Microcontroller Market Insights with statistics and Growth Prediction 2027

Microcontroller Market Insights with statistics and Growth Prediction 2027

The microcontroller market analysis document represents a detailed collection of prioritized market definitions, industry scope and reach, and pivotal industry insights. Information about the many pitfalls of the market as well as the frequent challenges encountered by core industry players have been summarized in the report. That apart, the document also endorses details about the numerous driving parameters impacting the revenue landscape of this vertical.

The global microcontroller market has gained considerable traction over the years due to the widespread use of these components in smart building automation systems. Automation systems like HVAC control, fire protection, and lighting systems, and security and surveillance technologies, are all integrated with microcontroller units.

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Certain benefits of using microcontrollers include energy efficiency, stable output readings, and high precision input and output peripherals, all of which is integral for 24x7 monitoring and control applications. The growing adoption of advanced IoT technology in smart buildings has driven the demand for the product.

Reports estimate that the global microcontroller market size could reach USD 20 billion in terms of valuation by 2027. An evident improvement in the disposable income of people across the globe has led to the developments in the consumer electronics industry in both developed as well as developing nations. As per a report furnished by the Indian Brand Equity Foundation, the consumer electronics and appliances sector in India is projected to rise from USD 10.93 billion in the year 2019 to USD 21.18 billion by 2025.

Microcontrollers find widespread usage in different home appliances and consumer electronics. Devices like smart TVs, washing machines, air conditioners, speakers, among many others are integrated with microcontrollers to enhance usability, connectivity, and device controlling applications. The growing adoption of consumer electronic devices and home appliances will propel the demand for microcontrollers.

Concerning the type of product, the market is segmented into 8-bit, 16-bit, and 32-bit. However, when compared to the 8-bit and 32-bit variants, 16-bit controllers have witnessed a decline in their demand due to their low operational efficiency and the need for high programmable cycles when compared to the 32-bit microcontrollers. This has adversely affected the demand for 16-bit MCUs across many end-use applications like healthcare, industrial and consumer electronics industry. Although, technological advancements with the integration of built-in Flash memory in the 16-bit microcontroller variants will support its use in automobile electronics.

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Regionally speaking, Europe has emerged as a profitable revenue terrain in microcontroller market and held a market share of approximately 25% during 2020 and is likely to grow at a CAGR of 6% up to 2027. The growth is attributed to the growing trends of deploying electric vehicle charging stations across the EU. As per the Department for Transport, UK Government, in June 2020, there were nearly 18,265 fully operational EV charging stations across the nations.

Some of the other leading microcontroller manufacturers include Renesas Electronics Corporation, Infineon Technologies, NXP Semiconductors N.V., Microchip Technology, Inc., and Infineon Technologies, to name a few. To sum up, the growing adoption of IoT devices as well as the demand for different types of consumer electronics will drive the microcontroller market size.

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