Global Microcontroller Market expands with the rising smart grid installations
The global microcontroller market is anticipated to be one of the growing businesses during the forecast period. It is estimated that this market will record a CAGR of 7.1% by 2024.
These microcontroller units (MCU) are mostly utilized in devices that require a considerable degree of control used by the consumers. The usage of Microcontrollers can reduce the cost of medical devices that offer accurate reading and medical information. Therefore, the increased demand from medical equipment manufacturers is estimated to raise the target market considerably in the near future.
A surge in the number of luxury cars that use advanced microcontrollers coupled with the rapid growth in electric vehicle production is driving the market in the automobile segment in the market. With the growing web of connected devices like smartphones, televisions, tablets, home appliances, gaming consoles, smart meters, and security systems, the target market is witnessing an increased demand for Internet of Things (IoT) MCUs. And rising competition is resulting in reduced product prices, which is further fueling the application of these microcontroller units.
Recent developments
- Renesas Electronics and Panthronics has Announced their collaboration for developing the wireless charging and connected IoT solutions.
- Maxim has launched the Max400026 comparator and Max40660/Max40661 trans-impedance amplifiers, which are LiDAR ICs at Embedded World.
Market drivers and restraints
Rising awareness about smart energy management, including technological development, is expected to drive the market growth. Smart meter installations as a part of smart grid initiatives are anticipated to considerably drive the market due to the usage of these microcontroller units in them for ensuring communication between physical locations.
The intense competition in the worldwide industry led to the low price of the product coupled with the rising awareness regarding smart energy management due to the emergence of smart grids is propelling the demand for these MCUs.
Expanding demand from the medical and automotive sectors across the globe and the growing percentage of geriatric population and the disease's occurrence like diabetes and high blood pressure, are the significant factors that are contributing to the increased demand for electronic medical devices.
The declining average selling prices coupled with the global slowdown in the sales and production of vehicles are the major challenges that are hindering the global microcontroller market.
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Report Segmented as
Microcontroller Product Outlook (Revenue, USD Million, 2016 - 2027)
- 8-bit
- 16-bit
- 32-bit
Microcontroller Application Outlook (Revenue, USD Million, 2016 - 2027)
- Automotive
- Consumer Electronics
- Industrial
- Medical Devices
- Military & Defense
Geographical Analysis
- North America
- Europe
- Asia-Pacific
- South America
- Middle-East & Africa
In the regional analysis of the microcontroller market, North America held the largest share exceeding 35% in 2019, and it is estimated to maintain its dominance during the forecast period owing to the prevailing large consumer base for tablets, smartphones, and other consumer electronics and the penetration of IoT ecosystems in homes and corporate places in the region. This has resulted in the rise in demand for smart electricity gadgets, smart wearables, sensors, medical devices, and other IoT enabled devices.
Key market players
- Texas Instruments Incorporated
- Microchip Technology Inc.
- Silicon Laboratories
- Intel Corporation
- Renesas Electronics Corporation
- Maxim Integrated
- Fairchild Semiconductor
- STMicroelectronics
- Analog Devices Inc
- Samsung Semiconductor
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