- Massive utilization of application specific integrated circuits (ASIC) in consumer electronics to steer vast revenue streams, particularly in Asia Pacific market; firms capitalizing on abundant demand in numerous applications in automotive and aerospace industries
- Versatility and low level of complexity of semi-custom ASICs bolstering preference in various applications, continuous design advancements to unlock new value propositions
WILMINGTON, Del., Oct. 5, 2022 /PRNewswire/ -- An in-depth study by TMR assessing the application specific integrated circuit (ASIC) market growth dynamics found that cost-effectiveness of the ICs in several high-volume applications has created massive lucrative demand. End-use industries such as consumer electronics, telecom, and aerospace are increasingly preferring ASIC integration into electronic circuits. The application specific integrated circuit (ASIC) market is forecast to advance at a CAGR of 8.3% from 2022 to 2031.
Need for high-performance electronic assembly for various applications in the automotive and aerospace industries is a key underpinning for growing R&D in ASICs. Stridently, continuous expansion of these industries will spur revenue generation during the forecast period. These industries are increasingly adopting ICs that can be made according to custom design specifications.
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Key Findings of Application Specific Integrated Circuit (ASIC) Market Study
- Range of Applications in Aerospace Industry to Expand Avenues: Numerous high-end applications in the aerospace industries have created vast profitable avenues that players have capitalized on over the past few years. A case in point is the use of ASIC-based electronics in cockpit lighting control application. Growing use in maritime security will generate lucrative demand for products in application specific integrated circuit (ASIC) market.
- Rising Adoption in Consumer Electronics to Generate Massive Growth Opportunities: Proliferating demand for wide range of consumer electronics has spurred design and performance advancements in ASICs used. Application specific integrated circuits are attracting consumer electronics manufacturers for their remarkable combination of low power consumption and high-performance benefits. Of note, the study found that focus on miniaturization of electronics for consumer gadgets will open up new frontiers in the near future, indicate recent application specific integrated circuit (ASIC) market trends.
- New Designs in Semi-custom ASICs Pivots Value-Grab Opportunity: Semi-custom ASICs present a massive avenue for commercialization of these circuits, found a study by TMR analysts on evaluating application specific integrated circuit (ASIC) market scope. Of note, the segment is anticipated to lead the market during the forecast period. Evidently, application specific integrated circuit manufacturers are harping on versatility and simplicity of hierarchy as key value propositions to attract customers. Evidently, unveiling new designs will reinforce the growth prospects of the application specific integrated circuit (ASIC) market.
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Application Specific Integrated Circuit (ASIC) Market: Key Drivers
- Consistently growing demand for ICs with high performance and low power consumption in consumer electronics is a key driver of the application specific integrated circuit (ASIC) market. Rising volumes of production and growing shipment of range of high-end consumer electronics has propelled the growth prospects.
- Growing popularity of organic electronics in low-power electronic circuits along with emphasis on reducing manufacturing cost is expanding the avenue in application specific integrated circuit (ASIC) market.
Application Specific Integrated Circuit (ASIC) Market: Regional Growth Dynamics
- Opportunities in the Asia Pacific market are anticipated to rise rapidly during the forecast period. The revenue growth is invigorated by rising adoption of ASICs in consumer electronics. China held a key share of the regional market in 2021, underpinned by rise in volumes of production of application ASICs as well as their uptake in various end-use industries.
- North America is a remarkably profitable region for industry players in the global application specific integrated circuit (ASIC) market. The region held a key application specific integrated circuit (ASIC) market share in 2021. Widespread adoption of the products in aerospace and automotive industries has generated sizable revenues in the regional market, making it highly attractive for ASIC manufacturers.
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Application Specific Integrated Circuit (ASIC) Market: Competition Landscape
The TMR study found that relatively few vendors largely control the dynamics of demand and supply in the application specific integrated circuit market, rendering the landscape highly consolidated.
Some of the key players are OmniVision Technologies, Synopsys, Inc., STMicroelectronics, Qualcomm Technologies, Inc., Maxim Integrated, Intel Corporation, Infineon Technologies AG, and Honeywell International Inc.
Application Specific Integrated Circuit (ASIC) Market Segmentation
- Type
- Full-Custom ASIC
- Semi-Custom ASIC
- Array Based
- Cell Based
- Programmable ASIC
- Field-Programmable Gate Array (FPGA)
- Programmable Logic Device (PLD)
- Application
- Wireless Communication
- Inferencing Applications
- Acceleration and Storage
- Video & Broadcast
- Process and Quality Control
- Security and Surveillance
- Electrical Distribution
- End-use Industry
- IT & Telecommunication
- Industrial
- Media & Entertainment
- Automotive
- Healthcare
- Aerospace
- Consumer Electronics
- Others (Power and Energy, Semiconductor, etc.)
Regions Covered
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
Countries
- U.S.
- Canada
- U.K.
- Germany
- France
- China
- India
- Japan
- South Korea
- ASEAN
- GCC
- South Africa
- Brazil
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