ASIC Chip Market share is expected to grow at a CAGR of 6.3% during 2022-2030, to surpass US$ 24.42 Billion by 2030, from US$ 15.02 Billion in 2022.
According to our latest study on “ASIC Chip Market Forecast to 2030 – Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type and Application,” the ASIC chip market size was valued at US$ 15.02 billion in 2022 and is expected to reach US$ 24.42 billion by 2030; it is projected to record a CAGR of 6.3% from 2022 to 2030.
Technological Advancements and Increasing Demand from Numerous Industries to Provide Opportunities for ASIC Chip Market During 2022–2030
The ASIC chip market is anticipated to experience growth principally driven by the growing utilization of ASICs in consumer electronics, including smartwatches, smartphones, and tablets. An application-specific integrated circuit (ASIC) represents an integrated circuit precisely designed to aid a particular application or purpose, enabling the association of all electronic components onto a single chip. By combining the functionalities of multiple medium-sized and smaller integrated circuits onto a solitary chip, these circuits aid the whole assimilation of the complete system, guaranteeing alignment with the system requirements. As a consequence, these integrated circuits (ICs) find widespread application across numerous industries such as electrical & electronics, telecommunication, and medical.
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ASICs were primarily developed with an emphasis on their application in telecommunication and consumer electronics equipment. The increasing use of ASICs in manufacturing and industrial applications, predominantly in 8-bit microcontrollers and thermal controllers, has had a significant influence on the market dynamics. The incorporation of ASIC chips has been recognized to be a transformative factor in numerous industries, as it replaces conventional components such as printed circuit boards (PCB) and solder joints with a single IC. This consolidation not only improves efficiency but also reduces the probability of failure, resulting in extremely reliable industrial systems.
Further, with technological developments such as the blockchain, Internet of Things (IoT), big data analytics, and machine learning, the unit cost for ASICs has been decreasing, which, in turn, has led to an optimistic impact on the market across the globe. The advancements mentioned above are being broadly used in data center facilities, connected devices, and public clouds that let organizational data move quickly across the IT network. Thus, organizations are integrating these ICs to support the working of advanced technologies in devices, resulting in reduced operational costs. Similarly, the constant evolution of the electronics industry is creating a continuous need for development in ASIC designs to cater to users’ precise requirements.
While the original price of design can be high, ASICs can be cost-effective for products like smartphones and other consumer electronic devices that anticipate large production runs. By consolidating numerous functions in a single chip, ASIC products require fewer electronic components and are generally easier to assemble. The uses for ASICs differ extensively, but all commonly include controlling how an electronic device operates. ASICs are specialized for a specific task and are much more effective than general-purpose ICs. Thus, the demand for ASICs is expected to increase during the forecast period.
Further, the increased pace of innovative product development and shortened product replacement cycles are expected to influence the ASIC chip market growth during the forecast period positively. Another factor driving the market ASIC chip market is the emergence of IoT devices. These circuits are used in applications such as automotive emission control, environmental monitoring, and personal digital assistants. As the application-specific integrated circuits are capable of integrating both logic and analog functions, they enable the formation of a whole mechanism on a single chip, which is expected to boost the ASIC chip market growth in the coming years.
North America's market is estimated to grow at a noteworthy CAGR during the forecast period 2022- 2030. The development is attributed to the presence of prominent players in the region, including Texas Instruments Inc. and Intel Corporation. In the existing market scenario, the US dominates the North America ASIC chip market. Development in smart consumer electronics products can be seen in the US. Further, being early adopters of ASIC technology, North America is home to numerous ASIC manufacturers and solution providers.
ASIC Chip Market Segmental Overview
The ASIC chip market is segmented based on type, application, and geography. By type, the market is divided into full custom, semi-based custom, and programmable logic devices. In terms of application, the market is divided into data processing systems, consumer electronics, telecommunication systems, medical instrumentation, and others. Geographically, the market is segmented into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
In 2022, the semi-based custom segment displayed a dominant market share and is anticipated to continue its market leadership throughout the forecast period. This growth can be attributed to its extensive range of applications and comparatively lower complexity than the other segments. Manufacturers in the ASIC chip market principally offer three distinct types of ASICs: full-custom ASIC, semi-based custom ASIC, and programmable ASIC.
ASIC Chip Market Competitive Landscape and Key Developments
Texas Instruments; Bitmain Technologies Ltd.; Infineon Technologies; Advanced Micro Devices, Inc.; Nvidia Corporation; Xilinx, inc.; Taiwan semiconductor manufacturing; Samsung Electronics Co. Ltd.; On semiconductor; and Intel Corporation are among the key ASIC chip market players profiled in the ASIC chip market study. Various other market players are introducing new product offerings to contribute to the ASIC chip market size proliferation. Several other important ASIC chip market players were also analyzed during this market research to get a holistic interpretation of the global market and its ecosystem. The leading ASIC chip market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.
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