive Production
• Advancements In Monolithic Stand-Alone MEMS Gyroscopes For Automotive Applications
• North America was the largest region in the micro-electromechanical systems (MEMS) gyroscopes market in 2023. The regions covered in the micro-electromechanical systems (mems) gyroscopes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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