Global Microcontroller Market to Experience Striking Growth by 2031 with the Rising Demand for Internet of Things (IoT) Devices

Microcontrollers have significantly improved in recent years in terms of both performance and functionality. A microcontroller is a tiny computer with memory, input/output peripherals, and a processor on a single integrated circuit. They have a wide range of uses, from consumer electronics to industrial automation to automobile systems.

Microcontrollers can now be employed in a wider variety of applications because of the increased power and energy efficiency brought on by technological breakthroughs. The microcontroller market has grown as a result of the rising demand for Internet of Things (IoT) devices, which require microcontrollers in order to function. As a result, the microcontroller market is expected to continue growing in the coming years, driven by the increasing adoption of IoT devices and the growing demand for smart homes and smart cities.

Newest Insights in the Microcontroller Market

As per a report by Research Dive, the global microcontroller market is expected to grow at a CAGR of 11.7% and generate revenue of $56.3 billion by 2031. The microcontroller market is growing rapidly as a result of rising demand for automation and smart devices, as well as the expansion of the Internet of Things. They are necessary for the operation of modern homes, automobiles, and appliances. The IoT has also raised the demand for microcontrollers, which allow for automation and data transmission. Microcontrollers are essential parts of Internet of Things (IoT) devices that enable communication and environmental interaction.

The Asia-Pacific region dominated the global microcontroller market in 2021, with countries such as China, South Korea, Japan, and Taiwan being key producers. These nations have robust manufacturing capabilities and a developed electronics industry, enabling the mass production of microcontrollers for various industries.

How are Market Players Responding to the Rising Demand for Microcontroller?

Market players are responding to the rising demand for microcontrollers by investing in research and development to develop more advanced and efficient microcontrollers. In addition, market players are increasingly focusing on strategic partnerships and collaborations with other players in the industry to leverage their strengths and expand their reach.

Some of the foremost players in the microcontroller market are STMicroelectronics, NXP Semiconductors, Nuvoton Technology Corporation, Renesas Electronics Corporation., SAMSUNG, Infineon Technologies AG, Microchip Technology Inc., Texas Instruments, GigaDevice, and Silicon Laboratories., and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global market. 

For instance:

• In October 2022, Microchip, a leading provider of microcontroller and analog semiconductors, launched a new line of Arm-based PIC microcontrollers specifically designed to simplify the addition of Bluetooth Low Energy (BLE) connectivity.
   
• In November 2022, NXP Semiconductor, a leading semiconductor manufacturer, launched its MCX N family of microcontrollers after merging its LPC and Kinetis lines. The high-end family of microcontrollers features a dual Cortex M33 architecture that runs at 150MHz and includes accelerators for neural networks, digital signal processing, peripheral managers for error checking and memory.
   
• In April 2023, Renesas, a leading semiconductor manufacturer, announced the launch of a new 22-nm microcontroller that integrates Bluetooth 5.3 Low Energy with a software-defined radio. The microcontroller is designed to meet the growing demand for low-power wireless connectivity in a wide range of applications, including IoT, wearables, and healthcare.

COVID-19 Impact on the Global Microcontroller Market

The COVID-19 pandemic made a moderate impact on the global microcontroller market. Early in 2020, the market saw a brief decline due to plant closures and global supply chain disruptions. The market swiftly recovered, though, thanks to a rise in demand for microcontrollers brought on by the quick uptake of digital and remote technologies like the Internet of Things and smart home appliances. As more people choose to work from home, the demand for microcontrollers also increased in laptops, tablets, and smartphones. The pandemic also caused a spike in demand for microcontroller-based medical devices, like ventilators and infusion pumps. In a nutshell, the pandemic had an impact on the supply and manufacturing chains, but it also led to a rise in demand for microcontrollers across a range of applications, thus fueling the growth of the global microcontroller market.