Microcontroller Market Size, Share & Trends Analysis Report By Product (8-bit, 16-bit, 32-bit), By Application (Automotive, Consumer Electronics, Industrial, Medical Devices, Military & Defense), And Segment Forecasts, 2020 - 2027
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Microcontroller Market Size, Share & Trends Analysis Report By Product, By Application And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05867031/?utm_source=GNW
The global microcontroller market size is predicted to attain USD 47.74 billion by 2027. The market is expected to witness a CAGR of 10.8% over the forecast period, owing to the increasing focus on automation and Artificial Intelligence (AI) across various verticals such as automotive and industrial. Globally, more than 30 billion Microcontroller Units (MUCs) were shipped in 2019. Increasing demand for embedded control systems in multifunctional devices, such as vehicles, robots, medical devices, mobile radio, and residential appliances, is also playing a principal role in driving the market. The growing use of consumer electronics in day to day lives is anticipated to drive the need devices with higher performance and greater functionalities. Microcontrollers would play a crucial role in the development of such devices leading to the market growth.
Rising need for agility and flexibility in the industrial ecosystem due to the reducing product lifecycles is expected to further spur the demand for MCUs.The consumer electronics segment has also witnessed a significant growth owing to innovative technological developments such as wireless sensing and connectivity, automation, along with the emergence of Internet of Things (IoT) ecosystems in homes.
Many market players are developing products with state-of-the-art architecture to make them compatible with such devices. Miniaturization of microcontrollers and the delivery of high performance with extremely low power usage are some of the key advantages offered by some of the new microcontroller units.
Rising demand for devices supporting Ethernet and IoT is also expected to impact the demand for microcontrollers over the forecast period favorably.The demand for MCUs integrated with wireless interfaces, such as ZigBee, microcontrollers, and Bluetooth, has witnessed a considerable rise.
Furthermore, the rising need for wireless sensor-based networks for the controlling and monitoring of systems has enhanced the interest of companies in implementing a combination of low-cost systems.Increasing focus on the implementation of energy-efficient solutions for both discrete and process industries is anticipated to propel sustainable manufacturing in industrial automation for a more efficient process.
Flexible production and asset management would also influence the factory integration, offering high potential for automation and customized solutions among industrial applications.
Further key findings from the study suggest:
• The 32-bit microcontroller is anticipated to emerge as the fastest-growing product segment over the forecast period, owing to its ability to offer high computational power. Technological developments in the production of semi-autonomous and fully autonomous driving systems also require 32-bit microcontrollers, thus driving the growth of the product segment
• The automotive application segment dominated the global market in 2019 and is estimated to witness a CAGR exceeding 11% over the forecast period. Increasing demand for enhanced safety features, convenience functions, and entertainment systems, along with government regulations on emission control are driving the segment growth
• North America is expected to maintain its dominance over the forecast period. The use of microcontrollers for smart energy management and photovoltaic systems is expected to be the significant factor contributing to the regional growth
• Asia Pacific microcontroller market is anticipated to witness substantial growth over the forecast period, owing to the rapidly growing consumer electronics sectors, as well as the presence of major market players, such as Yamaichi Electronics Co., Ltd and Fujitsu Semiconductor Limited
• Factors such as the Brexit and U.S.-China trade war have led to declining market conditions. New American tariffs on Chinese goods and slowdown in the Chinese economy are the major factors affecting the steady growth of the market
• Key market players include Infineon Technologies AG; Microchip Technology Inc.; NXP Semiconductor; Renesas Electronics Corporation; STMicroelectronics; and Texas Instruments Incorporated
Read the full report: https://www.reportlinker.com/p05867031/?utm_source=GNW
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