ASIC Chip Market Size, Share, Growth Analysis, By Type(Full Custom, Semi-Based Custom, Programmable Logic Devices), By Application(Aerospace Subsystem and Sensor, Wireless Communication, Medical Instrumentation, Telecommunication Products), By Region - 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% in the forecast period (2024-2031).

Surging demand for specialized circuits and growing advancements in chip technology are projected to bolster demand for ASIC chips across the forecast period. Rising use of chips in telecommunications, automotive, healthcare, and industrial applications is also estimated to favor the ASIC chip market growth in the future. Continual innovation is the key strategy that new as well as established ASIC chip suppliers are predicted to focus on going forward.

Rising adoption of IoT (Internet of Things) devices and artificial intelligence, increasing use of high-performance computing, and implementation of automation in different industries are other prospects that create an opportune scenario for ASIC chip vendors in the future. Simple design and low power consumption of ASIC chips are what make them a preferred choice for multiple users across different industries. Cryptocurrency mining is a specific application where demand for ASIC chips is surging at a rapid pace.

Rising popularity of System-on-chip (SoC) in different applications is also estimated to benefit ASIC chip sales going forward. Growing demand for application-specific semiconductors is estimated to uplift ASIC chip sales in the long run. However, supply chain disruptions are forecasted to emerge as a key restraint for global ASIC chip market growth over the coming years.