Microcontrollers will garner multiplying demand on the back of versatile applications in various end-use industries says a recent Fact.MR study.
According to the organization, the global microcontroller market is set to grow at a double digit growth rate of 10% over the forecast period (2019-2029). Growth can be attributed to increasing applications of automation in consumer electronics, automotive, military and defense and industrial processes. Organizations and consumers are experiencing a shift of technology from handheld devices to smart devices that solve problems without human interaction. Based on these factors, market players will witness an exponential increase in demand.
The study also found that 16-bit microcontrollers are projected to exhibit market dominance with more than half of the total market share. The product type segment is set to grow more than two times by the end of the assessment period. Also, 32-bit microcontrollers will record the highest growth with more than 15% CAGR during the forecast period. Automotive applications are set to garner maximum microcontroller demand with more than one-third of total market share. Medical devices offer the highest double digit CAGR of more than 12% through the forecast period.
North America is set to lead global sales with more than one-third market share and a CAGR of 9.5% through 2029. While Middle East and Africa will have the highest double digit regional growth rate of over 13% from 2019 to 2029. Southeast Asia and Oceania will grow more than three times by the end of the forecast period.