Microcontrollers Market Size, Share, Leading Growth Drivers

Transparency Market Research delivers key insights on the global microcontrollers market. In terms of revenue, the global microcontrollers market is estimated to expand at a CAGR of 11% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global microcontrollers market.

The global microcontrollers market is broadly affected by several factors, including rising demand from the consumer electronics industry.

Burgeoning Use in Smart Home Applications Propelling Global Market

The demand for microcontrollers is expected to increase substantially, owing to rise in the adoption of microcontrollers in home automation. Technological developments have led to a decline in the size and cost of microcontrollers due to the miniaturization of electronic home instruments, which, in turn, is expected to offer new opportunities to manufactures in the microcontrollers market.

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The use of microcontrollers in smart devices, such as wearables, smoke detectors, thermostats, and glass breakage detection systems is increasing, owing to their ultra-low power consumption and integrated high-performance analog features. The residential sector is a major market for smart thermostat usage in smart homes, which is contributing to the growth of the global microcontrollers market.

Dynamics

Microcontrollers are solitary chip microcomputers fabricated from VLSI fabrication, also known as embedded controllers, which specially designed for embedded applications, in contrast to the microprocessors used in personal computers or other general-purpose applications that include various discrete chips. A microcontroller comprises components such as memory, peripherals and most importantly, a processor. Microcontrollers are essentially employed in devices that need a degree of control to be applied by the user of the device.

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The global microcontrollers market is projected to expand during the forecast years due to increase in penetration of consumer electronics devices. The rise in rate of adoption of miniature consumer electronic products in day-to-day life is also estimated to boost the global microcontroller market during the forecast period. Moreover, technological advancements and growing R&D investments in the development of microcontrollers also propel the demand for the global microcontroller market. Surge in use of microcontrollers across consumer electronics & consumer goods industries and in the manufacture of medical equipment is anticipated to augment the demand for microcontrollers.

The wearable devices market also offers significant opportunities for the global microcontrollers market. Wearable health monitoring devices are being extensively utilized for the constant monitoring of vital signs of patients, children, athletes or fitness buffs, and individuals and premature infants, in remote areas far from medical services. Thus, the growing trend of wearable personal monitor devices is expected to fuel the microcontrollers market.

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Prominent Regions

The microcontrollers market in the Asia Pacific is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and countries, such as China, Japan, South Korea, and Taiwan, offering considerable opportunities to manufacturers on a long-term basis, owing to the growing penetration of IoT ecosystems in homes and corporate places in the region. Asia Pacific accounted for a notable share of the global market due to increase in government initiatives and rise in industrial automation.

The expansion of consumer electronics, automotive, and healthcare industries coupled with the presence of a well-established supply chain network catering to a wide range of end users is expected to propel the demand for microcontrollers and consequently, drive the global microcontrollers market. China accounted for a prominent share, in terms of value, among all countries. The microcontrollers market in the Asia Pacific is estimated to expand at a prominent CAGR during the forecast period, owing to the presence of a large number of players manufacturing microcontrollers in the region.

Microcontrollers Market: Key Players

Key players operating in the global microcontrollers market are Analog Devices Inc., Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductor, Renesas Electronics Corporation, STMicroelectronics, Texas Instruments Incorporated, On Semiconductor, Maxim Integrated, and Toshiba Corporation.

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