Attributing to the expanse of automation across various end-use segments such as consumer electronics, automotive, and military & defense, the global microcontroller market is projected to grow at a stellar CAGR of 10% during 2019 – 2029, According to a new market study by Fact.MR, opportunities in consumer electronics with propelling sales of smart devices which incorporate microcontrollers further complement the market growth.
Microcontroller Market – Key Takeaways
- 16-bit microcontroller continues to lead, with more than half of market share, with market share projected to double between 2019 and 2029.
- Automotive applications to account for 1/3rd of overall market share owing to increased automation in vehicles.
- Medical devices sector will provide significant growth opportunities on the back of technological advancements in medical treatments and automation of medical devices and procedures.
- North America persists continues to reign supreme, with over a third of the global market, owing to an upsurge in electric vehicles and automated homes.
- South Asia and Oceania would triple their regional share by the end of the forecast period.
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Microcontroller Market – Key Driving Factors
- The increasing number of millennial customers and disposable income is propelling the sales of smart devices, which serve as a significant end-use for microcontrollers.
- The increasing industrial applications in developed countries are providing substantial revenue opportunities for the manufacturers in the microcontroller market.
- Invigorated by proactive involvement of governments in the automation of medical treatments, devices, and procedures, the medical segment is providing significant growth opportunities for the implementation of microcontrollers.
Microcontroller Market – Key Restraint
Operational failures of microcontrollers in extreme climatic conditions such as extreme cold and extreme heath, hinder smooth working in end-use applications, thereby possessing a challenge to the rapid growth of the market.
Some of the key players in the microcontroller market are Fujitsu Semiconductor Limited, Cypress Semiconductor Corporation, Microchip Technology Inc., NXP Semiconductors, Renesas Electronics Corporation, STMicroelectronics, TE Connectivity Ltd, Texas Instruments Incorporated, Yamaichi Electronics Co., Ltd., and Zilog, Inc., among others. Furthermore, automation start-ups are projected to see an upsurge in revenue in the foreseeable future. Leading players are investing in research and development activities to decrease the size of microcontrollers and increase the processing power.
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About the Report
This 170-page study offers readers a comprehensive market forecast of the global microcontroller market. With historical demand data (2014-2018) and forecast statistics for the period, 2019-2029, the study divulges compelling insights on the microcontroller market based on product type (8-bit, 16-bit, and 32-bit), application (automotive, consumer electronics, industrial, medical devices, and military & defense), and across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).