The recently updated report published by Persistence Market Research projects that the global market for analog ICs, which is valued at US$ 63 Bn in 2021, will soar at a robust 8.5% CAGR to reach US$ 93 Bn by the end of 2031.
Texas Instruments, Inc. is being observed as the largest manufacturer of analog IC in the world. Along with Infineon Technologies AG, STMicroelectronics NV, Analog Devices Inc., and Skywork Solutions, Inc., these companies will continue to communally account for 40% share of global analog IC market revenues through 2031.
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NXP Semiconductors NV is also known for offering performance-based analog IC. US-based ON Semiconductor Corporation is also a leading player in the global analog IC market, owing to its credibility for catering to applications such as power management and logic & timing.
Qualcomm Technologies, Inc., Maxim Integrated Products, Inc., and Renesas Electronics Corporation are also prominent manufacturers of analog IC, profiled in this report.
Asia-Pacific – Fastest-growing Analog IC Market
In terms of regional growth, global analog IC market will witness utmost dominance from Asia-Pacific (APAC) countries. By the end of 2031, revenue from every other analog IC product that will be sold in the world will be accounted by the APAC region.
North America is anticipated to account for more than 1/3 of the global market share through 2031. In 2021 & beyond, Latin America, Europe and the Middle East & Africa arc expected to collectively account for less than 1/4 of global analog IC revenues.
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General purpose IC products & services are presently in demand from multiple industrial verticals. With time, analog IC will be designed according to the application it serves. While general purpose IC products accounted for 2/5 revenue share in 2021, global analog IC revenues emanating from sales of such products are ordained to experience decline.
Corresponding to the dip in sales of general purpose IC products, industrial demands for analog IC will be veering towards application-specific IC products.
Higher Demand for Analog ICs in Automotive Applications
Application of analog IC will continue to spanned across industries such as communications, healthcare, manufacturing, consumer electronics, and automotive, among others. Analog IC are gaining adoption in communication industry by playing an integral role in multiple device connectivity.
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Considering higher use of analog IC in production of multimedia devices, global consumer electronics industry is projected to account for more than one-third of global market revenues over the forecast period.
Key findings from the report indicate that automotive applications of analog IC are expected to gain traction. Throughout the projection tenure, automotive applications are estimated to account for substantial global revenues.
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