The ultra-low-power microcontroller market is projected to grow from $4.4 billion in 2019 to $12.9 billion in 2024 for a CAGR of 24.1%, according to a study by MarketsandMarkets titled "Ultra-low-power Microcontroller Market by Peripheral Device, Packaging Type, End-use Application, and Region—Global Forecast to 2024.”
The firm noted that the ultra-low-power microcontroller market is being fueled by the growing adoption of low-power consumption devices, rising demand from consumer electronics, increasing use of building and home automation systems, and surging demand for IoT ecosystems. Growth is also aided by the development of low-power MCUs and design of 32-bit MCUs for IoT, and increasing production of ultra-low-power MCUs.
The market for ultra-low-power microcontrollers with analog devices is high as low power devices are 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 peripheral devices include high reliability, reduced noise, low latency, and decreased costs. Integrated analog peripherals are required for 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.
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Consumer electronics is another factor driving the low-power microcontroller market. Ultra-low-power microcontrollers are prominent in 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. Owing to the high penetration of ultra-low-power microcontrollers in consumer electronic devices, consumer electronics are expected to continue to account for the largest market share during the forecast period.
Regionally, the Asia-Pacific region is also driving growth. The rising population has increased the penetration of home appliances. This has propelled the ultra-low-power microcontroller market. Also, the adoption of IoT devices is expected to increase in APAC countries such as China, South Korea and India, which will in turn boost demand for ultra-low-power microcontroller-embedded devices. Furthermore, because the Asia-Pacific region has a large number of manufacturing plants, the growth of industrial IoT there is driving the growth of low power, battery-operated devices, which in turn has propelled the ultra-low-power microcontroller market.