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What’s The Future of the Microcontroller Market?
Over the past few years, the microcontroller market has experienced commendable growth. The size of the market is projected to expand from $22.33 billion in 2023 to $25.14 billion in 2024, registering a compound annual growth rate CAGR of 12.6%. This surge is attributable to robust economic progress in developing economies, an incline in industrialization, a boom in electronics manufacturing, and increased production of automobiles.
Beyond 2024, the microcontroller market is predicted to witness an accelerated growth, reaching $40.64 billion by 2028 at a compound annual growth rate CAGR of 12.8%. The projected growth during the forecast period is largely driven by factors such as an escalating demand for consumer electronics, a surge in requirement for electric vehicles, and government initiatives aimed at boosting the semiconductor industry. Critical trends in the forecast period embody an emphasis on new product ventures, technological enhancements, increasing use of microcontrollers in electric vehicles, expansions of new facilities, increased investments, partnerships, collaborations, and mergers and acquisitions.
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What Drives the Growth of the Microcontroller Market?
The proliferation of Internet of Things IoT globally has notably contributed to the growth of the microcontroller market. IoT is a network of digitally interconnected devices, machines, and objects equipped with unique identifiers and the capability to share and transmit data without requiring human-to-human interaction. In IoT and smart objects, the computational abilities are typically powered by microcontrollers, tools that are essentially miniaturized computers operating smart devices. For instance, as per a May 2022 article published by DataPort, a public-sector IT services provider based in Germany, the integration of IoT technology has enhanced the efficiency of 83% of businesses. Furthermore, over 10 billion IoT devices were operational in 2021, with predictions suggesting over 25.4 billion active IoT devices by 2030.
Which Industry Stalwarts Drive the Microcontroller Market?
Prominent corporations maneuvering the microcontroller market include Microchip Technology Inc, NXP Semiconductors, STMicroelectronics, Infineon Technologies AG, Texas Instruments Incorporated, Renesas Electronics Corporation, Intel Corporation, Toshiba Electronic Devices & Storage Corporation, Broadcom Inc., and ON Semiconductor. Other key players include Cypress Semiconductor Corp, ARM LTD, Fujitsu Limited, Panasonic Corporation, Saankhya Labs, CDIL, MosChip Semiconductor Technologies, HiSilicon, Will Semiconductor, Zhixin Semiconductor, Wingtech, UNISOC, Sanechips, YTMC, GigaDevice, CR Micro, Silan, Dialog Semiconductor Plc, Amkor Technology, and ASML Holding NV. The list also comprises KLA-Tencor, Hitachi High Technologies Corporation, Maxim Integrated, Analog Devices Inc, Rohm Semiconductor, Nuvoton Technology Corporation, Mitscholl Electronics co. LLC, Cinoteck, MEP DIgital Systems Pty Ltd, Inotech, and Tempe Technologies.
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What Are the Emerging Trends in the Microcontroller Market?
Advances in technology offer a significant trend making headway in the microcontroller market. The implementation of Artificial Intelligence AI in vehicle production can aid automakers in minimizing manufacturing costs while ensuring a safer factory floor. AI also helps in predicting malfunctions in automotive parts. For example, Waymo, in 2021, announced its plan to launch completely driverless vehicles to the public that are empowered by AI-enabled urban drivers, as per Analytics India data.
How is the Microcontroller Market Segmented?
The microcontroller market analyzed in the report is segmented by:
1 Product Type: 8-Bit Microcontroller, 16-Bit Microcontroller, 32-Bit And Above Microcontroller.
2 Memory: Embedded Memory Microcontroller, External Memory Microcontroller.
3 Application: Automotive, Consumer Electronics And Telecommunication, Industrial, Medical Devices, Aerospace And Defence, and Other Applications.
4 Architecture: AVR Architecture, PIC Architecture, ARM Architecture, and Other Architecture.
Which Region Dominates the Microcontroller Market?
In 2023, the largest region in the microcontroller market was North America. However, Asia-Pacific is anticipated to be the fastest-growing region in the forthcoming period. The regions evaluated in the microcontroller market report comprise Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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