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Complex Programmable Logic Device Market Competitive And Growth Analysis 2024
Complex Programmable Logic Device Global Market Report 2024
According to The Business Research Company's, the complex programmable logic device market size has grown strongly in recent years. It will grow from $0.56 billion in 2023 to $0.60 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to integration and miniaturization, cost reduction, faster prototyping and product development, flexibility, and efficient power consumption.
The complex programmable logic device market size is expected to see strong growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to automotive applications, telecommunications infrastructure, industrial automation, demand in consumer electronics, and competitive pricing. Major trends in the forecast period include the demand for compact and efficient electronics, the rise of advanced driver-assistance systems, the increasing adoption of CPLDs in smart homes, the demand for power-efficient CPLDs, and the development of more sophisticated and user-friendly design tools.
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Market Drivers and Trends:
Increasing demand for electronic devices is expected to propel the growth of the complex programmable logic device market going forward. Electronic devices refer to a wide range of gadgets and instruments that rely on the principles of electronics to perform their functions. The demand for electronic devices is rising due to several reasons, including connectivity, remote work and learning, consumer lifestyle changes, and digitalization. Complex programmable logic devices are used in electronics to implement customizable digital circuits. They offer a balance of flexibility and speed, allowing designers to program specific logic functions, which makes them ideal for applications such as simple control systems and glue logic. For instance, in January 2023, according to LG Corporation, a South Korea-based company, LG Electronics reached its highest-ever annual revenue, exceeding USD 64.05 billion for the first time, resulting in a 12.9% increase from 2021. Furthermore, in February 2024, according to Uswitch Limited, a UK-based price comparison service and switching website, there were 71.8 million mobile connections in the UK, which was a 3.8% increase from 2021. The UK population is expected to reach 68.3 million by 2025, with 95% owning a smartphone. Therefore, the increasing demand for electronic devices is driving the growth of the complex programmable logic device market.
Industrial Automation Drives Growth In The Complex Programmable Logic Device Market
Growing industrial automation is expected to propel the growth of the complex programmable logic device market going forward. Industrial automation is the use of control systems, such as computers or robots, and information technology to replace human intervention in various industrial processes and machines. Industrial automation is rising due to several reasons, including efficiency and productivity, quality improvement, and workplace safety. Complex programmable logic devices (CPLDs) are used in industrialization for custom hardware solutions due to their reconfigurability and ability to handle multiple logic functions efficiently. They offer high reliability and speed, which are essential for industrial automation and control systems. For instance, in October 2023, according to the International Federation of Robotics, a Germany-based professional non-profit organization, sales of service robots for professional use surged by 48% to 158,000 units in 2022 as automation adoption grew, while the World Robotics 2021 industrial robots report recorded a 10% increase, reaching a record 3 million industrial robots in operation globally. Therefore, growing industrial automation is driving the growth of the complex programmable logic device market.
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Major Key Players of the Market:
Intel Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., Avnet Inc., Toshiba Corporation, Texas Instruments Incorporated, STMicroelectronics, Infineon Technologies AG, Emerson Electric Co., NXP Semiconductors, Analog Devices Inc., Renesas Electronics Corporation, Microchip Technology Inc., Rockwell Automation, Omron Corporation, ROHM CO. LTD., Vishay Intertechnology Inc., Yokogawa Electric Corporation, Silicon Labs, Lattice Semiconductor
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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