Application Specific Integrated Circuit Market Size

Application Specific Integrated Circuit Market size is expected to cross USD 32 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of application specific integrated circuits was over USD 17 Billion.

The market demand is growing as there are advantages to using field-programmable gate arrays (FPGAs) for logic solutions in aerospace applications. It provides programmable devices with memory interfaces, state-of-the-art IP-like microprocessors, and exceptional performance capabilities. This could make these programmable electronics more appealing for use in airplane applications. ASIC chips are also used for identity verification in aviation or maritime security to confirm that the bearer has completed the security examination. For instance, an FPGA's logic blocks can be set up to operate as straightforward logic gates like AND and XOR or to carry more intricate combinational operations. Simple flip-flops or more extensive memory blocks can be found as memory elements in most FPGA logic blocks.

Another factor that will help the application specific integrated circuit industry to rise is the increasing use of tablets and smartphones across the world. With over 50% of mobile phones in the United States already being smartphones, the fast adoption of these devices is expected to continue.

Through the integration of several smaller and medium-sized integrated circuit functions into a single chip, application specific integrated circuit (ASIC) circuits allow for the full integration of the entire system, guaranteeing compliance with system specifications.