The global microcontroller market is
expected to reach USD 102.18 billion by 2024, according to a new report by
Grand View Research, Inc. The growing need for flexibility and agility in the
industrial ecosystem, owing to the decreasing product lifecycles, is expected
to propel the industry growth. The consumer electronics market has also
witnessed a significant growth due to the innovative technical developments.
The rapidly growing automotive
industry is expected to be the key driver of the market over the forecast
period. Additionally, a high degree of competition in the industry has resulted
in the price reduction, which is expected to further boost the market growth.
The increased demand for devices
supporting Internet of Things and Ethernet is also expected to favorably impact
the demand for microcontrollers over the next 6 years.
The growing demand of
wireless sensor-based network implementation for monitoring and controlling of
systems has enhanced the interest of companies in implementing the combination
of low-cost systems. The demand for microcontroller chips integrated with
wireless interfaces, such as Bluetooth, ZigBee, and microcontrollers, has also
witnessed growth.
Furthermore, the growing focus on the
implementation of energy efficient solutions for both discrete and process
industries will propel the sustainable manufacturing in industry automation for
a more efficient process. Flexible manufacturing and asset management will also
influence the factory integration, offering high potential for automation and
customized solutions among the industrial applications.
In depth research
report on Microcontroller Market
Further key
findings from the report suggest:
·
The 32-bit microcontroller segment has emerged as the fastest growing
product segment over the forecast period, owing to its ability to offer
incredible computation power. The technological developments for the
realization of semi-autonomous and dully-autonomous driving systems also
require the presence of 32-bit microcontrollers, giving impetus to the market.
·
The automotive segment has also emerged as a predominant application
segment over the forecast period. The increasing consumer demand for enhanced
safety features, convenience functions, entertainment systems, and government
edicts on emission control is driving the segment growth.
·
The North American market is expected to remain one of the key markets
contributing to the market growth over the forecast period. The application of
microcontrollers for smart energy management and photovoltaic systems is expected
to be the major application contributing to the market growth in the region.
·
The Asia Pacific region is anticipated to witness a significant growth
over the forecast period, owing to the increasing growth in the automotive and
consumer electronics industry.
·
The key players in the microcontroller market include Renesas Electronics
Corporation, NXP Semiconductor, Microchip Technology, STMicroelectronics,
Infineon Technologies, and Texas Instruments.
Grand View Research has segmented the
microcontroller market based on product type, application, and region:
Microcontroller
Product Outlook (Transaction Revenue, USD Billion, 2014 - 2024)
·
8-bit
·
16-bit
·
32-bit
Microcontroller
Application Outlook (Transaction Revenue, USD Billion, 2014 - 2024)
·
Automotive
·
Consumer Electronics
·
Industrial
·
Medical Devices
·
Military & Defense
Microcontroller
Regional Outlook (Transaction Revenue, USD Billion, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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