Global Microcontrollers (MCU) Market to Reach US$28.49 billion by 2018

2024-11-07 03:57:38 News & Society

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Owing to the growing popularity of touchscreen technology and rising demand for medical electronics, the global microcontrollers (MCU) market, which in 2011 was valued at US$15.7 billion, is anticipated to reach a market value of US$28.49 billion by 2018. This market is anticipated to grow at a 9% CAGR from 2012 to 2018. Microcontrollers are application-specific integrated circuits that are placed within computing devices and are primarily meant to control the features of the specific products. Microcontrollers are programmed for controlling products such as consumer appliances and vehicles and automobiles.

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High demand for microcontrollers in LED lighting and portable gadgets can be attributed to the fact that microcontrollers are low-cost instruments that are technologically quite advanced. Microcontrollers, also known as embedded controllers, consist of memory, a processor, and peripherals. As per industry trends, it is believed that the expanding automotives segment will drive the global microcontrollers market during the forecast period, since even a basic modern car requires quite a few microcontrollers to ensure effective functioning due to the prevalence of electronic gadgetry.

High Demand for Gadgets to Drive Demand for Microcontrollers

The global microcontrollers market is segmented on the basis of three main parameters, which are product, application, and geography. On the basis of product type, this market is segmented into 8-bit, 16-bit, and 32-bit microcontrollers. The segment for 32-bit microcontrollers is gaining popularity owing to their capacity to bring down unit prices. Application-wise, the microcontrollers market is categorized into automotives, communications, industrial, computers, and consumer goods. Rising demand for gadgets such as smartphones, phablets, and tablets is fuelling the market for microcontrollers.

Microcontrollers are used extensively in the production of consumer durables such as television sets, washing machines, and microwave ovens. Owing to increasing consumerism, the surging demand for such consumer durables drives the global market for microcontrollers. The microcontrollers market value chain mainly comprises OEM and suppliers, who manufacture target devices and components for microcontrollers. Such gadgets are mostly used in application areas such as automotive, healthcare, and communications.

Increasing Electronics in Hybrid Vehicles to Drive Microcontrollers Market

As mentioned earlier, the growing automotive industry has a significant impact on the overall microcontrollers market. In fact, over the next five years, the microcontrollers industry will witness a high rate of growth owing to high demand for automotives. Interestingly, surging demand for hybrid vehicles stemming from environmental concerns will have a noteworthy impact on the demand for microcontrollers. This will lead to high demand for microcontrollers since the use of the same ensures fuel efficiency and controls emission levels in such specialized vehicles.

Apart from the automotives segment, industry also plays a vital role in driving the microcontrollers market. Declining product lifecycles is one the main factors that calls for a higher degree of flexibility and agility in an industrial environment. Microcontrollers are used in such situations because they provide industrial automation via support provided to advanced sensors and extensive feedback control mechanisms.