Application Specific Integrated Circuit (ASIC) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 12/08/2017 -- Transparency Market Research states that the key players operating in the global application specific integrated circuit market are Analog Devices, Maxim Integrated Products Inc., and Qualcomm, Inc. These companies are thoroughly focused on achieving product innovation through research and development in the coming years. Business expansion through strategic acquisition will also be one of the winning strategies of these companies during the forecast period.
According to the research report, the global application specific integrated circuit market is expected to be worth US$35.23 bn by the end of 2024 from US$16.29 bn in 2015. The progress of the market is estimated to be at a CAGR of 9.2% between 2016 and 2024.
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Rising Sales Consumer Electronics in Asia Pacific Give Regional Market a Boost
On the basis of product, the global market is segmented into full custom design ASIC and semi-custom design ASIC. The semi-custom design ASIC is further divided into standard cell-based ASIC and gate array based ASIC. Of these, the semi-custom design ASIC product segment is expected to dominate the global market in the coming years as they help in major cost savings. This segment is slated to account for a share of about 80.8% by the end of 2024.
Geographically, the global application specific integrated circuit market is segmented into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. Amongst all the geographical segments, Asia Pacific is expected to dominate the global market as it is poised to acquire a share of 72.6% in the overall market by the end of 2024. The exponential rise in sales of consumer electronics is anticipated to be the key factor driving this regional market.
Widening Application of ASIC Products Nurtures Market's Growth
The demand for ASIC has been on the rise due to its widening applications in devices that are not confined to power or price of smartphones. Thus, ASIC is used in flat panel displays, which include e-mail, web browsing, voice memo, two-way paging, answering machine, global positioning systems (GPS), and wireless PDA. The demand for technologically advanced ASICs is expected to be in full swing as they fulfill the requirements of smaller size and weight, long battery life, high-bandwidth, and low-cost of next-generation smartphones. The market is also benefiting from the superior system reliability, which is allowing vendors to explore markets in areas such as mixed-signal designs and large system on chip (SoC).
The increasing scope of application for ASICs in fields such as electronics and semiconductor industry have also contributed to the soaring revenue of the global market. Additionally, enhancements in the ASIC design that have introduced miniaturization of components, energy efficiency, and reliability have also augmented the demand for these products. Today, usage of ASIC products can be seen across industries such as industrial electronics, automotive, electronics, medical electronics, telecommunication, aerospace electronics, and power electronics. All of the aforementioned factors are expected to benefit the global market in several positive ways during the forecast period of 2016 and 2024.
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Need for Constant Evolution Makes it Difficult for Players to Keep Up
The constant introduction of better products with improved features has endlessly challenged the global ASIC market to deliver better technology, which at times, becomes obsolete within months. Thus, developers have to bear the brunt of reduced profitability and fluctuating revenues. The ongoing evolution of the semiconductor and electronics industry is restraining the growth of the global market by expecting a continuous update that is not always feasible. These reasons are expected to restrain the growth of the global market in the coming years.
This review is based on Transparency Market Research's report, titled "Application Specific Integrated Circuit (ASIC) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024.