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.
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
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Rise of IoT has resulted in a steady growth of the global industry due to the rise in demand for smart systems that can be embedded in devices along with machine communication capabilities. The consumer electronics industry has been one of the leading consumers of IoT technology in the last few years and COVID-19 pandemic has elevated the demand further. Recently market experienced a shortage of Microcontrollers (MCUs), due to temporary halt of production units and a sudden increase in demand for consumer IoT devices. Demand is driven by rising adoption of sophisticated technology in popular devices such as smartphones, tablets, and connected accessories such as smart watches and fitness bands.
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.
IoT Microcontroller Market Insights By Geographical Regions:
Asia Pacific dominated the market and is anticipated to expand at a CAGR exceeding 13.0% over the forecast period. The growth is primarily driven by China, India, and Japan which accounted for more than 50% of the overall market share. The Europe regional market accounted for a revenue share of over 20%. In Europe, more than 50% of the electricity meters have been replaced by smart meters as part of the aggressive investments in grid modernization. Favorable government investments have particularly propelled the installation of smart meters across European countries, such as France, Spain, and the U.K., which supports the market growth over the forecast period.
Industry Analysis By Major Companies:
The IoT MCU market is a competitive market characterized by incumbents and a few small-scale manufacturers. Leading market players are investing aggressively in R&D initiatives to introduce innovative, low-power, and energy-efficient MCUs and foray into different application segments as part of their efforts to retain their existing customers while attracting new ones. Besides M&A, OEM emphasizes research and development to develop energy-efficient MCUs for low power applications. Some of the prominent players operating in the global IoT microcontroller market are:
- Broadcom
- Espressif Systems (Shanghai) Co., Ltd
- Holtek Semiconductor Inc.
- Infineon Technologies
- Microchip Technology Inc.
- Nuvoton Technology Corporation
- NXP Semiconductors
- Silicon Laboratories
- STMicroelectronics
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IoT Microcontroller Market Segmentation
Grand View Research has segmented the global IoT microcontroller market based on product, application, and region:
IoT Microcontroller Product Outlook (Revenue; USD Million, 2018 – 2030)
- 8-Bit
- 16-Bit
- 32-Bit
IoT Microcontroller Application Outlook (Revenue; USD Million, 2018 – 2030)
- Industrial Automation
- Smart Homes
- Consumer Electronics
- Smartphones
- Wearables
- Others
- Others (others include smart utility, smart transportation& logistics, smart retail, and other enterprise application)
IoT Microcontroller Regional Outlook (Revenue; USD Million, 2018 – 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa (MEA)
List of Key Players in the IoT Microcontroller Market
- Broadcom
- Espressif Systems (Shanghai) Co., Ltd
- Holtek Semiconductor Inc.
- Infineon Technologies
- Microchip Technology Inc.
- Nuvoton Technology Corporation
- NXP Semiconductors
- Silicon Laboratories
- STMicroelectronics
- Texas Instruments Incorporated
- Renesas Electronics Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Grand View Research employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives.