"The increasing awareness of smart energy management is anticipated to drive the market"
The global microcontroller market size was valued at USD 24.61 billion in 2015. The substantial growth in automobile, consumer electronics, and the healthcare sector is expected to attribute to the industry growth.
The increasing awareness for smart energy management with the enhancement of the technology is expected to further increase the market share. A favorable regulatory scenario for the installation of smart grid systems is expected to be a viable growth opportunity for the industry participants.
The demand for the product shipment is anticipated to accelerate over the forecast period, owing to the rocketing shipments of the low-cost microcontrollers. The technology is majorly used in smart cards for protecting credit card and electronic banking transactions as well as government IDs, which include electronic passports, mass-transit fares, medical records, and security applications. The growing concerns about the identity theft and increasing data breaches in the card transactions at retail stores in the U.S. have resulted in higher security levels and anti-fraud encryptions for greater protection of smart cards.
The increasing competition in the industry has led to the decrease in the price of the product, which is anticipated to further fuel the market demand. The declining average selling prices coupled with a high demand for application areas is expected to drive the industry growth over the next 8 years. The global slowdown in the sales and production of the automotive industry can affect the industry growth as a large number of controllers are used in automotive applications.
Global Microcontroller Market, 2014 - 2024 (USD Billion)
"The 32-bit microcontroller is expected to portray the highest growth over the forecast period"
Based on the products, the microcontroller market is segmented into 8-bit, 16-bit, and 32-bit. The 8-bit technology simplifies the product design and reduces the material costs. The developers select the controllers based on the processing capability required, degree of interfacing needed, and power consumption. An 8-bit MCU has a low gate count, software simplicity, and lesser complexity, which makes the 8-bit MCU cheaper than the other types of microcontrollers.
The increasing popularity, owing to the decrease in the unit price of the product, is expected to drive the 32-bit MCU market. The growing segments, such as automotive, communications, consumer devices, and industrial, are driving the growth of the 32-bit MCU industry over the projected period and are expected to have a greater share of the sales. The 32-bit MCU products have a greater processing power against their counterparts and consume less power.
"The increasing safety awareness in vehicles over the projected period"
The microcontroller-based application segment can be categorized into automotive, consumer electronics, industrial, medical devices, and military & defense. The automotive application segment is estimated to dominate the business in terms of revenue in 2015. The industry is expected to have a significant growth in the automotive sector, specifically in the Advanced Driver Assistance System as the technology uses image sensors to improve the driver’s safety by offering features including lane departure warning, parking assistance, and collision avoidance systems. The stringent regulatory norms, targeting improvement of road safety for drivers and pedestrians, are expected to propel the market.
The growing need for accuracy in medical procedures, rising government support for medical automation, technological advancements, and increasing investments by the venture capitalists are expected to fuel the demand of microcontrollers for medical devices over the forecast period.
"The increasing applications in the automotive industry are expected to lead to a significant growth from 2016 to 2024"
The Asia Pacific microcontroller-based market is expected to witness a significant growth over the forecast period. The proliferation of startup business ventures in the emerging economies, such as India that offer basic controller services along with innovative add-on services and products, such as insurance, GPS navigation, and entertainment systems, are some of the major factors attributing to the gain.
The North American region dominates the global microcontroller market. The major factor driving the North American MCU market is the prevailing large consumer base for tablets, smartphones, and other consumer electronics. The designs of several devices in the application areas of IoT and wearables have been moved from the design phase to the production phase.
"NXP Semiconductors and Renesas Electronics are the major players in the industry"
The industry players are constantly introducing improved and advanced microcontroller-enabled technology in various industry sectors for increasing the customer base and to expand their product offerings. The key industry competitors include Renesas Electronics Corporation, NXP Semiconductor, Microchip Technology, STMicroelectronics, Infineon Technologies, and Texas Instruments.
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