Global Application Specific Integrated Circuit Market to Reach US$ 21.4 Billion by 2028, Stimulated by Energy-Efficient Solutions

July 11, 2023 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled “Application Specific Integrated Circuit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global application specific integrated circuit market size reached US$ 15.3 Billion in 2022. Application specific integrated circuit (ASIC) is a specialized circuit designed for performing specific applications or tasks. It has lower operational costs and the ability to provide customized solutions for complex tasks. It can easily integrate multiple functions into a single chip and ensures energy-efficient operation. It offers reduced latency and enhances overall system performance as compared to general-purpose integrated circuits. It is less susceptible to reverse engineering and unauthorized copying to safeguard innovations and maintain a competitive advantage in businesses. It assists in delivering optimal performance and efficiency with high precision and speed. Besides this, it is beneficial in eliminating the need for additional components, such as circuit boards and interconnects. As it aids in reducing power consumption and streamlining the production process, the demand for ASIC is increasing across the globe.

Global Application Specific Integrated Circuit Market Trends:

At present, the rising adoption of reliable and high-performance solutions represents one of the key factors contributing to the growth of the market. Besides this, the growing demand for ASICs in electronic devices and systems, as they assist in reducing size, weight, and complexities, is positively influencing the market. Moreover, the increasing traction of miniaturization in semiconductors is offering lucrative growth opportunities to industry investors. Apart from this, the rising demand for customized solutions among the masses around the world is bolstering the growth of the market. In addition, the escalating demand for various smart devices, such as smartphones, digital cameras, tablets, laptops, and televisions, due to the inflating income level of individuals is strengthening the growth of the market. Moreover, the increasing integration of the Internet of Things (IoT) and artificial intelligence (AI) in ASICs to handle complex computational requirements is supporting the growth of the market. Furthermore, the growing utilization of ASICs on account of the increasing demand for energy-efficient electronic devices is offering a favorable market outlook. Looking forward, the market value is projected to reach US$ 21.4 Billion by 2028, expanding at a CAGR of 5.55% during 2023-2028.

Market Summary:

Based on the product type, the market has been classified into full custom ASIC, semi-custom ASIC (cell based), semi-custom ASIC (array based), and programmable ASIC. Presently, semi-custom ASIC (cell based) dominates the market, holding the largest share.
On the basis of the application, the market has been divided into telecommunication, automotive, consumer electronics, and others. At present, consumer electronics represent the largest segment.
Region-wise, the market has been segmented into North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being Analog Devices Inc., Infineon Technologies AG, Intel Corporation, Maxim Integrated Products Inc., NXP Semiconductors N.V, ON Semiconductor, Qualcomm Incorporated, Renesas Electronics Corporation, STMicroelectronics N.V, and Texas Instruments Incorporated.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Product Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Analog Devices Inc., Infineon Technologies AG, Intel Corporation, Maxim Integrated Products Inc., NXP Semiconductors N.V, ON Semiconductor, Qualcomm Incorporated, Renesas Electronics Corporation, STMicroelectronics N.V and Texas Instruments Incorporated
Customization Scope	10% Free Customization
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Global Application Specific Integrated Circuit Market to Reach US$ 21.4 Billion by 2028, Stimulated by Energy-Efficient Solutions

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