SAN FRANCISCO, April 15, 2021 /PRNewswire/ -- The global microcontroller market size is predicted to attain USD 36.16 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 10.1% from 2021 to 2028. Globally, more than 28 billion units of microcontrollers were shipped in 2020. The market growth is attributable to the increasing focus on automation and artificial intelligence across various verticals such as automotive and industrial. Increasing demand for embedded control systems in multifunctional devices such as vehicles, robots, medical devices, mobile radio, residential appliances, among others, is also playing a principal role in the growth of the market.
Key suggestions from the report:
The 32-bit microcontroller is anticipated to emerge as the fastest-growing product segment over the forecast period, owing to its ability to offer high computational power. Technological developments in the production of semi-autonomous and fully autonomous driving systems also require 32-bit microcontrollers, thus driving the growth of the product segment
The automotive application segment dominated the global market in 2020 and is estimated to witness a CAGR exceeding 11% from 2021 to 2028. Increasing consumer demand for enhanced safety features, convenience functions, and entertainment systems, along with government regulations on emission control are driving the segment growth
North America is expected to maintain its dominance over the forecast period. The use of microcontrollers for smart energy management and photovoltaic systems is expected to be the significant factor contributing to the regional growth
Asia Pacific is anticipated to witness substantial growth over the forecast period, owing to the rapidly growing consumer electronics sectors, as well as the presence of major market players in the region such as Yamaichi Electronics Co., Ltd and Fujitsu Semiconductor Limited
Factors such as the Brexit and U.S.-China trade war have led to declining market conditions. New American tariffs on Chinese goods and a slowdown in the Chinese economy are the major factors affecting the steady growth of the market
Key market players include Infineon Technologies AG; Microchip Technology Inc.; NXP Semiconductor; Renesas Electronics Corporation; STMicroelectronics; and Texas Instruments Incorporated
However, the market has witnessed a downfall in revenue owing to the adverse effects of the COVID-19 pandemic. The leading companies, such as Infineon Technologies AG, NXP Semiconductors, Texas Instruments Incorporated, and STMicroelectronics, have witnessed a significant fall in revenues in the first two quarters of 2020. However, as the lockdown restrictions are gradually getting lifted, manufacturing facilities across the globe are reopening with a limited workforce. Further, as the automotive and industrial factories worldwide are reopening, the demand for microcontrollers is expected to grow steadily from 2021 to 2028.
The rising need for agility and flexibility in the industrial ecosystem due to the reducing product lifecycles is expected to spur growth further. The consumer electronics segment has also witnessed significant growth owing to innovative technological developments such as wireless sensing and connectivity, automation, along with the emergence of IoT ecosystems in homes. Furthermore, many players in the market are developing microcontrollers with state-of-the-art architecture to make them compatible with the devices that are having such technologies. Miniaturization of microcontrollers and the delivery of high performance with extremely low power usage are some of the key advantages that are offered by some of the new microcontroller units in the market.
The increased demand for devices supporting Ethernet and the Internet of Things (IoT) is also expected to impact the demand for microcontrollers over the forecast period favorably. The demand for microcontroller chips integrated with wireless interfaces, such as ZigBee, microcontrollers, and Bluetooth, has witnessed a considerable rise. Furthermore, the rising need for wireless sensor-based networks for the controlling and monitoring of systems has enhanced the interest of companies in implementing a combination of low-cost systems. Increasing focus on the implementation of energy-efficient solutions for both discrete and process industries is anticipated to propel sustainable manufacturing in industrial automation for a more efficient process. Flexible production and asset management would also influence the factory integration, offering high potential for automation and customized solutions among industrial applications.
Grand View Research has segmented the global microcontroller market based on product, application, and region:
Microcontroller Product Outlook (Revenue, USD Million, 2016 - 2028)
Microcontroller Application Outlook (Revenue, USD Million, 2016 - 2028)
Consumer Electronics & Telecommunication
Military & Defense
Microcontroller Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players Operating in Microcontroller Market
IoT Microcontroller Market– This growing web for connected devices encompasses smartphones, televisions, tablets, home appliances, gaming consoles, smart meters, security systems, and is anticipated to impact positively the IoT microcontroller demand.
Microcontroller Socket Market– The increasing need of providing high performance with power efficiency has further led to the development of automation technology at a rapid pace. The increasing labor costs and the growing demand for higher quality have encouraged the industry participants to opt for automated equipment in the programming process.
Medical Equipment Maintenance Market– The global medical equipment maintenance market size was valued at USD 35.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2027
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.