Application Specific Integrated Circuits Market to Grow at a CAGR of 8.3% from 2022 to 2031

Application specific integrated circuit (ASIC) is specially developed for a specific application or a particular industry. ASIC can enhance speed compared to a programmable logic device. It can also be made smaller and requires minimum energy or power. ASIC can provide better performance, higher voltage, minimize the footprint of materials, and enhance reliability. ASIC chip is used as IP (Intellectual Property) core for satellites and ROM (Read-only Memory) manufacturing. It is also used in a wide range of applications in the medical & research sector. Currently, Bitcoin mining is one of the emerging applications of ASIC.

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The global application specific integrated circuit (ASIC) market is expected to grow significantly, owing to the rise in demand for application specific integrated circuit (ASIC) in several industries such as aerospace, industrial, automotive, and consumer electronics. Apart from product innovations in ASICs, semiconductor companies are diversifying their products and services in software defined networking, ASIC design services, and deep learning chipsets.

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Growth of Consumer Electronics Industry to Drive Application Specific Integrated Circuit (ASIC) Market

ASIC is extensively used in consumer electronics applications. It provides high bandwidth, which helps electronic devices operate efficiently for a longer time. Increase in adoption of advanced integrated circuits in smartphones, tablets, computers, and wearable devices is one of the significant factors that is estimated to drive the market in the next few years. ASIC is typically designed for a product with a large production run. It contains a significant portion of the electronics required on a single integrated circuit.

Demand for ASICs has been increasing since the last few decades due to their beneficial properties such as lower power consumption, higher integration, intellectual property protection, and higher functionality. Furthermore, rise in investment in development of advanced integrated circuits is boosting the application specific integrated circuit (ASIC) market.

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ASICs can be highly cost-effective for many high-volume applications regardless of the cost of an ASIC design. It is possible to tailor the ASIC design to cater to the exact requirements of the product. Much of the overall design can be contained in one integrated circuit with the help of ASIC, thus reducing the number of additional components. Consequently, ASICs are widely used in high-volume products such as smartphones and business products.

Increase in Usage of ASIC Technology in Aerospace Applications to Propel Market

ASICs are increasingly being used in various applications in aircraft such as cockpit lighting control that compensates for sunlight to night vision, onboard data handling protocols, and high-speed high accuracy accelerometer processing for inertial guidance. Thus, rise in usage of ASIC technology in aerospace applications is projected to propel the market during the forecast period.

The usage of field programmable gate array (FPGA) has some advantages for logic solutions in aerospace applications. It provides impressive performance capabilities, advanced IP-like microprocessors, and memory interfaces in programmable devices. It can make these programmable devices more attractive for aerospace applications. Furthermore, ASIC chips are used for aviation or maritime security identification to confirm that the bearer has passed the security check.

High Preference for Semi-custom ASIC Due to Low Complexity and Multi-application Advantage

In terms of type, the global application specific integrated circuit (ASIC) market has been segregated into full-custom ASIC, semi-custom ASIC, and programmable ASIC. The semi-custom ASIC segment has been further bifurcated into array based and cell based. The programmable ASIC segment has been further split into field-programmable gate array (FPGA) and programmable logic device (PLD). Semi-custom ASIC is projected to be the dominant segment of the market during the forecast period.

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