The global microcontroller market is expected to reach USD 26,984.8 million by 2020, according to a new study by Grand View Research, Inc. Growing demand from end-use industries such as automotive and consumer electronics is expected to drive the global market over the forecast period. The advent of the Internet of Things (IoT) coupled with declining microcontroller prices is also expected to drive the industry over the next six years.
Development of microcontrollers integrated with NFC (near-field communication), Bluetooth, and ZigBee among other wireless interfaces is expected to positively impact the global market. Favorable regulatory scenario for the installation of smart grid systems is expected to boost microcontrollers demand over the forecast period. This is also expected to be a key growth opportunity for major industry participants.
Further key findings from the study suggest:
- Global microcontroller market was estimated at 17,393.6 million units in 2013, and is expected to reach 39,108.5 million units by 2020, growing at a CAGR of 12.3% from 2014 to 2020.
- 32-bit microcontrollers accounted for over 34% of the market in 2013; the segment is further expected to dominate global market revenue over the next six years. It is also expected to be the fastest growing product segment, at an estimated CAGR of 13.0% in terms of volume from 2014 to 2020.
- Automotive accounted for over 30% of the market in 2013, and is expected to remain the largest application area over the next six years. Consumer electronics occupied over 20% of the global market share in 2013. Increasing proliferation of these devices and technological advancement are expected to give impetus to the market over the forecast period.
- Asia Pacific is expected to be the largest and fastest growing regional market over the next six years. It accounted for over 35% of the market volume in 2013, and is expected to grow at a CAGR of 7.8% in terms of revenue from 2014 to 2020.
- Key companies operating in the market include Renesas Electronics Corporation, Freescale Semiconductor, Microchip Technology, Inc., Atmel Corporation, Fujitsu Semiconductor, Infineon Technologies and STMicroelectronics among others.