New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Embedded Technology Market information by Platforms, by Hardware, by Application and Region – forecast to 2027” market size to reach 116.2 billion, growing at a compound annual growth rate of 6.1% by 2027.
Embedded technology is a microprocessor based system attached with software designed to work independently or part of a large system. Introduction of 5G services as well as development of smart technologies for management of processes can drive market growth. The global embedded technology market report by Market Research Future (MRFR) identifies new trends in embedded technology and its future applications through in-depth research for the forecast period (2020-2027). The COVID-19 pandemic and its effects also make up a large portion of the report.
Dominant Key Players on Embedded Technology Market Covered are:
Renesas Electronics Corporation
Infineon Technologies AG
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Market USP Exclusively Encompassed:
Production of EVs and Hybrid Vehicles to be a Major Driver
Nations aiming to connect the large populace of cities with rural areas can lead to heave investments in rail infrastructure. Expansions of rail road projects to serve as a reliable backup for trade and being integral to logistics and supply chains can drive the embedded technology market. Bids and auctions invited by governments to modernize the railways can serve as an incentive to embedded technology manufacturers.
Rollout of 5G Services and 5G Embedded Devices to Boost Market Demand
The fuel burn penalty for embedded technology emitting nitrogen oxide can motivate railroad operators to opt for engines with alternative fuels such as diesel, LNG, and electric. Replacement of gasoline engines with diesel and encouragement of brake thermal efficiency can bode well for the market. Investments in fuel injection technology to improve the performance of embedded technology engines has high potential in the market.
Vulnerability to Cyber Threats to Hamper Market
Hybrid embedded technology are estimated to gain precedence slowly in the market as nations look to introduce sustainable development goals in their budget. Benefits of low fuel consumption and noise reduction compared to its conventional counterpart can drive its demand. Modernization initiatives by nations to rapidly upgrade its railroad infrastructure and connect citizens to faraway routes can bode well for the market. This is exemplified by the agreement between Hyundai Rotem and the Tanzania Railway Corporation for electric embedded technology and electric multiple units.
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Segmentation of Market Covered in the Research:
Cloud Computing Platform to Lead by 2027
By platform, the market is segmented into web, cloud, mobile, and on-premise. The cloud platform can provide benefits of high performance and low development time.
Telecommunications to be Biggest Market Application
Major market applications are aerospace, telecommunications, automotive, healthcare, consumer electronics, and defense. The telecommunications sector is expected to command a large demand share of the market owing to demand for routers, converters, and ethernet devices for seamless connectivity.
Microcontrollers and Microprocessors to Rule Hardware Share
On the basis of hardware, the market is classified into ASIC (Application-specific integrated circuit), processor IP, microcontrollers and microprocessors, digital signal processors, and FPGA (field processing gate arrays). Huge demand for automated solutions to drive the segment growth.
Software Development to Lead by Connectivity
By connectivity, the embedded technology market is segmented into software development, testing software, operating systems, and open source software.
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APAC to Lead Global Embedded Technology Market
APAC is touted to be highly lucrative for the market owing to a large customer base and the potential for railroad networks. Rapid industrialization and transport of goods through freight carriers can drive the regional embedded technology market growth. Huge production of rolling stock and investments in railroad connectivity projects can influence the market. According to IBEF, investments in production of railway components stood at USD 1.12 billion from April to September 2020.
COVID-19 Impact on the Global Embedded Technology Market
The COVID-19 outbreak has negatively affected the embedded technology market. This is attributed to the disruptions in supply and value chains of embedded hardware and software. Switch to diesel and electric embedded technology engines can lead to high interest by investors looking for investing in green energy. Rise of leasing equipment dealing agencies owing to rampant international trade can drive the market demand significantly. Recently, European Loc Pool has procured embedded technology from Stadler Rail to enhance its freight services plans.
Low demand for consumer electronic devices and decline for automated processors for electric and connected vehicles can drive market demand. But need for systems and devices in the healthcare sector to lead to a resurgence in demand for embedded technologies.
Luos is planning to develop a standard API for embedded engineers to connect any hardware or component without additional development. The open source library has been developed to generate code for components with the ability to add own code for development.
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