Global Application Specific Integrated Circuit Market Outlook
According to a new report by Expert Market Research titled “Global Application Specific Integrated Circuit Market Size, Growth, Analysis, Report, Demand, Forecast 2024-2032″, the global application specific integrated circuit market is projected to grow at a CAGR of 5.7% between 2024 and 2032. Aided by the surging demand across various industries and the ongoing technological advancements, the market is expected to grow significantly by 2032.
An ASIC is a specialised microchip designed for a specific application or function, as opposed to general-purpose microchips used in various devices. These chips are extensively used in electronic devices such as smartphones, tablets, medical equipment, and automotive components. The ASIC market’s growth is primarily driven by the increasing demand for high-performance, energy-efficient, and compact devices in various sectors, including consumer electronics, healthcare, automotive, and telecommunications.
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The accelerating adoption of smart gadgets and the Internet of Things (IoT) has significantly contributed to the market size. As more devices become interconnected, the need for customised chips to optimise performance, reduce power consumption, and enhance functionality has become paramount. This trend has particularly bolstered the demand for ASICs in consumer electronics, where they are used to improve the performance and efficiency of devices like smartphones, smartwatches, and home automation systems.
As per the application specific integrated circuit market analysis, in the automotive sector, the burgeoning demand for electric vehicles (EVs) and the increasing integration of advanced driver-assistance systems (ADAS) have been pivotal in driving the market forward. These chips play a crucial role in managing battery systems, powering infotainment systems, and enabling safety features in modern vehicles.
The healthcare industry is another significant contributor to the market’s growth. The rising adoption of wearable medical devices and the increasing need for advanced diagnostic equipment have spurred the application specific integrated circuit market demand. These chips are integral to ensuring high precision, reliability, and efficiency in medical devices, from portable monitors to complex imaging equipment.
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Moreover, the telecommunication industry’s ongoing evolution, marked by the rollout of 5G technology and the expansion of data centres, has created substantial opportunities for ASIC manufacturers. The need for high-speed, low-latency communication networks has emphasised the importance of specialised chips capable of handling immense data processing requirements, further driving the application specific integrated circuit market growth.
Global Application Specific Integrated Circuit Market Segmentation
The market can be divided based on product type, application, and region.
Market Breakup by Product Type
- Full Custom ASIC
- Semi-Custom ASIC
- Programmable ASIC
Market Breakup by Application
- Consumer Electronics
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global market. Some of the major players explored in the report by Expert Market Research are as follows:
- Comport Data
- Infineon Technologies AG
- Intel Corporation
- OmniVision Technologies, Inc.
- Semiconductor Components Industries, LLC
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