IoT Microcontroller Market to Gain Substantial Growth During the Forecast Period 2022-2030

Posted on 2023-02-28 by researchinsights in Electronics // 0 Comments

San Francisco, California , USA, Feb 28, 2023 — /EPR Network/ —

IoT Microcontroller Industry Overview

The global IoT microcontroller market size was valued at USD 4.69 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.7% from 2022 to 2030.

The increasing number of IoT connections among consumer and enterprise sectors and the need for low-power, high-performance, and energy-efficient connected products are some of the primary factors to drive the market growth. Also, a growing preference for embedded Non-Volatile Memory (eNVM) solutions over System-in-Package (SiP) in high-end applications such as industrial automation, smart utilities, and smart transportation is expected to bode well for the IoT microcontroller market growth over the next coming years. However, the lack of industry standards, optimization, and data security of IoT-connected devices are expected to hamper the market growth over the forecast period.

The global slowdown in the automotive industry witnessed in 2018 and 2019 had a negligible impact on overall MCU sales. Although the overall MCU market witnessed an upward trend in 2018, the average selling prices of MCUs continue till H2/2020. On the other hand, the outbreak of the COVID-19 pandemic took a severe toll on the semiconductor manufacturing industry. Economies worldwide implemented stringent measures to arrest the spread of novel coronavirus.

Gather more insights about the market drivers, restraints and growth of the Global IoT Microcontroller Market

The measures include strict lockdowns and sealing of international borders for trade disrupting the supply chain. Furthermore, enterprises compelled employees to work remotely, as a result of which, the market experienced a sudden increase in demand for IoT-enabled smart devices, wearables, home computers, and mobile phones. MCUs manufacturers witnessed several challenges to balance the supply and demand. Several production facilities were suspended temporarily, and the international borders remained closed for trade.

As a result, the industrial sector is currently confronting a looming shortage of semiconductors and several components, including microcontrollers and microprocessors. Although the restrictions have been relaxed in several parts of the world and trade activities are resumed, the shortage of semiconductors is expected to continue till 2023. The average selling prices of MCUs are also likely to remain affected till Q4/2023. As such, the fluctuating selling prices of MCUs and the shortages of components, which are turning out to be one of the major bottlenecks for OEMs, device manufacturers, and automakers, are expected to restrain the growth of the market.

The outbreak of the COVID-19 pandemic has mainly triggered the level of healthcare awareness among people. As such, the demand for wearables capable of monitoring and tracking various health parameters, such as oxygen level, and heart rate, among others, has been significantly growing. Increasing concerns over maintaining health and hygiene, the rising popularity of fitness apps, and subsequently, the growing awareness about physical fitness and wearable devices, especially in countries such as Poland, China, the U.K., Germany, and India, are typically driving the adoption of wearable technology, the trend is poised to continue over the forecast period. All these factors, which bode well for the growing adoption of wearables, are expected to drive the growth of the market.

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IoT Microcontroller Market Segmentation

Grand View Research has segmented the global IoT microcontroller market based on product, application, and region:

IoT Microcontroller Product Outlook (Revenue; USD Million, 2018 – 2030)

8-Bit
16-Bit
32-Bit

IoT Microcontroller Application Outlook (Revenue; USD Million, 2018 – 2030)

Industrial Automation
Smart Homes
Consumer Electronics
Others (others include smart utility, smart transportation& logistics, smart retail, and other enterprise application)

IoT Microcontroller Regional Outlook (Revenue, USD Million, 2018 – 2030)

North America
Europe
Asia Pacific
Latin America
MEA

Key Companies profiled:

Some prominent players in the global IoT Microcontroller market include

Broadcom
Espressif Systems (Shanghai) Co., Ltd
Holtek Semiconductor Inc.
Infineon Technologies
Microchip Technology Inc.
Nuvoton Technology Corporation
NXP Semiconductors
Silicon Laboratories
STMicroelectronics
Texas Instruments Incorporated
Renesas Electronics Corporation

Order a free sample PDF of the IoT Microcontroller Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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