Arduino Compatible Microcontrollers are Estimated to Witness High Growth Owing to Increasing Adoption in IoT and Wearable Devices
The Arduino compatible microcontroller market is estimated to be valued at US$ 1.35 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Arduino compatible microcontrollers are small open-source electronic boards used to develop interactive electronic objects for a variety of uses including IoT applications, robotics, wearables and more. Some key features of Arduino compatible microcontrollers include easily programmable codes, connectivity with numerous shields and sensor modules and support for a variety of input and output features. These capabilities have made them ideal platforms for hobbyists, students and professionals developing prototypes and products involving interaction of electronics with the physical world.
Market Dynamics:
The Arduino compatible microcontroller market is expected to witness significant growth over the forecast period, owing to two key drivers. Firstly, the growing adoption of IoT technologies across various industry verticals is propelling the demand for Arduino compatible microcontrollers as they provide a cost-effective platform for development of IoT devices and prototypes. Secondly, the increasing integration of electronics in wearable devices and smart consumer products is fueling the need for small, flexible, and programmable microcontroller boards for product development. The ease of use and extensive community support of Arduino further aids its adoption over other microcontroller platforms.
SWOT Analysis
Strength: Arduino compatible boards offer an open-source platform for prototyping and development of IoT and embedded systems at low-cost. These boards are supported by a large community and ecosystem of libraries and shields. Compatible boards are pin-to-pin compatible with Arduino models allowing reuse of existing code and libraries.
Weakness: Product quality and reliability varies between manufacturers. Some compatible boards lack certain features of flagship Arduino models. Compatible boards require knowledge of Arduino programming to leverage fully.
Opportunity: Growing adoption of IoT and embedded systems across industries is driving the need for cost-effective development platforms. Arduino compatible boards help address this need due to their low-cost and ease of prototyping. Emergence of new applications such as smart home automation and industrial IoT presents an opportunity.
Threats: Arduino holds dominant market share and brand value. Compatible boards need to differentiate on features or support to gain market acceptance. Alternative development platforms like Raspberry Pi pose competition.
Key Takeaways
The Global Arduino Compatible Market Size is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing adoption of IoT and embedded systems across industries. By 2030, the market size is projected to reach US$ 3.23 Bn.
Regional analysis: The market is dominating by Asia Pacific with over 40% share due to concentration of electronics manufacturing in countries like China and India. The APAC region is also fastest growing market driven by emerging applications. North America and Europe collectively account for more than 35% share due to high technological adoption.
Key players operating in the Arduino compatible market are Arduino, Adafruit, SparkFun, Seeed Studio, Microchip, NXP Semiconductors, STMicroelectronics, Texas Instruments, Cypress Semiconductor, Silicon Labs, Renesand Electronics, Infineon Technologies, Maxim Integrated, ON Semiconductor, Microchip Technology, Semtech, Analog Devices, ROHM Semiconductor, FTDI Chip, Intel. These players are focused on developing differentiated and feature-rich products while expanding sales through multiple online and offline distribution channels.
Read More : https://www.pressreleasebulletin.com/arduino-compatible-market-analysis-growth-forecast-outlook-2023-2030/
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