New York, USA, May 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Application Specific Integrated Circuit Market Information by Product Type, Application, and Region - Forecast till 2032”, Application Specific Integrated Circuit Market could thrive at a rate of 9% between 2023 and 2032. The market size will be reaching around USD 37.5737 by the end of the year 2030.
Application-Specific Integrated Circuit Market Synopsis
Application Specific Integrated Circuit (ASIC) is a type of integrated circuit designed for specific applications. Unlike general-purpose integrated circuits, ASICs are designed to perform a specific function or set of functions. They are used in a wide range of applications, including automotive, aerospace, consumer electronics, telecommunications, and more.
ASICs are used in a variety of applications where high performance, low power consumption, and reliability are critical. Some of the common uses of ASICs include signal processing, data encryption, and image and video processing. They are also used in automotive applications such as engine control systems, infotainment systems, and driver assistance systems.
Application-Specific Integrated Circuit Market Competitive Landscape:
The affluent companies in the Application Specific Integrated Circuit industry include
- Samsung Electronics Co Ltd
- Intel Corporation
- Taiwan Semiconductor Manufacturing Company Limited (TSMC)
- Qualcomm Incorporated
- Broadcom Inc
- Texas Instruments Incorporated
- Infineon Technologies
- STMicroelectronics
- ON Semiconductor Corporation
- Analog Devices Inc
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Application-Specific Integrated Circuit Market Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2032 | USD 37.5737 billion |
| Growth Rate | CAGR of 9.00% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | The technology inconsistency in the semiconductor industry & electronics industry makes it difficult for the vendors to keep up with the pace of innovation. |
| Key Market Drivers | The growing demand for ASIC in the consumer electronics sector owing to the energy-efficient solutions |
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March 2022
Broadcom announced the launch of its latest ASIC product, the StrataDNX Jericho2c switch to system-on-chip (SoC). The new product is designed for data center and service provider networks and is expected to provide a high-performance, low-latency, and power-efficient solution for these applications.
Application-Specific Integrated Circuit Market Drivers:
One of the primary factors contributing to the growth of the ASIC market is the increasing demand for high-performance computing and data processing. With the rapid growth in data-driven applications, such as artificial intelligence, machine learning, and big data analytics, there is an increasing need for advanced data processing units, which is driving the demand for ASICs.
The growing demand for advanced and reliable automotive electronics is another significant driver of the ASIC market. The automotive industry is witnessing a shift towards electric vehicles, which require advanced electronics and embedded systems for controlling various functions, such as battery management, power conversion, and motor control. This is driving the demand for ASICs that can deliver high-performance computing, low power consumption, and high reliability.
Furthermore, the increasing adoption of ASICs in the consumer electronics industry is driving market growth. ASICs are widely used in various consumer electronics applications, such as smartphones, gaming consoles, and smart home appliances, due to their low power consumption, high performance, and small form factor. With the increasing demand for advanced and feature-rich consumer electronics products, the demand for ASICs is expected to grow significantly in the coming years.
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Application-Specific Integrated Circuit Market Restraints:
Developing an ASIC requires expertise in multiple domains, including electronics design, system architecture, and programming. ASIC design involves creating a custom circuit that meets the specific requirements of the application. This process is highly complex and requires a team of skilled professionals. The lack of skilled professionals in the ASIC domain is also a significant restraint for the market. Moreover, ASICs have a limited scope for customization, which can be a restraint for the market. ASICs are designed for specific applications and cannot be modified once they are manufactured. Any changes required in the functionality of the ASIC may require a redesign and development process, leading to increased costs and time.
COVID 19 Analysis
The COVID-19 pandemic has had a mixed impact on the ASIC market. On the one hand, the pandemic has led to disruptions in the supply chain and manufacturing processes, which have affected the production and delivery of ASICs. On the other hand, the pandemic has also accelerated the adoption of digital technologies and increased demand for high-performance computing, which has boosted the demand for ASICs. In the post-COVID scenario, the demand for ASICs is expected to grow, driven by the increasing adoption of digital technologies across industries.
Application-Specific Integrated Circuit Market Segmentation
By Product Type
The Product Type in the market includes Full Custom Design, Semi-Custom Design, Programmable
By Application
The Application in the market includes IT & Telecommunication, Industrial, Automotive, and Consumer Electronics.
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Application-Specific Integrated Circuit Market Regional Insights
North America, Europe, and Asia-Pacific are the top three regions for the ASIC market. North America is expected to hold the largest share of the market due to the presence of leading players and the growing demand for advanced technologies in the region. Europe is also expected to see significant growth, driven by the increasing adoption of ASICs in the automotive industry. Asia-Pacific is expected to see the fastest growth, driven by the increasing demand for consumer electronics and the growing automotive industry in the region.
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