The global microcontroller market size is estimated to account for USD 47.74 billion by 2027. The market is projected to register over 10% CAGR from 2020 to 2027, as per a new report by Million Insights. Growing automation across several industries, the emergence of industry 4.0 and AI-integration are the key factors driving the demand for the microcontroller in the industrial application. In addition, consumer electronic is one of the major end-users of the microcontroller. Over the past few years, the demand for consumer electronics has increased manifold across regions.
The increasing need for flexibility and agility in the industries due to the reduced product lifecycle is anticipated to bolster the demand for microcontroller units. Besides, increasing development of the smart grid is attributing to the growth of the market. Miniaturization has become a new trend in the production of components. Microcontrollers’ miniaturization not only provides high performance but consume less power.
The increasing number of equipment supporting IoT and Ethernet is projected to boost the microcontrollers market growth over the next few years. In the recent past, microcontrollers integrated with wireless interfaces like Bluetooth and ZigBee have witnessed significant growth. Rising focus on implementing the energy-efficient solution in process and discrete industries is estimated to augment sustainable manufacturing.
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Further key findings from the report suggest:
• Over the forecast duration, 32-bit microcontroller segment would be the fastest growing segment.
• In 2019, the automotive segment held the largest share in the market and likely to register over 11% CAGR from 2020 to 2027.
• North America is estimated to continue its dominance in the next seven years.
• Factors such as trade war between the U.S. and China and Brexit are hampering the market growth.
• Leading players operating in the market are ST Microelectronics, NXP Semiconductor, Microchip Technology and Renesas Electronics Corp. among others.
Million Insights segmented the global microcontroller market on the basis of product, application and region:
Microcontroller Product Outlook (Revenue, USD Million, 2016 - 2027)
Microcontroller Application Outlook (Revenue, USD Million, 2016 - 2027)
• Consumer Electronics
• Medical Devices
• Military & Defense
Microcontroller Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa