Microcontroller Market Size, Share & Trends Analysis Report By Product (8-bit, 16-bit, 32-bit), By Application (Consumer Electronics & Telecom, Automotive, Industrial, Medical Devices, Aerospace & Defense), By Region, And Segment Forecasts, 2023 - 2030

Microcontroller Market Size, Share & Trends Analysis Report By Product (8-bit, 16-bit, 32-bit), By Application (Consumer Electronics & Telecom, Automotive, Industrial, Medical Devices, Aerospace & Defense), By Region, And Segment Forecasts, 2023 - 2030

Microcontroller Market Growth & Trends

The global microcontroller market size is expected to reach USD 59.09 billion by 2030, expanding at a CAGR of 11.2% from 2023 to 2030, according to a new report by Grand View Research, Inc.

As healthcare expenditure across the globe is increasing owing to the growing immunodeficiency disorders among the population. There is a growing percentage of the geriatric population and the occurrence of diseases such as diabetes and high blood pressure. As a result, the demand for electronic medical devices is increasing to measure blood pressure and sugar levels.

Medical device manufacturers are presenting reliable and affordable medical equipment in the market. Microcontrollers are crucial components used in all kinds of medical care devices to achieve higher reliability and affordability. Devices such as blood glucose meters and blood pressure monitors incorporate a significant number of microcontrollers (MCUs). Thus, there is substantial demand for MCUs from the medical industry.

The leading companies from many sectors such as telecommunications, consumer electronics, and automotive are intensely focusing on incorporating artificial intelligence into their products. For instance, Qualcomm Technologies, Inc. made huge investments in the research and development of on-device AI. The integration of machine learning in automobiles, smartphones, robots, and drones is becoming possible owing to the increased computing power, along with improved AI algorithms.

On-device AI provides better security and privacy protection as all the processing is done offline and on the device. The AI industry is witnessing a shift toward embedded artificial intelligence. Such state-of-the-art developments in AI and machine learning are paving new ways for the application of microcontrollers in numerous fields such as medical, smart cities, smart factories, and IoT. This is expected to create growth opportunities for the microcontroller industry players.

Manufacturers of MCUs are designing innovative products and are consistently providing breakthrough solutions. This is creating opportunities for the growth of the market. A nexus of connected devices such as security systems, smart meters, gaming consoles, home appliances, tablets, televisions, and smartphones has led to various advancements in microcontrollers and is anticipated to fuel the demand for IoT microcontrollers.

Many connected devices that operate on batteries for months and years without the need for battery replacement or maintenance require energy-efficient, IoT end-node applications. The reduced costs of components such as processors and sensors and the growing use of wireless connectivity have resulted in the development of smart products that can communicate with each other without the need for human intervention.

Microcontroller Market Report Highlights

• In November 2022, a partnership was formed between Infineon Technologies AG and REE Automotive Ltd., which mainly focuses on automotive technology, to develop the REE modular Electric Vehicle (EV) platform. This platform is designed to be versatile and adaptable, serving as a foundation for a wide range of electric vehicle types, including robotaxis, commercial vans, and electric passenger shuttles
• The 32-Bit segment is likely to hold the highest market share and increase at a CAGR of 11.9% from 2023 to 2030
• The automotive segment is projected to grow at the highest CAGR over the forecast period
• India, China, and Japan are the main source market for microcontroller
• Key players include NXP Semiconductors; Microchip Technology Inc.; Renesas Electronics Corporation; STMicroelectronics; and Infineon Technologies AG

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