Microcontroller Market size is projected to reach $42.19 billion by 2027 to register a CAGR of 11.50% during the forecast period

According to a new report published by Report Ocean, titled, “Microcontroller Market by Product Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global microcontroller market size was $16.49 billion in 2019, and is projected to reach $42.19 billion by 2027 to register a CAGR of 11.50% during the forecast period. Asia-Pacific is expected to be the leading contributor to the global microcontroller market, followed by North America and Europe.

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A microcontroller is a small and low-cost microcomputer, designed to perform specific tasks of embedded systems such as displaying microwave information and receiving remote signals. This general microcontroller consists of a processor, memory such as RAM, ROM, EPROM, Serial ports, peripherals including timers, and counters. On the basis of product type, the microcontroller market is divided into three categories including 8-bit microcontroller, 16-bit microcontroller, and 32-bit microcontroller.

In addition, on the basis of memory configuration, microcontroller is divided into external memory microcontroller and embedded memory microcontroller. Microcontrollers are widely used in light sensing & controlling devices such as LED; temperature sensing & controlling devices such as microwave oven and chimneys; fire detection & safety devices such as fire alarms; and measuring devices such as voltmeter. In addition, microcontrollers are mostly designed for embedded applications and are heavily used in automatically controlled electronic devices such as cellphones, cameras, microwave ovens, and washing machines.

A microcontroller is a compact integrated circuit, which is designed to manage a specific operation in an embedded system. A typical microcontroller includes a processor, memory, and input/output (I/O) peripherals on a single chip. Microcontrollers are widely used in vehicles, robots, office machinery, medical devices, mobile radio transceivers, vending machinery, and home appliances.

On the basis of product type, the 32-bit microcontroller segment contributed for the maximum share, with 30% in 2019, in terms of revenue, to the market. Rise trend of working with machinery and equipment and growth in demand for automobiles & smart phones provide several opportunities for the 32-bit microcontroller industry. High speed and affordable costs of the 32-bit MCUs is expected to drive demand for the microcontroller market during the forecast period. It is expected to grow at a faster rate, by 12.5% in comparison to other microcontrollers.

By application, the automotive segment was the largest contributor of revenue in 2019, and is expected to grow at a CAGR of 14.2% during the forecast period. Rise in use of numerous microcontrollers in the automobile sector with electronic control units create microcontroller market growth. Different types of microcontrollers are widely used in the automobile industry such as AVR microcontroller, 8051 microcontroller, and PIC microcontroller. In addition, the consumer electronics vertical was the second largest contributor to the market in 2019. The demand for consumer goods is expected to increase in the future as income level is on the rise and people can afford goods such as washing machines, refrigerators, and micro ovens.

By region, the microcontroller market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The analysis had identified that Asia-Pacific contributed for the maximum revenue in 2019. The microcontroller market size in Asia-Pacific is expected to grow at a faster rate as compared to other regions, owing to rapid adoption of new technologies by end-user industries in countries such as China and India.

Covid-19 Impact Analysis
The COVID-19 outbreak has already had a huge impact on the consumer electronics sector. Some categories such as computers, washing machines, refrigerators, micro ovens, peripherals have impacted as consumers are working from home, leading to decline in sales.

Key Findings Of The Study

In 2019, by product type, the 32-Bit microcontroller segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 12.5% during the forecast period.

The automotive segment is expected to witness highest growth rate during the forecast period.

U.S. was the major shareholder in the North America microcontroller market share, accounting for approximately 82.0% share in 2019.

The key players profiled in the report include Analog Devices, Inc., Panasonic Corporation, Microchip Technology Inc., Renesas Electronics Corporation, NXP Semiconductor, STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments Incorporated, and Zilog, Inc. Market players have adopted various strategies such as product launch, collaboration, business expansion, product expansion, partnership, and acquisition to expand their foothold in the microcontroller industry.

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This release was published on openPR.