New York, USA, May 22, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global microcontroller market. According to the report, the global market is projected to surpass $56.3 billion and grow at a CAGR of 11.7% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the microcontroller market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Microcontroller Market
The outburst of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global microcontroller market. Early in 2020, the market experienced a brief decline as a result of disruptions to the world's supply chains, which caused production to stop due to industrial closures and shipment delays. However, the market quickly recovered as a result of the increased need for microcontrollers due to the pandemic. The demand for microcontrollers in devices such as laptops, tablets, and smartphones boosted as the number of people working from home increased. Also, the pandemic also fueled the demand for microcontroller-based medical devices such as ventilators and infusion pumps. These factors had a significant impact on the market growth during the pandemic.
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Factors Impacting the Microcontroller Market Growth
The key factor boosting the growth of the global microcontroller market is a significant rise in the need for microcontrollers due to the rising need for automation, smart gadgets, and the development of the internet of things (IoT). Furthermore, the need for energy-efficient microcontrollers is increasing, owing to rising concerns about energy consumption and environmental sustainability; which are estimated to unlock lucrative opportunities for market growth in the forecast period. However, growing security issues and strict regulatory compliance are anticipated to deter the market’s growth.
The report segments the global microcontroller market into bit class, application, and region.
Bit Class Sub-Segment to Grab a Foremost Share of the Market
The 32-bit sub-segment of the bit class segment is foreseen to observe leading growth in the forecast period. This growth is mainly because 32-bit MCUs have more processing power and can handle more challenging tasks and execute code more quickly.
Application Sub-Segment to Witness Rapid Growth
The automotive sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly because the application of microcontrollers in the automotive sector is predicted to grow due to their potential to deliver new features, improve vehicle performance, and increase safety.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global microcontroller market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to their advanced electronics industries, these countries can supply massive amounts of microcontrollers to a wide range of businesses, which has led to an increase in the demand for these products in this region.
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Key Players of the Microcontroller Market
The report states some of the foremost players operating in the global market including
- Renesas Electronics Corporation
- Silicon Laboratories
- NXP Semiconductors
- STMicroelectronics
- Microchip Technology Inc.
- Infineon Technologies AG
- Texas Instruments
- GigaDevice
- SAMSUNG
- Nuvoton Technology Corporation
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. For instance, in June 2022, NXP, a Dutch designer and producer of semiconductors, launched a brand-new MCX range of microcontrollers for the upcoming generation of innovative industrial and IOT edge computing.
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Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Microcontroller Market:
- Do AVR Microcontrollers Power the Growth of the Automotive and Industrial Sectors with Greater Efficiency and Reliability?
- Global Microcontroller Market to Experience Striking Growth by 2031 with the Rising Demand for Internet of Things (IoT) Devices
