Iot Microcontroller Market: Wearables Segment Is Expected To Surpass USD 700 Million With A CAGR Exceeding 13%

 IoT Microcontroller Industry Overview

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. 


IoT Microcontroller Market Segmentation

Grand View Research has segmented the global IoT microcontroller market based on product, application, and region:

Based on the Product, the market is segmented into 8-Bit, 16-Bit, and 32-Bit.

  • The IoT microcontroller market has been categorized into 8 bit, 16 bit, and 32 bit. The 32 Bit MCU segment dominated the market in 2021 and is anticipated to register the highest CAGR of 13.6% from 2022 to 2030. The 32 bit is the most compatible MCU for IoT applications.
  • The 8 Bit MCUs segment is anticipated to expand at a CAGR exceeding 12% over the forecast period. The 8-bit segment is extensively used for low-power applications such as smart wearables and connected devices. The growing preference for fitness wearables, particularly among millennials, is expected to drive the adoption of wearables.

 

Based on the Application, the market is segmented into Industrial Automation, Smart Homes, Consumer Electronics, and Others.

  • The smart homessegment was valued at USD 1.04 billion in 2021, registering a CAGR exceeding 14% over the forecast period. The smart home segment is inclusive of home appliances. Advancements in app-controlled (notably mobile app) smart devices create the need for safe, secured, and energy-efficient applications such as HVAC and energy management, lighting, and infotainment applications, a trend which is expected to support the market growth for the smart home segment over the next few years.
  • The consumer electronics segment encompasses smartphones, wearables, and others. The COVID-19 outbreak compelled the employees to work remotely. This has further triggered the demand for smart wearables such as smartwatches and fitness trackers. Increasing fitness and health awareness among millennials is also likely to spur wearables sales, which is expected to continue over the next few years. 

 

Key Companies & Market Share Insights

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. MCU manufacturers are also pursuing inorganic growth strategies to gain a competitive edge, such as strategic partnerships and Mergers & Acquisitions (M & A).

Besides M&A, OEM emphasizes research and development to develop energy-efficient MCUs for low power applications. Companies are also focused on developing products that comply with regional regulation norms to eliminate the risk of losing business because of regulation violations. For instance, in May 2020, NXP Semiconductor collaborated with OKdo, one of the business units of Electrocomponents Group, to develop E1, a single board computer (SBC). The SBC includes NXP's LPC55S69 Microcontroller, offers a high-performance, secure low-cost platform for IoT applications, and helps the company enhance its customer base. 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
  • Texas Instruments Incorporated
  • Renesas Electronics Corporation

 

Order a free sample PDF of the IoT Microcontroller Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

 

Comments

Post a Comment

Popular posts from this blog

Innovations and Trends in the Window Treatment Market

  Window Treatment Industry Data Book | Forecast 2030 Window Treatment Industry Data Book - Blinds & Shades, Curtains and Shutters Market Grand View Research’s window treatment industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.   Access the Global Window Treatment Industry Data Book, 2023 to 2030 , compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies   Blinds And Shades Market Report Highlights North America is expected t
Read more

Heating Equipment Market: A Warm Outlook for 2023

  Heating Equipment Industry Data Book | Forecast 2030 Heating Equipment Industry Data Book - Heat Pump, Unitary Heaters, Warm Air Furnace and Space Heating Boilers Market Grand View Research’s heating equipment industry database is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports and summary presentations on individual areas of research. Access the Global Heating Equipment Industry Data Book, 2023 to 2030 , compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies   Heat Pump Market Report Highlights In 2022, the air-source technology segment dominated with a revenue share of o
Read more

Micro-Mobility Charging Infrastructure Market Worth $27.70 Billion By 2030

  Micro-mobility Charging Infrastructure Industry Overview The global  micro-mobility charging infrastructure market  size is expected to reach USD 27.70 billion by 2030, growing at a CAGR of 25.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increasing awareness about green transportation modes is expected to drive the adoption of micro-mobility vehicles across the globe. An increasing number of people are preferring e-scooters for traveling over shorter distances as these vehicles take less parking space and can recharge within a shorter time. Additionally, several charging stations for e-scooters provide a dedicated parking space, which helps reduce traffic congestion. Furthermore, these charging stations can be efficiently designed as per the available space and are adaptable to any e-scooter design. These factors are expected to create growth opportunities for the market over the forecast period. The growing preference for wireless charging station
Read more