Microcontroller Market 2021 | Growth drivers and geographic analysis to 2027
Microcontroller Market is expected to witness lucrative growth from 2021 to 2027 owing to steady adoption of automated systems and smart building infrastructure.
Delaware, United States – July 21, 2021 /MarketersMedia/ —
Driven by steady adoption of automated systems and smart building infrastructure, the microcontroller market is estimated to suffice substantial revenue growth in the coming years. Automated systems such as security & surveillance systems, HVAC control, fire protection & lighting systems, are mostly integrated with MCUs (microcontroller units). These microcontrollers provide features like high precision energy efficiency, (I/O) input/output peripherals, and stable output readings, which are appropriate for 24/7 controlling and monitoring applications.
A study published by Global Market Insights suggests that the microcontroller market is projected to surpass USD 20 billion by 2027. However, the COVID-19 pandemic has resulted in a strict lockdown and multiple trade restrictions around the world. This has affected the demand and supply for microcontrollers.
Nevertheless, rising adoption of IoT technology in smart building applications could fuel the market growth. The key players operating in the industry are Texas Instruments, Microchip Technology, NXP Semiconductors N.V., Infineon Technologies AG, STMicroelectronics N.V, and Renesas Electronics Corporation. Companies operating in the microcontroller industry are focusing on new product launches to stay competitive in the market.
To access a sample copy or view microcontroller market report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/4906
Here are some of the latest trends anticipated in the market:
1) Rising adoption of industrial robots
According to the World Robotics 2020 report, 2.7 million industrial robots are operating in factories worldwide and have witnessed a year-on-year growth rate of 12% compared to 2018. The rising adoption of industrial robots is estimated to generate noteworthy growth opportunities for 32-bit microcontroller suppliers. Estimates further suggest that around 2 million new industrial robots are anticipated to be deployed by the year 2022.
2) APAC emerging as a lucrative market
The trend of smart cities public infrastructure development is steadily gaining grip across Asia Pacific. The rising adoption of public Wi-Fi infrastructure in India, South Korea, Japan, Singapore, and Taiwan is expected to offer new opportunities to microcontroller manufacturers.
Proliferation in the demand for consumer electronics and home appliances will also have a positive impact on microcontroller market of APAC. According to the Indian Brand Equity Foundation, the consumer electronics & appliances industry in India is expected to rise from USD 10.93 billion in 2019 to USD 21.18 billion in 2025.
3) Fading demand for 16-bit microcontrollers
Due to favorable cost and performance capabilities in comparison to 8-bit and 32-bit microcontrollers, the 16-bit microcontroller market size is projected to augment over the estimated period. Reports indicate that the 16-bit segment held for over 20% market share in 2020. However, the market could expect a decline in growth in the coming future. The 16-bit MCUs involve programmable cycles and require more efficiency in comparison to 32-bit microcontrollers. This has led to declining demand for 16-bit MCUs in various end-use applications such as healthcare, electronics, and consumer electronics.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: MarketersMedia
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