Selbyville, Delaware, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Application Specific Integrated Circuit Market is estimated to exceed USD 28 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
Increasing improvements in semiconductor production techniques is the major factor driving the market expansion. Continuous advancements in semiconductor production methods, such as the shift to lower nanometer nodes, are enabling the integration of more complicated functionality onto a single ASIC chip. The rising trend of miniaturization has led to rapid operation, lower power consumption, and increased cost-effectiveness. In addition, the influx of technologies, such as augmented reality, virtual reality, blockchain, and quantum computing will contribute to the industry development.
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Full custom ASICs to gain significant prominence
Full custom application specific integrated circuit market share exceeded USD 5 billion in 2022 and is estimated to grow at notable CAGR from 2023-2032 driven by its growing adoption to offer high level of performance optimization. Using comprehensive custom design, every part of the chip can be optimized to meet the exact needs of the application. This level of flexibility allows designers to achieve the highest potential performance in terms of power efficiency, speed, and space utilization. The growing focus of industries on seeking higher-performance solutions is also projected to aid the market growth.
High demand from consumer electronics
Application specific integrated circuit market size from the consumer electronics end-use segment is projected to record over 6% CAGR from 2023 to 2032. The consumer electronics industry is set to grow due to the thriving trend of miniaturization worldwide. By combining several functionalities into a single chip, ASICs offer miniaturization and form factor optimization of devices. The booming consumer electronics sector is also expected to drive the segment expansion.
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North America to emerge as a lucrative market destination
North America application specific integrated circuit market held sizable share and is set to reach over USD 7 billion by the end of 2032. The growth can be attributed to the rising and quick adoption of new technologies in several end-use industries. The emphasis on energy-efficient solutions, miniaturization, and product differentiation has led to the presence of strong manufacturing infrastructure and increasing focus on innovation. Furthermore, the growing government assistance for semiconductor production will strengthen the regional market outlook.
Application Specific Integrated Circuit (ASIC) Market Participants
Infineon Technologies AG, Intel Corporation, Microchip Technology, Marvel, OMNIVISION, On Semi, Analog Devices Inc., Qualcomm Technologies Inc., Seiko Epson Corporation, Tekmos Inc., STMicroelectronics, Texas Instruments Inc., NXP Semiconductor N.V., Renesas Electronics Corporation, and Honeywell International Inc. are among the top firms operating in the ASIC industry.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
