Microcontroller Market Report, published by Allied Market Research, forecasts that the global market is expected to reach $15.7 billion by 2022 from $8.6 billion in 2015, growing at a CAGR of 8.4% during the forecast period. In 2015, Asia-Pacific dominated with over 39% share of the overall market, and is anticipated to continue this trend during the forecast period.
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Microcontroller is an electronic device that is used to control other hardware components of any device. It comprises integrated circuits (ICs), memory chips, and input & output devices. It is widely used in communication, retail, automotive, defense, aerospace, and other industries.
The increase in demand of multifunctional devices, growth in number of luxury cars with advanced electronic systems, and advancement in technological devices with touch screens and virtual reality have propelled the growth of microcontroller market.
In 2015, 8-bit microcontroller held over 35% market sharethe largest in terms of revenue. It is frequently used in electronic devices such as remote controls, switches, toys, and in sensors for data such as temperature. However, 32-bit microcontroller is anticipated to grow at a faster CAGR of 8.6% during the forecast period.
By application, the automotive segment held over 31% revenue share and dominated the microcontroller market in 2015. This was attributed to the surge in demand for automotive devices and the rise in the living standards and disposable income of individuals.
By geography, Asia-Pacific dominated the global microcontroller market with over 39% share in overall revenue; followed by Europe, North America, and LAMEA. Furthermore, it is anticipated to grow at the highest CAGR of 8.6% during the forecast period.
According to Komal Sharma, Research Analyst, Semiconductor & Electronics at AMR, Global microcontroller market growth is primarily supplemented by the increase in number of applications that incorporate microcontrollers. Moreover, rise of artificial intelligence, increase in automation, and other technological developments indicate that this market awaits immense growth opportunities.
Key Findings of Microcontroller Market Study:
8-bit microcontroller segment dominated the market in 2015, with over 35% of market share. However, 32-bit microcontroller is expected to grow at a higher CAGR of 8.6%, while 16-bit microcontroller is estimated to grow at CAGR of about 8.5% during the forecast period.
Industrial application segment accounted for about 31% of the market in 2015.
Europe is anticipated to be among one of the fast growing regions owing to the presence of rapidly growing automotive industry.
Asia-Pacific dominated the market in 2015, due surge in demand for microcontrollers in China, South Korea, and Japan.
The major players profiled in the report include Renesas Electronic Corporation, Microchip Technology Inc., NXP Semiconductor N.V., Texas Instrument Incorporated, STMicroelectronics, Infineon Technologies AG, Fujitsu Semiconductor Limited, Cypress Semiconductor Corporation, ARM Ltd., and Panasonic Corporation.