Global ASIC Chip Market Size, Share, Growth Analysis, By Type(Full Custom, Semi-Based Custom), By Application(Aerospace Subsystem and Sensor, Wireless Communication) - Industry Forecast 2024-2031

Global ASIC Chip Market size was valued at USD 22.40 billion in 2022 and is poised to grow from USD 24.64 billion in 2023 to USD 52.82 billion by 2031, growing at a CAGR of 10% during the forecast period (2024-2031).

Over the course of the projection period, rising demand for specialized circuits and expanding developments in chip technology are expected to support the market for ASIC chips. It is also predicted that growing usage of chips in industrial, automotive, healthcare, and telecommunications applications will support the expansion of the ASIC chip market in the coming years. It is anticipated that moving forward, both new and established ASIC chip vendors would prioritize continuous innovation. Future opportunities for ASIC chip vendors include the growing usage of high-performance computing, the deployment of automation across various industries, and the growing adoption of IoT (Internet of Things) devices and artificial intelligence. ASIC chips' straightforward architecture and low power consumption make them a popular option for many users in a variety of sectors. One such application where there is a sharp increase in demand for ASIC processors is cryptocurrency mining. It is also anticipated that growing usage of System-on-a-chip (SoC) in various applications will help sales of ASIC chips in the future. Long-term growth in the market for application-specific semiconductors is predicted to boost sales of ASIC chips. Over the upcoming years, supply chain interruptions are anticipated to become a major obstacle to the growth of the worldwide ASIC chip market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global ASIC Chip Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global ASIC Chip Market Segmental Analysis

The global ASIC Chip Market is segmented on the basis of type, application, and region. Based on type the market is segmented as Full Custom, Semi-Based Custom, Programmable Logic Devices. Based on application, it is segregated into Aerospace Subsystem and Sensor, Wireless Communication, Medical Instrumentation, Telecommunication Products, Consumer Electronics, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global ASIC Chip Market

In the future, one of the main factors expected to boost demand for ASIC chips will be the increasing spread of IoT devices across many industrial verticals. ASIC chip adoption in Internet of Things applications will be aided by the need for semiconductors and chips that are compact, energy-efficient, and capable of high performance.

Restraints in the Global ASIC Chip Market

Due to supply chain disruptions, shortages of raw materials needed to develop and produce semiconductors and ASIC chips could seriously hinder industry expansion. Natural disasters, trade disputes, and geopolitical unrest are a few major reasons that can cause supply chain disruptions, which could hinder and slow down the potential sales of ASIC chips.

Market Trends of the Global ASIC Chip Market

Applications that call for chips that can complete particular tasks quickly, such edge computing, driverless cars, and data centers, can be powered by ASIC chips. In the long run, ASIC chip suppliers will benefit from the growing need for AI algorithms in miniaturized devices and the growing use of IoT devices.