Nanoelectromechanical systems (NEMS) are an integration of components on a silicon substrate at a nanoscale. The components are electronics, sensors, actuators, and mechanical elements. Miniaturization of consumer electronic components is key in driving the manufacture of NEMS. Market Research Future’s report on the global nanoelectromechanical systems market provides a comprehensive outlook on the industry for the period of 2019 to 2024 (forecast period) while considering the drivers, challenges, opportunities, and trends during the COVID-19 pandemic.
The global nanoelectromechanical systems market is expected to grow from USD 32.14 million in 2018 to USD 141.51 million by 2024. It can exhibit a CAGR of 28.1% during the forecast period. Investments in life sciences and technology are estimated to drive overall market demand significantly. Emphasis on precision in microscopes for accelerating research is a prime example. In 2019, Swerim AB invested close to USD 1 million for upgrading its high-resolution scanning electron microscope. Huge demand for nano surgical tools for diagnostics and surgery can bode well for the market. They can overcome challenges of inefficiencies of existing medical equipment and high maintenance costs.
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The COVID-19 pandemic has disrupted supply chains globally and the commencement of lockdowns for curbing the virus can negatively impact market demand. The gradual resumption of production and use of remote working policies for ensuring uninterrupted services can bode well for the market.
But high prices of nano-components can restrict the market growth.
By product type, the market has been segmented into nano-cantilevers, nano-accelerometers, nano-switches, nano-fluidic modules, and nano-tweezers. Nano-tweezers are expected to gain the maximum share of the market owing to the product derived from noble elements.
By material type, the market has been segmented into SiC, SiO2, graphene, carbon nanotubes, and others. Carbon nanotubes are expected to gain the lead in the global nanoelectromechanical systems owing to earning the distinction of being the smallest NEMS.
By application, the market has been segmented into sensing & control applications, tools & equipment application, and solid state electronics. Sensing & control applications segment has been further segmented into automotive medical and industrial process control. Solid state electronics segment has been sub-segmented into random access memory application and wireless communication application. Tools & equipment application segment has been further segmented into nano nozzles, atomic force microscope (AFM), scanning tunneling microscope (STM), and mass spectrometry.
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North America is expected to dominate the NEMS market during the forecast period due to the presence of global players in the region. Increasing adoption of latest technologies such as deep learning, artificial intelligence, machine learning, and IoT, and developments in nanotechnology is expected to drive the NEMS market in North America.
Asia Pacific is expected to showcase the highest CAGR during the forecast period due to the presence of automotive and electronic manufacturers. Smart city initiatives proposed by governments and modernization efforts can also drive the NEMS market in the region. Deployment of advanced technologies in Japan, India, and China and the region being a hub of consumer electronics manufacturers can elevate the market to new heights.
The Europe nanoelectromechanical systems market is projected to expand owing to industrial collaborations and applications of carbon nanotubes in commercial applications. Rising demand for wearables and other consumer electronic products can drive the regional market demand.
Agilent Technologies Inc., Showa Denko K.K., Broadcom Corporation, Bruker Corporation, Applied Nanotools Inc., Inframat Advanced Materials LLC, Analog Devices, Inc., Nanocyl SA, and Asylum Research Corporation are key players of the global NEMS market.
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