Rise in trend of working through automated machines & equipment drive the growth of the global microcontroller market.
PUNE, MAHARASHTRA, INDIA, September 22, 2020 /EINPresswire.com/ — Rapid development in the automotive sector, rise in trend of working through automated machines & equipment, and broadening scope of electronic products and technology drive the growth of the global microcontroller market. On the other hand, chances for operational failure in extreme climatic conditions restrain the growth to some extent. However, high demand for electric and hybrid vehicles is expected to create lucrative opportunities for the key players in the industry.
According to the report, the global microcontroller industry was estimated at $16.49 billion in 2019, and is expected to hit $42.19 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027.
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COVID-19 has impacted the global microcontroller market badly. The lockdown across the world has led to a significant decline in the manufacturing of office machinery, power tools, home appliances, and remote controls. Also, disruptions in the supply chain has aggravated the cause yet more.
However, the government bodies in various regions are coming up with several relaxations on the current regulations. With this, the market is expected to retrieve its position very soon.
The 32 bit microcontroller segment to dominate by 2027-
Based on product type, the 32 bit microcontroller segment accounted for more than two-fifths of the global microcontroller market revenue in 2019, and is expected to rule the roost by 2027. The same segment is also anticipated to portray the fastest CAGR of 12.5% throughout the forecast period. Increasing trend of working with automated machines & equipment and growing demand for automobiles & smart phones drive the segment growth.
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The automotive segment to lead the trail-
Based on application, the automotive segment contributed to nearly one-fourth of the global microcontroller market share in 2019, and is projected to retain its top status by the end of 2027. The same segment would also manifest the fastest CAGR of 14.2% from 2020 to 2027. Surge in use of numerous microcontrollers in automobile's electronics system and electronic control units propels the growth of the segment.
Asia-Pacific, followed by North America, garnered the highest share in 2019-
Based on geography, Asia-Pacific, followed by North America, hold the major share in 2019, generating more than two-fifths of the global microcontroller market. The region would also grow at the fastest CAGR of 13.4% during the study period. This is due to high adoption of IoT across several smart cities in the province.
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Frontrunners in the industry-
•Microchip Technology Inc.
•Renesas Electronics Corporation
•Texas Instruments Incorporated
•Analog Devices, Inc.
•Infineon Technologies AG
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Source: EIN Presswire