Selbyville, Delaware, Jan. 26, 2021 (GLOBE NEWSWIRE) --
According to latest report “Microcontroller Market by Product (8-Bit, 16-Bit, 32-Bit), Application (Automotive, Consumer Electronics, Industrial, Healthcare, Aerospace & Defense), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of microcontroller will cross $20 billion by 2027. Market growth is attributed to the increasing adoption of microcontrollers in smart building automation systems.
Building automation systems, such as HVAC control, security & surveillance systems, fire protection & lighting systems, are integrated with microcontroller units. These microcontrollers offer high precision Input/output (I/O) peripherals, energy efficiency, and stable output readings, which are suitable for 24/7 monitoring and control applications. The rising acceptance of IoT technology in smart building applications will further fuel the market expansion.
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The 16-bit segment held more than 20% of the microcontroller market share in 2020. The revenue share of 16-bit microcontrollers is anticipated to decline over the forecast period owing to its cost and performance capabilities compared to 8-bit and 32-bit microcontrollers. The 16-bit MCUs have low operational efficiency and require more programmable cycles compared to 32-bit microcontrollers. This has resulted in declining demand for 16-bit MCUs in various end-use applications such as the consumer electronics, industrial, and healthcare sectors. However, technological advancements with the integration of built-in Flash memory in 16-bit MCU modules will increase their usage in automotive electronics, adding new growth opportunities for the market.
The consumer electronics application in the microcontroller market is estimated to register growth of 5% till 2027 impelled by the increasing adoption of microcontrollers in remote control applications for consumer electronics and home appliances. Electronics devices such as smart TVs, speakers, washing machines, air conditioners, etc., are integrated with microcontrollers for connectivity, usability, and device controlling applications. The growing disposable income in developing nations will increase the purchases of consumer electronics and home appliances, influencing the market value. The proliferation of consumer electronics and home appliance products will increase the acceptance of microcontrollers in the market over the coming years.
The Europe microcontroller market accounted for 25% of revenue share in 2020 and will grow at a CAGR of 6% during 2021 to 2027 propelled by the rising trend of deploying EV charging stations across the European Union. According to the Department for Transport, UK Government, in June 2020, there were 18,265 fully operational EV charging stations in the UK. The deployment rate of electric vehicle charging stations is witnessing a 11% y-o-y growth compared to June 2019. These battery-power establishments and electric vehicle charging stations have a high demand for microcontrollers. The growing integration of regional EV charging stations will spur the market demand over the forecast period.
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Some of the key players operating in the microcontroller market are NXP Semiconductors N.V., Texas Instruments Incorporated, Microchip Technology, Inc., Infineon Technologies AG, Renesas Electronics Corporation, and STMicroelectronics N.V. Companies are focusing on new product launches to stay competitive in the market.
Some major findings of the microcontroller market report include:
- The rising usage of industrial robots will add a growth opportunity for 32-bit microcontrollers. According to the World Robotics 2020 report, 2.7 million industrial robots are operating in factories worldwide and have observed a year-on-year growth rate of 12% compared to 2018. Two million new industrial robots are projected to increase by 2022, which will further foster the market growth.
- An increasing adoption of electric vehicles will fuel the demand for microcontrollers. Supportive government initiatives & funding to reduce vehicle emissions and the growing acceptance of battery electric vehicles and advanced automotive electronics, will further accelerate the market expansion.
- Growing integration of smart energy meters by replacing traditional meters across several economies, such as the UK, China, and India, will add growth opportunities in the microcontroller market.
- The COVID-19 pandemic has resulted in prolonged lockdown and trade restrictions across the world, affecting the supply and demand for microcontrollers. This will hinder the market revenue growth for short period.
- Increasing investments for automation in several industries and the proliferation of emerging technologies, such as Internet of Things (IoT), machine learning and Artificial Intelligence (AI) for industrial equipment automation have augmented the market value.
- The Asia Pacific region is showcasing growing trends of smart cities and public infrastructure development. The rising adoption of public Wi-Fi infrastructure in South Korea, Singapore, Japan, Taiwan, and India will provide new expansion opportunities for the market.
Table of Contents (ToC) of the report:
Chapter 3 Microcontroller Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Manufacturers
3.3.2 Distribution channel
3.3.3 End-user
3.3.4 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Evolution of microcontrollers
3.4.2 Recent advancements
3.4.3 Future scope for improvement
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Price-trend analysis
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/microcontroller-market
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.