Microcontroller Market Revenue To Cross $20 BIllion By 2027: Global Market Insights
- This is due to the increasing adoption of microcontrollers in smart building automation systems
- The consumer electronics application in the microcontroller market is estimated to register growth of 5 per cent till 2027
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The global microcontroller market revenue to cross $20 billion by 2027 as per a report by Global Market Insights. This is due to the increasing adoption of microcontrollers in smart building automation systems.
Building automation systems, such as HVAC control, security & surveillance systems, fire protection & lighting systems, are integrated with microcontroller units. These microcontrollers offer high precision Input/output (I/O) peripherals, energy efficiency, and stable output readings, which are suitable for 24/7 monitoring and control applications. The rising acceptance of IoT technology in smart building applications will further fuel the market expansion.
The 16-bit segment held more than 20 per cent of the microcontroller market share in 2020. The revenue share of 16-bit microcontrollers is anticipated to decline over the forecast period owing to its cost and performance capabilities compared to 8-bit and 32-bit microcontrollers. , technological advancements with the integration of built-in Flash memory in 16-bit MCU modules will increase their usage in automotive electronics, adding new growth opportunities for the market.
Consumer electronics application in the microcontroller market is estimated to register growth of 5 per cent till 2027
The consumer electronics application in the microcontroller market is estimated to register growth of 5 per cent till 2027 due to the increasing adoption of microcontrollers in remote control applications for consumer electronics and home appliances.
Electronics devices such as smart TVs, speakers, washing machines, air conditioners, etc., are integrated with microcontrollers for connectivity, usability, and device controlling applications. The growing disposable income in developing nations will increase the purchases of consumer electronics and home appliances, influencing the market value.
The Europe microcontroller market accounted for 25 per cent of revenue share in 2020 and will grow at a CAGR of 6 per cent during 2021 to 2027 due to the rising trend of deploying EV charging stations across the European Union.
The report added, ” According to the Department for Transport, UK Government, in June 2020, there were 18,265 fully operational EV charging stations in the UK. The deployment rate of electric vehicle charging stations is witnessing a 11 per cent y-o-y growth compared to June 2019. These battery-power establishments and electric vehicle charging stations have a high demand for microcontrollers. The growing integration of regional EV charging stations will spur the market demand over the forecast period.”