Aug. 20, 2003 — Last year was one of the toughest to date for the MEMS industry, with revenues inching up only slightly and many companies going out of business, according to a new report.

“Got MEMS? 2003 Industry Overview and Forecast,” published by Scottsdale, Ariz.-based In-Stat/MDR, reports that year-over-year revenues grew from about $3.8 billion to $3.9 billion in 2002. The report also found more than 20 firms closed their doors, including four fabrication facilities.

Still, the 54-page report concludes that the MEMS sector remains a solid business opportunity for users and suppliers. Revenues are forecast to increase at a compound annual growth rate of nearly 16 percent to $8.3 billion in 2007, and unit shipments are expected to grow from 1 billion units last year to 3.3 billion in 2007.