The global microcontroller market stood at $16,733.2 million in 2015, and is projected to advance at a CAGR of 6.9% during the forecast period (2016–2022). Based on bit size, the 32-bit category held the largest share in the market in 2015.
Microcontrollers are used in various applications, owing to their range of features. There are various types of microcontrollers for varied requirements for different applications. Moreover, cost is a vital factor during manufacturing, and therefore, it is only coherent to pick the most economical device that goes with the application’s needs. Consequently, microcontrollers are usually tailored for specific applications.
Further, rapid development in the automobile industry and growing smart grid projects are observed as primary factors driving the growth of the microcontroller market during the forecast period. Programmable microcontrollers are primarily embedded in other consumer products or machinery, including mobile phones, automobiles, household appliances, and peripherals for computer systems.
Rising awareness within tech savvy consumer population has resulted to smartphone proliferation across the globe. The sales of smartphones are primarily driven by the demand for low cost 4G smartphones in developing economies as well as in emerging markets worldwide. The global smartphone market is advancing at a significant rate. This is expected to propel the microcontroller market growth during the forecast period.
Furthermore, technical developments in vehicle connectivity, interactive safety systems, and self-driving cars are boosting the automotive industry. This will drive the demand for microcontrollers during the forecast period.
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Some of the key companies operating in the global microcontroller market include Texas Instruments Incorporated, Microchip Technology Inc., Silicon Laboratories, Intel Corporation, Renesas Electronics Corporation, Maxim Integrated, Fairchild Semiconductor, STMicroelectronics, Analog Devices Inc., and Samsung Semiconductor.
Microcontroller Market Segmentation
By Bit Size