Application Specific Integrated Circuit Market to Hit US$ 392.5 Bn by 2030

November 25, 2021

The global application specific integrated circuit market size is expected to hit USD 392.5 billion by 2030 from at USD 265.2 billion in 2021, poised to grow at a compound annual growth rate (CAGR) 4.8% from 2021 to 2030.

/EIN News/ -- London, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Precedence Research Recently Announced Report on “Application Specific Integrated Circuit Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030”.

An Application Specific Integrated Circuit is a custom-designed integrated circuit for a specific application or function. These Integrated Circuits (ICs) combine all of the electronic components into a single chip. These circuits can also combine the functions of numerous tiny and medium-sized integrated circuits that perform some functions individually on a single chip, allowing the entire system to be assimilated on a single chip to recognize system needs. These integrated circuits are utilized in a variety of industries, including automotive, telecommunications, electrical and electronics, and medicine.

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Crucial factors accountable for market growth are:

Regional Snapshots

North America dominated the Application Specific Integrated Circuit Market contributing more than 21% in 2020 and is anticipated to grow significantly during the forecast period. This is because of the presence of major market players continuously investing heavily in research development activities for producing innovative products.

Scope of the Application Specific Integrated Circuit Market

Report Coverage Details
Market Size in 2021 USD 265.2 Billion
Growth Rate From 2021 to 2030 CAGR 4.8%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Regional Scope
  • North America
  • Europe
  • Asia Pacific
  • LAMEA
Companies Covered OmniVision Technologies; Infineon Technologies AG; Semiconductor Components Industries, LLC; Intel Corporation, Tekmos Inc.; Seiko Epson Corporation; Socionext America Inc.

Report Highlights

Market Dynamics

Driver - The consumer electronic application segment if the major end use industry of the Application Specific Integrated Circuit Market and the rise in demand for phones, tablets, laptops and other electronics products are anticipated to drive the market growth.

Restraint - The high cost of manufacturing customized circuits, circuit design costs, and functional reliability difficulties are the key restraints on the growth of the Application Specific Integrated Circuit Market.

Opportunity - Smaller, lighter, and better portable gadgets, such as tablets, smartphones, and upcoming IoT devices, have resulted from semiconductor shrinking and integration. This leads to the development of durable electronic gadgets, which is likely to create significant market growth potential.

Challenges - The complex design and the high manufacturing cost are the attributes that is expected to be a major challenge that is encountered by the market.

Recent Developments

Segments Covered in the Report

By Product

By Application

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