Press release
ASIC Market Outlook: Industry to Grow at 8.3% CAGR, Reaching USD34.49 Billion by 2031: TMR Analysis
The Global Application Specific Integrated Circuit (ASIC) Market, valued at USD 15.87 billion in 2021, is poised for significant growth, projected to reach USD 34.49 billion by 2031. This expansion is driven by an 8.3% compound annual growth rate (CAGR) from 2022 to 2031, according to industry analysts.The surge in the ASIC market is primarily attributed to the burgeoning demand in consumer electronics, aerospace, and telecommunications industries.
Manufacturers are focusing on the latest trends in the electronics sector, such as the development of low-power devices, miniaturization, and the usage of advanced materials. ASICs, known for their flexible design, high speed, and low power requirements, are gaining traction across various high-growth end-use industries.
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Market Overview: ASICs are specialized integrated circuits developed for specific applications or industries, enhancing speed and efficiency compared to programmable logic devices. They offer numerous benefits, including reduced size, minimal power consumption, better performance, and higher reliability. These characteristics make ASICs ideal for a wide range of applications, from satellites and ROM manufacturing to the medical and research sectors. Notably, the rising popularity of Bitcoin mining is also driving the demand for ASICs.
Consumer Electronics: A Major Growth Catalyst
The consumer electronics sector is a significant driver of the ASIC market. Advanced integrated circuits are increasingly adopted in smartphones, tablets, computers, and wearable devices, thanks to their high bandwidth and efficient performance. The ongoing trend of miniaturization and the rise in investments in advanced integrated circuits further boost the demand for ASICs in this sector. These integrated circuits are designed for products with large production runs, offering significant cost-effectiveness and reducing the need for additional components.
Aerospace Applications: Expanding Horizons
The aerospace industry is another key area where ASICs are making significant inroads. Applications in aircraft, such as cockpit lighting control, onboard data handling, and high-accuracy accelerometer processing, benefit from the advanced capabilities of ASICs. Additionally, ASICs are used in aviation and maritime security identification to enhance safety measures. Companies like Honeywell International Inc. are leading the way by developing custom ASICs for aerospace applications, ensuring performance and reliability in radiation-prone environments.
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Semi-custom ASICs: Dominating the Market
The global ASIC market is segmented into full-custom, semi-custom, and programmable ASICs. The semi-custom ASIC segment, which includes array-based and cell-based designs, is expected to dominate the market. Semi-custom designs offer a cost-effective alternative to full-custom designs by predesigning logic cells, making the design process more efficient and less complex. This approach is particularly advantageous for high-volume applications, such as consumer electronics and business products.
Impact of 5G Networks
The wireless communication segment is rapidly expanding, driven by the adoption of 5G networks and supportive government regulations. Custom ASICs play a crucial role in the seamless integration of analog and digital subsystems in wired and wireless communication systems. These chips enhance noise performance, reduce power consumption, and improve variability in radio performance, making them indispensable for the advancement of 5G technology.
Regional Insights
Asia Pacific is expected to lead the ASIC market in terms of value, driven by high demand in the consumer electronics industry. China, in particular, holds a significant revenue share in the region. North America and Europe are also prominent markets, with substantial demand in the automotive and aerospace sectors. The Middle East & Africa and Latin America are emerging markets, with the latter expected to grow rapidly due to increased production capacities in programmable ASIC products and power management integrated circuits.
Key Players and Developments
The global ASIC market is consolidated, with major players such as Honeywell International Inc., Infineon Technologies AG, Intel Corporation, Marvell, Maxim Integrated, OMNIVISION, Qualcomm Technologies, Inc., Renesas Electronics Corporation, STMicroelectronics, Synopsys, Inc., and TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION leading the way. These companies are heavily investing in research and development, product diversification, and strategic mergers and acquisitions to maintain their market positions.
Notable developments include Intel Corporation's launch of Blockscale ASIC technology for energy-efficient crypto mining and Marvell's introduction of custom ASIC solutions for next-generation 5G, cloud data centers, and automotive applications.
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