Microcontroller Market revenue will reach $18.8 billion by 2024

Aug. 29, 2017 – Microcontroller Market was valued at $9.80 billion in 2016 and is projected to reach $18.88 billion by 2024, having a CAGR of 8.6 % during the forecast period of 2017 to 2024.The 32-bit microcontroller segment generated the highest revenue share in the global microcontroller market.

A microcontroller is a small computer on a single integrated circuit. In terms of modern terminology, it is a system on a chip or SoC. A microcontroller may consist of one or more CPUs (processor cores) along with memory and programmable input/output peripherals. Program memory in the form of Ferroelectric RAM, NOR flash or OTP ROM is also often integrated on chip, as well as a small RAM. Microcontrollers are designed for embedded applications, in contrast to the microprocessors used in personal computers or other general purpose applications consisting of various discrete chips. Microcontrollers are used in automatically controlled products and devices, such as automobile engine control systems, implantable medical devices, remote controls, office machines, appliances, power tools, toys and other embedded systems.
Market Dynamics

Growing automotive industry, decreasing microcontroller prices and constantly growing demand for medical electronics are some major driving factors which are helping the growth of the microcontroller market. Hybrid electric vehicles require a large number of microcontrollers compared to regular automotive. There is an increase in the number of these vehicles as a result of growing awareness of energy efficiency, hence boosting the growth of the market. However, significant competitor base and macroeconomic conditions might act as a restraining factor for the market. Increasing penetration of smart grid systems will act as a future opportunity for the microcontroller market.

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