Global microcontroller (MCU) market size is expected to reach USD 26.98 billion by 2020, Increasing demand in key application areas such as healthcare, automotive and consumer electronics is expected to drive demand growth over the next six years. They are chiefly deployed in order to enhance quality and also to reduce prices in medical care devices. Devices including blood pressure monitors and blood glucose meters incorporate a significant number of MCUs globally. In addition, it is widely used in hybrid electric vehicles with the increasing awareness of energy efficient vehicles.
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The escalating demand for Internet of Things (IoT) is expected to boost the microcontroller market growth over the forecast period. IoT necessities consist of minimal power consumption along with the lowest possible cost. Significant number of edge devices as well as fusion devices, and the overall energy consumption needs to be minimized. As a result, MCU manufacturers have been aiming for a higher degree of integration which eventually increases the overall demand.
Proliferation of smart grid systems is expected to drive growth over the next six years. Electricity grids include several components, such as wires, switches, and transformers. Smart grids include a digital communication and remote control facility, which has amplified global adoption. Moreover, major players are venturing into the smart meter arena, and are expected to fuel growth and facilitate stakeholders to gain profitability over the forecast period. Smart meters shipments were 59.6 million units in 2012, and are expected to reach 165.5 million units by 2020, growing at a CAGR of over 9% from 2014 to 2020.
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32 bit microcontroller market was the leading product segment and was valued over USD 7,000 million in 2014. It is also expected to be the fastest growing product segment over the forecast period from 2014 to 2020. The demand for 32 bit is expected to increase due to reduction in unit prices. They can achieve complex control operations thus, embedded in higher processing capabilities devices.
16 bit microcontroller market accounted for over 31% of the overall demand in 2014, growing at an estimated CAGR of over 7% from 2014 to 2020. The demand for this product segment is expected to increase owing to increase in need for high level of precision in embedded processing. In addition, the development of intelligent and real-time functions required for safety and infotainment in automotives has been driving growth in this segment.
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Automotive was the leading application segment and was valued over USD 5,700 million in 2014. It is also expected to be the fastest growing segment, growing at a CAGR of over 7% from 2014 to 2020. Increasing number of electronic applications across the automotive sector along with the advent of hybrid and electric vehicles utilizing MCU is expected to serve as a driver.
Industrial sector was the second largest application segment and accounted for over 29% of the overall revenue in 2014 growing at an estimated CAGR of over 7% from 2014 to 2020. Asia Pacific emerged as the most dominant region for implementation in industrial applications, valued at over USD 1,800.0 million in 2013, growing at a CAGR of over 8% over the forecast period from 2014 to 2020.
Asia Pacific microcontrollers market dominated demand with valuation of over USD 6,800 million in 2014. This region is expected to be the fastest growing regional industry as well, at an estimated CAGR of over 7% from 2014 to 2020. The region is expected to witness higher growth rates owing to increasing acceptance of MCU across different application segments including HVAC, energy, and mobile phones among others.
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