Arduino Compatible Market Is Estimated To Witness High Growth Owing To Increasing Adoption and Popularity of IoT & Maker Movement
The Arduino Compatible Market is estimated to be valued at US$ 1.35 billion in 2023 and is expected to exhibit a CAGR of 12.2% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Arduino boards are open-source microcontroller boards used to build a variety of digital and interactive objects including wearables, home automation projects, interactive art installations, and educational tools. Main applications of Arduino boards include IoT, robotics, and desktop CNC machines. The boards read inputs like light, temperature and sound and turn them into outputs like activating a motor or LED.
Market Dynamics:
The Arduino compatible market is expected to witness high growth owing to increasing adoption and popularity of IoT and maker movement across the world. There is a growing demand for microcontrollers and open source hardware platforms like Arduino and Raspberry Pi for IoT and home automation projects. According to Arduino's State of IoT Report 2022, over 1 billion IoT connected devices were added globally in 2021, with IoT networks growing by 31% year-over-year. Moreover, the maker culture and maker movement has gained widespread popularity among hobbyists, students and researchers who want to build interactive objects and prototypes. This has boosted the demand for Arduino boards which provide an affordable, flexible and easy hardware platform for makers and innovators.
SWOT Analysis
Strength: Arduino compatible products are cost-effective solutions for hobbyists, students and entrepreneurs to build electronics projects. They allow developers to quickly prototype and develop ideas without needing in-depth knowledge of electronic hardware. Many libraries and code examples are available online to help users get started easily.
Weakness: The open source nature of Arduino means that quality control can vary significantly across manufacturers. Cheaper clones may have reliability issues compared to officially branded boards. Users require some familiarity with coding and electronics to effectively work with these platforms.
Opportunity: The maker movement and increasing interest in STEM education provides opportunities to further popularize Arduino compatible boards, especially among students and hobby communities. IoT and embedded applications also provide scope to utilize microcontrollers in industrial and commercial products.
Threats: Larger chipmakers are able to provide competing microcontroller-based solutions targeting industrial and commercial customers which have more features and reliability than Arduino boards. Software platforms from companies like Intel can also emerge as alternate options for developing IoT applications.
Key Takeaways
The global Arduino Compatible Market Size is expected to witness high growth, exhibiting a CAGR of 12.2% over the forecast period, due to increasing adoption in education and industrial automation.
Regional analysis: North America dominates the global market currently due to strong presence of maker communities and technology adoption. However, Asia Pacific is expected to be the fastest growing regional market, majorly driven by growing electronics manufacturing industry in countries like China, Taiwan, India etc.
Key players: Key players operating in the Arduino compatible market are Arduino, Adafruit, SparkFun, Seeed Studio, Microchip, NXP Semiconductors, STMicroelectronics, Texas Instruments, Cypress Semiconductor, Silicon Labs, Renesas Electronics, Infineon Technologies, Maxim Integrated, ON Semiconductor, Microchip Technology, Semtech, Analog Devices, ROHM Semiconductor, FTDI Chip, Intel. All major players focus on expanding their product portfolio as well as regional footprint to tap the growth opportunities.
Read more @ https://creativeedge16.blogspot.com/2023/10/arduino-compatible-market-remarking.html
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