Albany, NY -- (SBWIRE) -- 04/03/2018 -- Transparency Market Research has released a new and a comprehensive report on the global application specific integrated circuit market. As per this report, the application specific integrated circuit market is a highly competitive market, with the presence of several small and local market players. Moreover, most of the market players have their business presence scattered in various regional markets.

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According to this report, some of the major players operating in the global application specific integrated circuit market include Texas Instruments Inc., STMicroelectronics N.V., Infineon Technologies AG, Renesas Electronics, Analog Devices, Maxim Integrated Products Inc., NXP Semiconductors N.V., ON semiconductor, Qualcomm Inc., Linear Technology Corporation and Intel Corporation. These companies are concentrating on introducing new products in the market by following a process of a robust research and development. The above companies are also focusing on expanding their business by undertaking strategic acquisitions and this is one of their main strategies for cementing their position in this market.

As per the assessment of Transparency Market Research, the global application specific integrated circuit market was valued at US$ 18.7 Bn in 2017 and is slated to reach a valuation of US$ 35.2 Bn in 2024 end, reflecting a CAGR of 9.5% during the period of forecast 2017-2024.

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Vast Usage of Application Specific Integrated Circuits Boosting Market Growth

During the last few years, due to the technological advancements in the electronics and semiconductor industry, the array of applications for application specific integrated circuits have enhanced. Furthermore, developments in application specific integrated circuits in the form of miniaturization of the components, energy efficiency and reliability have led to increased utilization of such kind of circuits across various application segments. Uses of application specific integrated circuits have broadened to automotive electronics, industrial electronics, telecommunication, medical electronics, military electronics, aerospace electronics, and power electronics. In comparison to the previous uses of application specific integrated circuits, which were basically for electrical circuits and consumer appliances, the scope of use of such kind of circuits has significantly increased in the past few years. This has given a great boost to the global application specific integrated circuits market.