Impact of COVID-19 on the Global Nanoelectromechanical Systems Market
Nanoelectromechanical systems find applications in the devices for the integration of electrical and mechanical functionalities on a nanoscale. It refers to an advanced stage of miniaturization of MEMS devices. These systems include several devices such as actuators, sensors, gears, cantilevers, accelerometers, and tweezers. Nanoelectromechanical systems are preferred owing to their low power consumption, smaller size, high-frequency resonance, and low cost. Moreover, their rising adoption in sensing & control applications, solid-state electronics, and tools & equipment is expected to stimulate the growth of the nanoelectromechanical systems market over the projected timeframe.
The spread of the COVID-19 pandemic from China has impacted the global nanoelectromechanical systems market considerably. The rapid spread of the pandemic has compelled governments to initiate lockdowns in several countries, disrupting supply chains and shutting down numerous manufacturing plants. The slowdown caused in the production of new nanoelectromechanical systems is expected to hamper market growth over the forecast period.
Global nanoelectromechanical systems manufacturers are focused on lowering operational costs for surviving in the market. The resumption in the manufacturing of nanoelectromechanical systems and related products in the post-lockdown period is expected to drive the growth of the market. Government initiatives and relaxations in the lockdowns are expected to boost the demand for nanoelectromechanical systems over the forecast timeframe. Industry players are increasingly adopting innovative and remote working policies to prevent the spread of COVID-19 at workplaces. Thus, the demand for nanoelectromechanical systems is expected to increase due to the rising adoption of advanced technologies in the global automotive, medical, and chemical sectors.