Application Specific Integrated Circuit Market Rising Adoption in Automotive Sector to Fuel Growth of CAGR at CAGR 7.5%, Value to Reach USD 32.8 billion by 2032

Acumen Research and Consulting recently published report titled “Application Specific Integrated Circuit Market, 2023 – 2032”

TOKYO, Aug. 09, 2023 (GLOBE NEWSWIRE) — The Global Application Specific Integrated Circuit Market size was valued at USD 16.1 billion in 2022 and is projected to attain USD 32.8 billion by 2032 mounting at a CAGR of 7.5% from 2023 to 2032.

The Global Application Specific Integrated Circuit Market is expected to experience robust growth in the coming years, driven by the increasing utilization of ASICs across various sectors, including automotive, healthcare, and IT. ASICs are specialized integrated circuits designed to perform specific tasks with optimized performance, efficiency, and reliability, making them ideal for niche computing requirements. This article provides key insights into the Application Specific Integrated Circuit Market, including growth projections, major drivers, challenges, regional outlook, and key players operating in the industry.

Application Specific Integrated Circuit Market Key Highlights and Statistics:

• The Application Specific Integrated Circuit Market is estimated to witness significant growth and reach a substantial value of USD 32.8 billion by 2032 propelling from USD 16.1 billion in 2022, with a projected compound annual growth rate (CAGR) of 7.5% during the forecast period from 2023 to 2032.
• Semi-custom ASIC accounted for over USD 7.8 billion of the total revenue share in 2022, making them a dominant segment in the market.
• Geographically, the Asia Pacific region currently holds the largest share in the global market at USD 7.4 billion, driven by its advanced fabrication infrastructure and increasing adoption of ASICs in various applications.
• The consumer electronics segment is expected to have 36% share in 2022.

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Application Specific Integrated Circuit Market Report Coverage:

Application Specific Integrated Circuit Market Outlook and Opportunities:

The market outlook for ASICs remains highly positive, stimulated by the rising demand for application-specific computing power across data centers, 5G infrastructure, electric vehicles, and Internet of Things (IoT) devices. ASICs offer optimized performance and energy efficiency for specific use cases, making them superior to general-purpose CPUs and GPUs. The roll-out of 5G networks and the proliferation of connected vehicles will further drive significant adoption of ASICs in various industries.

However, the high design and fabrication costs associated with ASICs currently pose challenges to their wider adoption.

Application Specific Integrated Circuit Market Major Growth Factors:

Proliferation of Connected Devices and Rising Data Generation: The increasing number of connected devices and the surge in data generation require specialized computing solutions that ASICs can provide efficiently.

Increased Focus on Energy Efficiency in Computing: As energy consumption becomes a critical consideration in computing, ASICs offer power-efficient solutions for specific computing tasks.

Growing Utilization in Blockchain Mining Applications: ASICs are used in cryptocurrency mining, particularly in blockchain-based applications, due to the superior computational capabilities.

Rising Integration of ASICs in Modern CPUs for Specific Tasks: Modern CPUs often integrate ASICs for specific tasks to enhance overall performance and efficiency.

Advancements in Semiconductor Fabrication Technologies: Continuous advancements in semiconductor fabrication technologies enable the development of more complex and efficient ASIC designs.

Application Specific Integrated Circuit Market Key Challenges:

Very High Design and Fabrication Costs: ASICs require specialized design and fabrication processes, leading to high upfront costs that may limit their adoption, especially for low-volume production.

Low-Volume Production Leading to Limited Scale Benefits: ASICs designed for niche applications may face challenges in achieving economies of scale due to low-volume production.

Rapidly Evolving Application Requirements Necessitating Frequent Redesigning: The fast-paced evolution of technology requires frequent redesigning of ASICs to meet changing application requirements.

Lack of Interchangeability with Other Integrated Circuits: ASICs have been designed for particular tasks and lack interchangeability with other integrated circuits, limiting their flexibility.

Scarcity of Skilled Professionals for Development: The complexity of ASIC design and development requires specialized skills, leading to a scarcity of skilled professionals in the field.

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Segmentation of the Application Specific Integrated Circuit Market:

Based on Product Type

• Semi-Custom ASIC
  1. Cell-Based
  2. Array-Based
• Programmable ASIC
• Full Custom ASIC

Based on the Application

• Consumer Electronics
• Automotive
• Telecommunication
• Industrial
• Other

Application Specific Integrated Circuit Market Region based Insights:

As of now, the Asia Pacific region leads the global Application Specific Integrated Circuit Market, driven by its advanced fabrication infrastructure and growing demand for ASICs in various applications. However, North America also accounts for a significant revenue share due to its strong focus on semiconductor research and development.

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Application Specific Integrated Circuit Market Leading Companies:

Key players operating in the Application Specific Integrated Circuit Market include Intel Corporation, Qualcomm, Taiwan Semiconductor, Texas Instruments, STMicroelectronics N.V., Infineon Technologies AG, ON Semiconductor, Maxim Integrated Products Inc., Analog Devices Inc., and NXP Semiconductors N.V.

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