IoT Microcontroller Industry Is Slated To Flourish 3.4x Until 2032
A recently published Fact.MR report anticipates the global market for IoT microcontroller to flourish at a CAGR of 13% to reach US$ 17 Bn. Extensive reliance on the virtual space amid deepening internet penetration across multiple industrial domains has boded well for IoT microcontrollers’ market demand.
Historically, from 2015 to 2021, sales of IoT microcontrollers flourished at a CAGR of 10% to reach US$ 4.6 Bn. Prospects further heightened during the COVID-19 pandemic, as the imposition of mandatory lockdowns led to a shift towards remote working. This led to increased reliance on IoT enabled devices, including smartphones, laptops and tablets.
Furthermore, the rapid development in IoT to offer technically developed devices is another salient cause that is likely to boost the market in the forecast period. Moreover, the rising popularity of fitness apps and the growing awareness about physical fitness are likely to provide significant opportunities for expansion in the forecast period. In addition, the increasing demand for low-power and energy-efficient connected products is predicted to fuel the industry significantly.
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Key Takeaways from the Market Study
- Global IoT microcontroller market to be valued at US$ 5 Bn by 2022-end
- IoT microcontrollers for smart homes likely to expand at a CAGR of 13% until 2032
- 32-Bit IoT microcontroller sales to expand at a 15% value CAGR across the period of assessment
- Europe to account for 1/5th of global market demand for IoT microcontrollers in 2022
- Asia Pacific to post significant gains, expected to surge at a rate of approximately 12% until 2032
- The market for IoT microcontrollers is likely to expand 3.4x until 2032
Rising penetration of internet enabled devices, attributed to massive technological advancements, is widening the scope for high grade semiconductor manufacturing. This is providing a major impetus to IoT microcontroller sales, with manufacturers introducing high grade products, remarks a Fact.MR analyst.
Key Segments Covered in the IoT Microcontroller Market Study
By Product :
- 8 Bit IoT Microcontroller
- 16 Bit IoT Microcontroller
- 32 Bit IoT Microcontroller
By Application :
- IoT Microcontroller for Industrial Automation
- IoT Microcontroller for Smart Homes
- IoT Microcontroller for Consumer Electronics
- IoT Microcontroller for Other Applications
Players in the global IoT microcontroller market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In May 2020, NXP Semiconductor announced a collaboration with OKdo to develop E1, which is a single-board computer (SBC). The SBC comprises NXP’s LPC55S69 Microcontroller, which offers a high-performance and assists the companies to increase their consumer base.
- In February 2022, Infineon Technologies, a German Chipmaker announced its plan to invest more than 2 Bn Euros in a new frontend fab in Kulim, Malaysia. The investment is expected to offer an additional 2 Bn Euros in annual revenues from gallium nitride and silicon carbide.