The global microcontroller market size was valued at USD 17.79 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 10.1% from 2021 to 2028. Globally, more than 28 billion units of microcontrollers shipped in 2020. Microcontrollers are majorly used in devices that require a considerable degree of control utilized by the users. The increasing competition in the industry has led to the low price of the product, which is anticipated to further boost the microcontroller demand. The growing awareness of smart energy management with the emergence of smart grids is expected to increase the MCU demand further.
The critical factor that is boosting the market growth is the rising demand from the medical sector across the globe. There is a growing percentage of coronavirus cases, rising the geriatric population, and the occurrence of diseases such as diabetes, high blood pressure, and so on. As a result, the demand for electronic medical devices to measure oxygen levels, temperature, blood pressure, sugar levels, and so on, is increasing. Microcontrollers can decrease the cost of medical devices and help provide accurate reading and information of the patient.
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ncreasing awareness for smart energy management with technological advancements is expected to drive the growth further. The smart grid is one of the form technologies that combine with electrical network and digital communication to facilitate remote control facility. A smart grid uses smart meters and a communication channel to communicate.
Key Player Mentioned:
- Infineon Technologies AG
- Microchip Technology Inc.
- NXP Semiconductor
- Renesas Electronics Corporation
- STMicroelectronics
- Texas Instruments Incorporated
Application Segment Analysis:
- Automotive
- Consumer Electronics & Telecommunication
- Industrial
- Medical Devices
- Military & Defense
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
Recently, the market is witnessing an increased demand for Internet of Things (IoT) MCUs. The growing web of connected devices encompasses smartphones, televisions, tablets, home appliances, gaming consoles, smart meters, security systems. By leveraging this ever-increasing web of devices, the demand for IoT MCUs is rapidly growing. Increasing competition has led to the reduced prices of the product, which is anticipated to further fuel the product demand.
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However, as the lockdown restrictions are getting lifted in several countries such as the U.K and Germany, the manufacturing facilities have started operating with reduced work capacity to limit the spread of COVID-19. With the growing demand for 5G network equipment, servers, and electric and autonomous vehicles (EV) applications globally, microcontrollers’ adoption is expected to see a remarkable surge over the coming years.
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