CHICAGO, Oct. 10, 2019 /PRNewswire/ -- According to the new market research report "Ultra-low-power Microcontroller Market by Peripheral Device (Analog Device and Digital Device), Packaging Type (8-bit Packaging, 16-bit Packaging, and 32-bit Packaging), End-use Application, and Region - Global Forecast to 2024", published by is MarketsandMarkets™, the Ultra-low-power Microcontroller Market is expected to be worth USD 4.4 billion in 2019 and is projected to reach USD 12.9 billion by 2024, at a CAGR of 24.1% from 2019 to 2024.
The growth of the ultra-low-power microcontroller market is fueled by the growing adoption of low-power consumption devices, rising demand for low-power microcontrollers from consumer electronics industry, increasing use of building and home automation systems, and surging demand for IoT ecosystem. The growth of the ultra-low-power microcontroller market can also be attributed to the technological advancements such as the development of low-power MCUs and design of 32-bit MCUs for IoT, and the increasing production of ultra-low-power MCUs.
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The market for 32-bit ultra-low-power microcontroller expected to hold the largest market share during the forecast period
The 32-bit ultra-low-power microcontroller segment is expected to lead the market between 2019 and 2024. The growth of these microcontrollers can be attributed to its feature of offering a balance between power consumption and high performance. This helps to meet the needs of power-constrained or low-power applications seeking battery-savvy functionality for the Internet of Things (IoT) and connected devices.
Analog devices expected to grow at the highest CAGR during the forecast period
The market for ultra-low-power microcontrollers with analog devices is high as low power devices are majorly used in different applications to fetch real-world signals such as temperature, pressure, acceleration, and speed, which are measured and converted into digital signals. The benefits of analog peripherals devices include high reliability, reduced noise, low latency, and decreased costs. A few of the applications of integrated analog peripherals include industrial instrumentation solutions, industrial controllers, connected home consoles, thermostats, temperature sensors, smart meters, smart grids, blood glucose meters, heart rate monitors, implantable devices, and IoT devices.
The market for consumer electronics expected to hold a significant share of the ultra-low-power microcontroller market in 2019
Ultra-low-power microcontrollers are prominent components of consumer electronics such as laptops, smartphones, gaming devices, smart home devices, and intelligent appliances. Along with the shrinking size of electronic components in electronic devices, manufacturers also focus on producing devices that consume lower power. Therefore, companies are manufacturing devices equipped with ultra-low-power microcontrollers. Owing to the high penetration of ultra-low-power microcontrollers in consumer electronic devices, the consumer electronics application is expected to continue to account for the largest market share during the forecast period.
Browse in-depth TOC on "Ultra-low-power Microcontroller Market"
153 – Tables
52 – Figures
190 – Pages
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Asia Pacific held the largest share of the ultra-low-power microcontroller market in 2019
The demand for consumer electronics and automobiles is increasing in this region. With the rising population, the penetration of home appliances is growing at a faster rate. This has propelled the ultra-low-power microcontroller market growth. Also, the adoption of IoT devices is expected to increase in APAC countries such as China, South Korea, and India, which will boost the demand for ultra-low-power microcontroller-embedded low-power devices. Further, APAC is also an appealing manufacturing hub with a large number of manufacturing plants. With growing industrial IoT in the region, the need for low power, battery-operated devices has been increasing, which has led to the growth of the ultra-low-power microcontroller market.
The report profiles key players, including Texas Instrument Inc. (US), Microchip Technology Inc. (US), STMicroelectronics (Switzerland), Renesas Electronics Corporation (Japan), Cypress Semiconductor Corporation (US), NXP Semiconductors N.V. (The Netherlands), Silicon Laboratories, Inc. (US), Maxim Integrated (US), Analog Devices, Inc. (US), and ON Semiconductor (US).
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