IoT MCU Market To Reach USD 5.93 Billion By 2028 | Renesas Electronic Corporation, Holtek Semiconductors, Toshiba, Panasonic Corporation Etc.
Rising demand for automation across end-user’s industries, growth in demand for wearable healthcare devices and consumer electronics is driving market.
Market Growth – CAGR of 13.10%, Market Trends – Advancement in IoT and its application in electronic devices.
The global IoT MCU Market is forecasted to reach USD 5.93 Billion by 2028, according to a new report by Reports and Data.
The major factors attributed to the growth of the market are the rising demand for automation across end-user’s industries.
growth in demand for wearable healthcare devices and other consumer electronics and advancement of IoT.
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APAC is expecting to hold the largest market and is forecasted to reach USD 1.61 Billion in 2028, at the highest CAGR of 15.28% during the forecast period followed by North America.
This is mainly accredited to advancement in technology innovation and increasing adoption of the automation technologies in various industry verticals.
Major application for industrial control and factory automation in Asia Pacific are oil & gas, semiconductor, electronics, automotive, chemicals, water and food.
China is one of the primary players of this region for automation market. China has been working on developing more innovative industrial practice by implementing automated technologies in manufacturing sector.
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Further key findings from the report suggest
- The development of IoT microcontroller unit is powered by the rising demand for smart houses, smart wearable, mobile phones, tablets and computers among others.
- Swift deployment of smart meters across both commercial and residential sectors for the feedback of energy consumption are expected to aid market growth.
- Increase in Internet applications in microcontrollers is the major reason for the growth of the market. The market for IoT MCUs are growing exponentially with advancement in technology.
- The use of MCU with IoT to handle various operations like automobiles, processing needs and applications has increased rapidly and acts as an integral part of the smart grid systems.
- The market segment for automotive is the major contributor in the market share for 8-bit IoT microcontrollers, with a market size of USD 2.25 billion in 2020, and will continue to dominate the market throughout the forecast period with a projected growth rate of 5.77%
- IoT MCU is used for the security purposes of the home as a smart meter. With the growing adoption of smart devices and smart homes, the demand for IoT MCUs which can handle advanced tasks is expected to enhance the need for IoT MCU to build a smart home.
- The market for smart home applications for 4-Bit type IoT MCUs is forecasted to reach USD 4.2 million in 2028, at the highest CAGR of 8.41% during the forecast period.
- The market segment for consumer electronics is the major contributor in the market share for 8-bit IoT microcontrollers, with a market size of USD 140.1 Million in 2020, and will continue to dominate the market throughout the forecast period with a projected growth rate of 0.81% in 2028 followed by the automotive segment.
- APAC is expected to hold the largest market in Industrial Automation for the IoT MCUs market and is forecasted to reach USD 259.8 million in 2028, at the highest CAGR of 16.42% during the forecast period.
- Key participants include NXP Semiconductors N.V., Infineon Technologies AG, STMicroelectronics N.V., Microchip Technologies Inc., Cypress Semiconductor Corporation, Broadcom Inc., Maxim Integrated Inc., Silicon Laboratories Inc., Renesas Electronic Corporation, Holtek Semiconductors, Toshiba, Panasonic Corporation, Nuvoton Technology Corporation and others.
For the purpose of this report, Reports and Data have segmented global IoT MCU market on the basis of IoT MCU Type, IoT MCU application, and region:
IoT MCU Type Outlook (Revenue, USD Million; 2020-2028)
IoT MCU Application Outlook (Revenue, USD Million; 2020-2028)
- Industrial Automation
- Smart Home
- Consumer Electronics
- Others (Security, Surveillance and Medical Devices)
The report focuses on leading regions and their major countries to assess the market growth in the forecast period. The major geographical regions included in the study are North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
The regional analysis covers production and consumption ratio, supply and demand, import/export, current and emerging trends, market revenue, market share, industrial chain analysis, and presence of key players in each region.
Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
To know more about the report @ https://www.reportsanddata.com/report-detail/iot-mcu-market
Key Questions Answered in the Report:
- Who are the prominent distributors, vendors, and manufacturers of the market?
- What are the driving and restraining factors of the growth of IoT MCU Market throughout the forecast period?
- What are the current and future market trends of the IoT MCU market?
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