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Global Application Specific Integrated Circuit (ASIC) Market Poised to Reach USD 34.49 Billion by 2031, Growing at a CAGR of 8.3%: Transparency Market Research
The Global Application Specific Integrated Circuit (ASIC) Market, valued at USD 15.87 billion in 2021, is set to witness significant growth, projected to reach USD 34.49 billion by 2031. This substantial expansion is attributed to a compound annual growth rate (CAGR) of 8.3% from 2022 to 2031, driven by rising demand across various high-growth industries including aerospace, consumer electronics, and telecommunications.Download Sample PDF from Here- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=17768&utm_source=Openpr&utm_medium=Amit
Current Trends and Market Drivers
In recent years, manufacturers have increasingly focused on the latest trends in the electronics sector such as advanced materials, development of low-power devices, organic electronics, and miniaturization. The flexibility, high speed, and low power requirements of ASICs have led to their growing popularity. This has spurred companies to cater to high-demand end-use industries to maintain growth momentum in the post-pandemic world.
The consumer electronics industry remains a pivotal market for ASICs. The surge in the adoption of advanced integrated circuits in smartphones, tablets, computers, and wearable devices is expected to drive significant market growth. The ASICs' ability to offer high bandwidth and efficient operation is particularly beneficial in these applications.
Emerging Applications and Regional Insights
One notable emerging application of ASICs is Bitcoin mining, which has seen a rapid increase in demand due to its efficiency and performance benefits. Additionally, the aerospace sector is leveraging ASIC technology for various applications, such as cockpit lighting control, onboard data handling, and high-speed accelerometer processing for inertial guidance. The use of ASICs in aerospace is anticipated to grow, propelled by favorable government regulations and increased production of military ASIC products.
Regionally, Asia Pacific is expected to dominate the ASIC market, driven by high demand in the consumer electronics sector. North America and Europe are also significant markets, with strong demand from automotive and aerospace industries. The market in Latin America is forecasted to grow at a faster pace compared to the Middle East & Africa, due to increased production capacities in programmable ASIC products and power management integrated circuits.
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Market Segmentation and Key Players
The ASIC market is segmented by type into full-custom, semi-custom, and programmable ASICs. Semi-custom ASICs, further divided into array-based and cell-based, are anticipated to dominate due to their lower complexity and multi-application advantages.
Applications of ASICs span various sectors, including wireless communication, inferencing applications, acceleration and storage, video and broadcast, process and quality control, security and surveillance, and electrical distribution. The rising adoption of 5G networks is particularly boosting the wireless communication segment.
Key players in the market include Honeywell International Inc., Infineon Technologies AG, Intel Corporation, Marvell, Maxim Integrated, OMNIVISION, Qualcomm Technologies, Inc., Renesas Electronics Corporation, Semiconductor Components Industries, LLC, STMicroelectronics, Synopsys, Inc., and TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION.
Recent Developments
• In April 2022, Intel Corporation introduced its new Blockscale ASIC technology, designed for energy-efficient crypto mining.
• In July 2020, Marvell launched a custom ASIC offering catering to 5G carriers, cloud data centers, enterprise, and automotive applications, providing customization options and a differentiated approach with embedded memories, high-speed SerDes, networking, and storage controllers.
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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