Microcontroller Market To Reach a Value of About $44 Billion by 2030
The size of the microcontroller market was about $19 billion in 2021, and will reach about $44 billion by 2030, at a growth rate of 10% in the future. The growth industry can be attributed to the increasing demand for microcontrollers in the automotive sectors, the increasing acceptance of medical and healthcare devices, and the increasing use of IoT devices.
32-bit microcontrollers had over 40% share in the past, and will grow at a rate of over 10% in the years to come. This growth has a lot to do with the increasing use of 32-bit microcontrollers in the automotive industry and the decrease in prices of microcontrollers. Further, strict regulations of the government and quality standards for emissions will boost the acceptance of these microcontrollers globally.
16-bit microcontrollers followed the 32-bit ones. This is because of the surging demand from the automotive sector for manufacturing EV modules accompanied by the incessant decrease in the selling prices. This microcontroller can manage data with 16 bits, letting it to accomplish a larger data volume and computations together. It also needs less power and functions at a quicker than an 8-bit microcontroller.
Consumer electronics & telecom sector is an industrial dominator, with over 40% share in the past, and will grow at a considerable rate in the near future. This has a lot to do with the rising acceptance of consumer electronics like TVs, cameras, computers, and smartphones, accompanied by the decline in sizes of electronic devices.
APAC was the dominator of the microcontroller marketin the recent past. This is credited to the fast growth in the sales of automobiles and the increasing requirement for sophisticated consumer electronics. Furthermore, the explosion of start-ups in India and China, which offering essential microcontroller solutions, accompanied by advanced supplementary products and services, like entertainment and GPS navigation systems, is responsible for the regional industrial growth.
North America followed the APAC in terms of revenue sharing in the past, because of the existence of a large number of consumers demanding consumer gadgets and the increasing requirement for medical devices, smart wearables, sensors, and other IoT-enabled products in Canada and the U.S., which boosts the need for microcontrollers.
The medical devices sector will see an increase in the requirement for microcontrollers, because of the high requirement for accurateness in medical processes, increased research and development funding for the expansion of innovative medical apparatus, and support of the government for medical automation.
Also, the increasing elderly population and increasing number of people having chronic diseases like diabetes and high BP, accompanied by mounting covid infection, are some factors increasing the demand for electronic medical devices globally, which will help the industry to grow at a rapid pace.
The increasing use of medical devices and smart meters, and growing requirement of microcontrollers from consumer electronics and automotive industries are pushing the global demand for microcontrollers.
Source: P&S Intelligence
