The global Microcontroller market size is expected to be worth around US$ 46.16 billion by 2030, according to a new report by Vision Research Reports.
The global Microcontroller market size was valued at US$ 17.79 billion in 2020 and is anticipated to grow at a CAGR of 10.9% during forecast period 2021 to 2030.
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Growth Factors
The market growth is attributable to the increasing focus on automation and across various verticals such as automotive and industrial. Increasing demand for embedded control systems in multifunctional devices such as vehicles, robots, medical devices, mobile radio, residential appliances, among others, is also playing a principal role in the growth of the market.
However, the market has witnessed a downfall in revenue owing to the adverse effects of the COVID-19 pandemic. The leading companies, such as Infineon Technologies AG, NXP Semiconductors, Texas Instruments Incorporated, and STMicroelectronics, have witnessed a significant fall in revenues in the first two quarters of 2020. However, as the lockdown restrictions are gradually getting lifted, manufacturing facilities across the globe are reopening with a limited workforce. Further, as the automotive and industrial factories worldwide are reopening, the demand for microcontrollers is expected to grow steadily from 2021 to 2028.
Report Highlights
In terms of revenue, the 16-bit segment dominated the market...
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