The global field programmable gate array market size is anticipated to reach to USD 14.2 billion by 2024, according to a new report by Grand View Research, Inc. Increasing application of FPGAs in various industries to develop products with differentiating features is expected to drive their demand over the forecast period.
The military & aerospace segment is anticipated to fully exploit the capabilities of FPGAs for developing multifaceted warfare electronic systems that can be custom programmed even on the field. Increasing use of FPGAs in the automotive and consumer electronics industry across emerging and developed economies is a key factor expected to impel the market growth over the forecast period.
The distinguishing feature of FPGAs to be erased and reprogrammed after manufacturing makes them unique from other integrated circuits. The increasing need for customization of functionalities which can provide differentiating features to its users is the key factor anticipated to drive the FPGA market over the forecast period. With improved technologies such as the SRAM, flash, and antifuse-based FPGAs, the demand for the field-programmable gate arrays is further expected to increase during the forecast period.
On account of growing complexity in design, reduction in response time of the circuit, and reuse of the design, verifying FPGA circuits is necessary. The absence of a specified/ uniform technique for verification is a major challenge for the FPGA market. The overlapping market of field programmable gate array with other Integrated Circuits (ICs) is also a challenge which may challenge its growth over the forecast period.
Further key findings from the report suggest:
- The Static Random Access Memory (SRAM) technology generated the highest revenue in the year 2015; it is expected to maintain its dominance throughout the forecast period owing to its reliability as it is nonvolatile, simple in design, and consumes low power
- The flash-based FPGAs are expected to grow at the highest CAGR of approximately 10% from 2016 to 2024, which can be attributed to their differentiating features such as being erasable, reprogrammable, and nonvolatile
- Application of FPGAs is highest in the telecom industry; this sector constituted over 30% of the global FPGA revenue in 2015 and is projected to continue being the largest user of Field-Programmable Gate Arrays by 2024
- Asia Pacific is anticipated to witness a considerable growth at an estimated CAGR of close to 11% from 2016 to 2024 as a result of significant increase in automotive hubs and consumer electronics industries in Japan, India, China, South Korea, and other Asia Pacific countries