Portland, July 20, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global microcontroller market generated $16.49 billion in 2019, and is estimated to reach $42.19 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Rise in adoption of smart meters in smart grid systems and surge in demand for electric vehicles (EV) across the globe drive the growth of the global microcontroller market. However, operation failure of microcontroller in extreme conditions is anticipated to restrain the growth of the market. Furthermore, increase in demand for advanced applications in mid-range and luxury vehicles is expected to create new growth opportunities for the market players in coming years.
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Covid-19 scenario:
- Major microcontroller manufactrurers across the globe have postponed their production activities due to disrupted supply chain amid lockdown during the Covid-19 pandemic.
- The demand for microcontroller is expected to decline during the Covid-19 pandemic as automotive industry across the globe have halted their production activities amid lockdown.
- The demand for ventilators from hospitals across the globe has been surged significantly during Covid-19 pandemic to treat the corona-affected patients. Due to this, the demand for microcontrollers in ventilator production is likely to surge across the globe.
The report offers a detailed segmentation of the global microcontroller market based on product, application, and region.
Based on product, the 32 bit microcontroller segment contributed to the largest share in 2019, accounting for more than two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 12.5% during the forecast period. The research also discusses segments including 8 bit microcontroller and 16 bit microcontroller.
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Based on application, the automotive segment accounted for the largest share in 2019, holding nearly one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, it is expected to register the highest CAGR of 14.2% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, In addition, it is expected to grow at the highest CAGR of 13.4% from 2020 to 2027. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading market players analyzed in the research include Panasonic Corporation, Analog Devices, Inc., Renesas Electronics Corporation, Microchip Technology Inc., STMicroelectronics N.V., NXP Semiconductor, Texas Instruments Incorporated, Infineon Technologies AG, and Zilog, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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