Analog IC Market Propelled by Increasing Demand For Consumer Electronics
The Analog IC Market offers a wide range of integrated circuits like amplifiers, data converters and power management components that are extensively used in various consumer electronic devices such as smartphones, tablets, laptops, wearables and gaming consoles. The growing popularity of these devices has significantly boosted the demand for analog ICs.
The global Analog IC Market is estimated to be valued at US$ 72.56 Bn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for consumer electronics is a major trend driving the growth of the Analog IC market. Consumer electronics has witnessed tremendous growth over the past few years owing to rising disposable income, improving living standards and rapid urbanization. According to recent reports, the sales of consumer electronics exceeded US$ 1 trillion in 2020 and is expected to reach US$ 1.8 trillion by 2025. Smartphones alone accounted for almost 50% of the overall consumer electronics sales in 2020. This rising demand for various consumer electronic devices is resulting in increased need for analog ICs which are an integral part of these devices. As consumer electronics continues to witness strong growth over the next decade, it will have a profound impact on propelling the analog IC market.
SWOT Analysis
Strength: Analog ICs have strong demand from various end-use industries like consumer electronics, automotive, healthcare which drives their growth. They enable accurate signal processing in various electronic devices.
Weakness: Analog ICs require high initial investment in R&D to develop and manufacture due to their complex design. Swift changes in technology also impacts their demand outlook.
Opportunity: Rising demand for green electronics and emergence of technologies like IoT and AI are expanding avenues for analog ICs. Growing adoption of electronic vehicles further augments market opportunities.
Threats: Increasing digitization, availability of alternatives like digital/hybrid ICs and global trade wars pose threats to stable demand and supply of analog ICs.
Key Takeaways
Global Analog IC Market Size is expected to witness high growth over the forecast period supported by rising penetration of electronic devices across industries.
Regional analysis indicates that Asia Pacific dominates currently due to presence of manufacturing hubs of electronic goods in countries like China, Taiwan and prevalence of key market players. The region is anticipated to maintain its leading position during the forecast years on back of thriving electronics sector and increasing expenditure on AI and IoT based solutions in the region.
Key players operating in the analog IC market are Illumina, Inc., Thermo Fisher Scientific, Inc., Qiagen N.V., F. Hoffmann-La Roche Ltd., Foundation Medicine, Inc. (Roche), Invitae Corporation, NeoGenomics Laboratories, Inc., Myriad Genetics, Inc., Genomic Health, Inc. (Exact Sciences Corporation), Caris Life Sciences, ArcherDX, Inc. (Invitae Corporation), Guardant Health, Inc., Personal Genome Diagnostics Inc., Biocept, Inc., Tempus Labs, Inc. These companies are focusing on product launches and partnerships to extend their market share. For instance, in 2023, Thermo Fisher Scientific, Inc. launched new Oncomine Childhood Cancer Research Assay to improve pediatric oncology research and outcomes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
