Application Specific Integrated Circuit Market to represent a significant expansion atCAGR of 9.5% by 2024

Research Report Insights (RRI) has released a new and a comprehensive report on the global application specific integrated circuit market. As per this report, the application specific integrated circuit market is a highly competitive market, with the presence of several small and local market players. Moreover, most of the market players have their business presence scattered in various regional markets. According to this report, some of the major players operating in the global application specific integrated circuit market include Texas Instruments Inc., STMicroelectronics N.V., Infineon Technologies AG, Renesas Electronics, Analog Devices, Maxim Integrated Products Inc., NXP Semiconductors N.V., ON semiconductor, Qualcomm Inc., Linear Technology Corporation and Intel Corporation.. The above companies are also focusing on expanding their business by undertaking strategic acquisitions and this is one of their main strategies for cementing their position in this market.

As per the assessment of Research Report Insights, the global application specific integrated circuit market was valued at US$ 18.7 Bn in 2017 and is anticipated to reach a valuation of US$ 35.2 Bn in 2024 end Vast Usage of Application Specific Integrated Circuits Boosting Market Growth

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During the last few years, due to the technological advancements in the electronics and semiconductor industry, the array of applications for application specific integrated circuits have enhanced. Furthermore, developments in application specific integrated circuits in the form of miniaturization of the components, energy efficiency and reliability have led to increased utilization of such kind of circuits across various application segments. Uses of application specific integrated circuits have broadened to automotive electronics, industrial electronics, telecommunication, medical electronics, military electronics, aerospace electronics, and power electronics. In comparison to the previous uses of application specific integrated circuits, which were basically for electrical circuits and consumer appliances, the scope of use of such kind of circuits has significantly increased in the past few years. This has given a great boost to the global application specific integrated circuits market.

Intense Competition Amongst Application Specific Integrated Circuit Manufacturers Acting as a Restraint

The semiconductor industry as a whole is evolving. The manufacturers of application specific integrated circuits strive to design products that are smaller, faster and cheaper. Advancements in manufacturing technology have also lead to a rise in the number of transistors on a chip. Thus, better products with added features are entering the market on a regular basis. However, such technological advancements have fueled intense competitive rivalry among the various manufacturers of such kind of circuits. A newly launched advanced application specific integrated circuit becomes common within a matter of months due to such strong rivalry. Thus, companies developing such kind of circuits have to bear the brunt of fluctuating revenues and reduced profitability. After launching a new product, manufacturers cannot afford to wait and need to continuously strive to develop a better product. These factors may act as a restrain and slow down the growth of the global application specific integrated circuit market during the assessment period.

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Global Application Specific Integrated Circuit Market: Regional Outlook

Asia Pacific region dominates the global application specific integrated circuit market. The Asia Pacific application specific integrated circuit market was valued at US$ 13.4 Bn in 2017 and is slated to reach a valuation of US$ 25.6 Bn in 2024 end. Asia Pacific is also expected to be the fastest growing market during the period of assessment. The reason for the complete dominance of Asia Pacific in the global application specific integrated circuit market is that the region boasts of huge sales of consumer electronics and a huge middle class population with growing disposable incomes., reflecting a CAGR of 9.5% during the period of forecast 2017-2024.

Report Analysis: https://www.researchreportinsights.com/report/rd/110114873/Application-Specific-Integrated-Circuit-Market

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This release was published on openPR.