Albany, NY -- (SBWIRE) -- 01/03/2017 -- Application specific integrated circuit (ASIC) is a chip on which the pattern of connection has been printed for special application. This product consists of a customized integrated circuit. The purpose of an ASIC is to cater to a wide range of applications. These circuits are used in multiple applications across the globe. Initially, gate array technology was used in ASICs. Modern ASICs consist of RAM (Random Access Memory), entire microprocessors, electrically erasable programmable read-only memory (EEPROM), flash memory blocks, and other large building blocks. The increase in demand for consumer electronics in the near future is anticipated to fuel the demand for ASIC products in the next few years. The application specific integrated circuit market is expected to witness steady growth during the forecast period. For providing the detailed overview, this market has been segmented on the basis of applications, types, and geographies. On the basis of applications, the market has been divided into medical, industrial, automotive, sensors, and consumer electronics. On the basis of product types, the market has been segmented into full custom, standard-cell-based, and gate-array-based. Geographically, the ASIC market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

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Increasing demand for automotive products such as engine monitors and warning light controllers across the globe is one of the primary factors anticipated to drive the demand for ASIC from 2016 to 2024. Moreover, speedily increasing demand for electric vehicles across the globe in order to reduce emission of greenhouse gases from automobiles is also projected to drive the market for intelligent power module significantly in the next few years. A flexible design and the technological development in ASIC are expected to create a better opportunity for ASIC manufacturers across the globe. At present, ASIC chips can be used in satellites, modems, and computers is boosting the demand of these product market. In medical applications, biometric monitors, hearing aids, others application are driven by ASIC chip is important factors drive the market opportunities in future.

Moreover, advantages of using standard cell-based designs such as cost-effectiveness, reduced time, and less risk as compared to full custom designs offer opportunities for growth of the application specific integrated circuit market. Other factors such as placement issues, component routing problems, and lack of development tools restrain the growth of the market. Costs incurred for preparing a standard library and fabricating the designs are also restraining the growth of the market. Moreover, in various security applications, several ASIC products are coming out. This property is an opportunities for the growth of market demand of ASIC technology in global market.

Geographically, in terms of revenue, the ASIC market in Europe is expected to witness steady growth during the forecast period. Presence of a large number of ASIC manufacturers in Europe coupled with the rising demand for technologically advanced consumer electronics is the primary reason for the region's dominance in the global market. The ASIC market in Asia Pacific is primarily driven by the rise in demand for various consumer electronic devices, which arises from a large consumer base in line with the increasing disposable income in China and Taiwan.

The global application specific integrated circuit market is characterized by presence of a few key players in the market. Key companies operating in the market are ACL Ltd. (the U.K.), Apex Electronics (the U.K.), Avago Technologies (Germany), Esprit Electronics Ltd. (the U.K.), Fujitsu Electronics Europe GmbH (Germany), Future Electronics Ltd. (the U.K.), Hitachi Europe Ltd. (the U.K.), and Ineltek (the U.K.).