Field Programmable Gate Array Market Size To Surpass $10 Billion By 2024

Field-programmable gate array (FPGA) is an integrated circuit which can be reprogrammed according to the application or functionality. In this way, it can be mass-produced to be used in major consumer electronics. It offers benefits such as rapid prototyping, easy debugging, and low risk & cost.

The FPGA market is projected to attain above USD 10 billion by 2024. It stood near USD 6 billion in 2015. It is projected to exhibit a CAGR of over 9% over the forecast period (2016-2024). Customized integrated circuits are a key driving factor of the market.

Electronic utilities and demand for additional devices in automotives can result in a market upswing. This can lead to the growth of Hybrid Electric Vehicles (HEVs), resulting in additional demand for FPGA. Design complexities and substitute technology like Application Specific Integrated Circuits (ASICs) could pose a market challenge.

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The field-programmable gate array market is segmented by applications and geographies. Automotive, telecommunication, consumer electronics, data processing, military and aerospace, and industrial constitute as major market applications. Telecom had a 33% market share in 2013. It is estimated to grow at a 9.8% CAGR till 2024.

Consumer electronics had a 12% revenue share in 2015 and expects a rapid growth rate over the next six years. Prominent use of technologies such as 3D visualization, advanced front-lighting system (AFS), GPS maps, and collision avoidance system in automotives, will boost this segment’s demand. Moreover, military and aerospace applications like SONAR and RADAR in unmanned vehicles and warfare are expected to contribute to the FPGA market growth.

Regions covered by the market are North America, Europe, Asia Pacific, and RoW (Rest of the World). Asia Pacific was the largest field-programmable gate array market in 2015, owing to applications in consumer electronics and telecommunications. This region is likely to grow at a CAGR above 9% during the forecast period. Telecom sector in North America was valued to be USD 540 million in 2013. It is predicted to exhibit the fastest growth rate from 2016 to 2024. Industrial and automotive applications will serve as key drivers for this region.

Notable players of the FPGA market are Altera, Lattice Semiconductor, Microsemi Corporation, and Xilinx. Technological improvements and product launches are common strategies adopted by these players.

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