According to a new market research report published by Acute Market Reports “Application Specific Integrated Circuits (ASIC) Market (Type – Full Custom Design ASIC, Semi-custom Design ASIC, Programmable ASIC; Application – Consumer Electronics, Automotive, Telecommunication, Healthcare, Industrial, Others) - Growth, Future Prospects and Competitive Analysis, 2020 - 2028”, the global application specific integrated circuits (ASIC) market to cross the US$ 29 Bn mark by 2028.
Browse the full report at https://www.acutemarketreports.com/report/application-specific-itegrated-circuits-asic-market
Market Insights
Application specific integrated circuits (ASIC) refer to specialized ICs designed for a specific application. These are non-standardized devices and hence can only be used for a given specific application. The most prominent factor fueling the ASIC market growth is the ever-rising consumer electronics and telecommunication industry worldwide. With the advent of ‘smart’ devices, electronic products such as smartphones, tablets, laptops and other mobile devices have witnessed immense penetration across the world. Additionally, due to consistently growing adoption of mechatronics across the automotive and industrial applications, the demand for related electronic components (such as ASIC) has witnessed dramatic growth over the period of time.
Another major factor driving the market growth is the superior advantages of ASIC over general ICs. The biggest advantage is that the entire design of a given electronic application is made into a single integrated circuit, thereby reducing the need for additional components. Other major advantages include smaller size, high speed and low power consumption. With the continued advancement in the segment, ASICs are projected emerge highly promising for the consumer electronics and telecommunication sectors. However, the market penetration is hampered due to limitations such as high cost of manufacturing (in small volumes), inflexibility and increased time-to-market. Due to high manufacturing and designing cost, these are primarily preferred for the products having high production volumes.
The global ASIC market is segmented on the basis of type, application and geographical regions. Based on the types, the market is segmented into full custom design ASIC, semi-custom design ASIC and programmable ASIC. On the basis of application, the market is categorized into consumer electronics, automotive, telecommunication, healthcare, industrial and others. In 2019, the market was led by the consumer electronics and telecommunication segments, contributing to more than fifty percent of the total market revenue. Geographically, the market is classified into North America, Europe, Asia Pacific and Rest of the World. Some of the leading players operating in the market include NXP Semiconductors NV, Texas Instruments, Inc., STMicroelectronics, Infineon Technologies AG, Renesas Electronics Corporation and others.
