The Europe IoT Microcontroller Market would witness market growth of 12.5% CAGR during the forecast period (2022-2028).
IoT microcontrollers are significantly being employed in smart cities and smart industries for mission-critical applications. These devices are also significantly utilized in process sectors like power plants, oil and gas, and mining to enable a wide range of digital communication systems such as remote fluid measurement and valve control. Motion detectors, fire and smoke alarms, electronic locks, and other battery-powered devices are becoming smaller and lighter, due to which, the requirement of a compact device to offer interconnectivity is on a surge. A majority of these devices require a medium to establish interconnection with the connected device to share data and information.
Therefore, the demand for IoT microcontrollers from these applications is significantly rising and hence, these factors would substantially propel the growth of the IoT microcontrollers market. The substantial advancements in Internet of Things application domains are likely to meet the requirement of a diverse consumer base for technologically improved items. The implementation of smart meters across a variety of commercial and residential sectors for closely monitoring overall energy consumption is also expected to boost the Internet of Things Microcontroller market over the coming years.
As part of Europe's ambitious grid modernization efforts, more than half of all power meters have been replaced with smart meters. Government investments have accelerated the deployment of smart meters across Europe, particularly in France, Spain, and the United Kingdom, which will boost market growth during the forecast period. In addition, the rising growth of the regional market is also owing to the rising demand for smart televisions, smartwatches, tablets, smartphones, and other consumer electronic devices, which drives market demand in this region. Furthermore, the industry is also surged by the presence of a number of major electrical device manufacturers.
In addition, the robust healthcare infrastructure of the region also plays a significant role in the increased demand for microcontrollers. The integration of microcontrollers is rapidly increasing in several healthcare devices. microcontrollers allow healthcare facilities in saving substantial amount of electricity.
The Germany market dominated the Europe IoT Microcontroller Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $622 million by 2028. The UK market is poised to grow at a CAGR of 11.6% during (2022 - 2028). Additionally, The France market would witness a CAGR of 13.3% during (2022 - 2028).
Based on Type, the market is segmented into 32-bit, 16-bit, and 8-bit. Based on Application, the market is segmented into Consumer Electronics (Smartphones, Wearables, and Others), Industrial Automation, Smart Homes, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global IoT Microcontroller Market Size will Hit $9.9 Billion by 2028, at a CAGR of 13%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Silicon Laboratories, Inc., Espressif Systems Shanghai Co Ltd., Holtek Semiconductor, Inc., Renesas Electronics Corporation, STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments, Inc., NXP Semiconductors N.V., Nuvoton Technology Corporation, and Microchip Technology, Inc.
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