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Market Overview
The Application Specific Integrated Circuit market industry is projected to grow from USD18.857 Billion in 2023 to USD 37.5737 billion by 2032, exhibiting a CAGR of 9.00% during the forecast period (2023 – 2032).
Competitive Analysis
The market players are
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Market Dynamics
Principal market drivers bolstering market expansion are the expanding use of application-specific integrated circuits (ASICs) in consumer electronics, particularly smartphones, which is causing an increase in global demand and a corresponding rise in demand for energy-efficient solutions within the consumer electronics sector.
The demand for ASICs has increased in recent decades due to their advantageous properties, which include increased functionality, lower power consumption, and enhanced integration and intellectual property protection. Additionally, increased investment in the development of sophisticated integrated circuits contributes to the application-specific integrated circuits (ASICs) market’s CAGR.
Modifications can be made to the ASIC design in order to conform to the product specifications. By incorporating a significant portion of the overall design into a solitary integrated circuit (ASIC), the quantity of supplementary components can be reduced. As a consequence, ASICs find frequent application in high-volume products such as office supplies and cell phones.
Moreover, the expanding utilization of electronic components in various automotive modules serves as the primary driver of ASIC demand in the automotive industry. The most significant factor driving segment expansion is the global automotive industry’s consistent expansion. This would substantially stimulate the revenue of the application-specific integrated circuit market as a whole in the years to come.
Market Segmentation
The Application-Specific Integrated Circuit Market segmentation, based on product type, includes full custom, semi-custom, and programmable designs.
Based on application, the Application-Specific Integrated Circuit Market segmentation includes IT & Telecommunication, industrial, automotive, and consumer electronics.
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Regional Analysis
The Asia Pacific application-specific integrated circuit market is anticipated to exhibit a dominant position due to the surge in growth associated with the increasing prevalence of smartphones in the region and the burgeoning demand for energy-efficient devices. This will stimulate regional market expansion. Furthermore, in the Asia-Pacific region, the application-specific integrated circuit market in India expanded at the quickest pace, while China held the largest market share in this sector.
The application-specific integrated circuit market in Europe holds the second-largest market share as a result of technological advancements that increase the incorporation of ASICs into systems, such as temperature sensors and power management in devices like smartphones, household appliances, wireless headphones, and speakers. Moreover, in the European Region, the application-specific integrated circuit market in the United Kingdom expanded at the quickest rate of growth, while Germany held the largest market share in this sector.
From 2023 to 2032, the application-specific integrated circuit market in North America is anticipated to expand at the highest CAGR. The substantial presence of notable corporations in the region, such as Maxim Integrated Products Inc., Qualcomm Inc., Intel Corporation, and Texas Instruments Inc., has contributed to this expansion.
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