The global Iot Microcontroller Market size is projected to reach USD 12.94 billion by 2030, registering a CAGR of 12.7% from 2022 to 2030, according to a new study by Grand View Research Inc. Increase in adoption of smart home devices integrated with mobile applications and advancements in low power Microcontroller (MCU) are expected to drive the market growth. The surge in the number of enterprise IoT connections across industries such as manufacturing, healthcare, and energy and power is also expected to drive the growth of the market over the forecast period.
Advancements in short-range wireless connectivity such
as Zigbee, Bluetooth, and KNX technologies, notably in Europe and North America
also expected to drive IoT adoption over the next few years. Advancements in
disruptive technologies such as big data analytics, Artificial
Intelligence (AI), and industrial IoT are further expected to
propel the adoption of IoT-connected devices. Increasing investments through
funding in start-ups such as Hypervolt, HIXAA, SmartRent, and other SMEs that
help to gain new IoT-based projects in industries likely to create the need for
a high-performance, low-power IoT MCUs market over the forecast period.
Key IoT MCU manufacturers such as RENESAS Electric
Corporation, NXP Semiconductors, and STMicroelectronics are innovating
high-performance MCUs to meet the demand. For instance, in 2022, Renesas
Electric Corporation launched the 32-bit RA Family of microcontrollers (MCUs).
The launched product is based on the Arm Cortex-M23 core, which offers shallow
power consumer MCUs developed explicitly for IoT endpoint applications,
including industrial automation, medical devices, intelligent home appliances,
and wearables.
The COVID-19 outbreak positively impacted the IoT MCU
market in 2020. Government-imposed restrictions and stay-at-home mandates
increased the demand for smart wearables, including fitness trackers,
health-based wearables, and other consumer IoT devices. Due to a sudden
increase in demand for consumer IoT devices and a temporary halt of production
units, the market experienced a shortage of MCUs in 2021, creating an imbalance
in supply and demand. In light of these factors, device manufacturers are
expected to hike the connected product prices in 2022, which is likely to
continue until 2023.
Related Press Release@ IoT Microcontroller Market Report
IoT Microcontroller Market Report
Highlights
- 32-bit captured more than 40% market share of the overall IoT MCU
market in 2021, with the market size expected to register a CAGR exceeding
13% over the forecast period. An increase in the adoption of smart
utilities and industrial robotics is expected to drive market growth over
the forecast period
- By 2030, the wearables segment is expected to surpass USD 700
million with a CAGR exceeding 13%. It is ascribed to increasing awareness
for health and fitness among individuals, significantly contributing to
the adoption of wearable technology, supporting market growth
- Asia Pacific led the market in 2021, a trend expected to continue
over the mid-term. The regional CAGR is expected to exceed 13.6% from 2022
to 2030. Adding to this, increasing government initiatives to develop
innovative and connected infrastructure signifies market growth
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment