| Report Code: A11656 | Pages: 246 | Jun 2021 | 4105 Views | ||
| Author(s) : Sachin W | Tables: 97 | Charts: 78 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Chip Resistor Market
Request Now !The chip resistor market size accounted for $999.4 million in 2020, and is expected to reach $1,567.2 million by 2028, registering a CAGR of 5.9% from 2021 to 2028. Chip resistors limit DC or AC current. They are used to control the current flow in a device or system and to drop the voltage or maintain the current at a certain level. Further, they are used in various applications such as consumer electronics devices, industrial automotive and others. They can be used to protect, operate, or control circuits.
Chip resistors have the potential to enhance and even replace existing technology solutions within enterprise supply chains and change the structure of the work environment. Companies manufacturing chip resistors are demonstrating use cases that lead to increase in workplace efficiency, productivity, and compliance, which is expected to be lucrative when the technology matures.
Surge in trends and technology in consumer electronics and automotive applications are expected to generate opportunities for the chip resistor market in the near future. New electronic and electrical devices such as smart TVs, automotive logging device, high end laptops RGB lighting, and others, and their use in day to day life is expected to increase the demand for chip resistors. For instance, in 2021, Panasonic Corporation has developed a 0402 size, high precision thin film chip resistor, which has the most robust electro-static discharge protection in resistor field. This resistor is expected to help increase accuracy and lower the electro static discharge risk.
Increase in use in consumer electronic devices and rise in digitalization for chip resistor are the major factors that drive the global chip resistor market growth. However, high manufacturing cost associated with chip resistors is expected to pose major threats for the market. Furthermore, technological advancements in the healthcare industry and increase in applications in the automotive & transportation sector are expected to offer lucrative opportunities for the global chip resistor market.
The chip resistor market is segmented into type, end use, and region. By type, the market is classified into thick film, thin film, and others. By end use, the market is divided into Automotive & transportation, consumer electronics, industrial, IT & telecommunication, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The key players profiled in this report include ROHM Semiconductor, Bourns Inc., TE Connectivity, Vishay Intertechnology Inc., CTS Corporation, Panasonic Corporation, Samsung Electro-Mechanics, Yageo Corporation, AVX Corporation, and SUSUMU Co. Ltd. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration.
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, reducing business confidence, hampering the supply chain, and increasing panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the chip resistor market in 2020.
According to the chip resistor market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.
The emergence of COVID-19 has declined the growth of the chip resistor market in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for this decline in growth rate. As industries were temporarily shut, it reduced the need for maintenance from various industries.
Notable factors positively affecting the growth of the chip resistor market include surge in digitalization and increase in demand for consumer electronics. Electronic devices such as televisions, computers, or smartphones are in demand. Consumer electronics have the highest consumption of chip resistors to limit the flow of electric current in the device for the safety of the system or device. There is an increase in the demand for chip resistors as these are incorporated in all sorts of electric devices. This is attributed to increased demand for chip resistor use, which, in turn, drives the market growth.
However, high manufacturing costs associated with chip resistors hamper the growth of the market. Raw materials used in the manufacturing of the chip resistor are expensive, thus increasing the cost of chip resistor. Furthermore, increase in applications in automotive & transportation and technological advancements in the healthcare industry are expected to offer lucrative opportunities for the growth of the chip resistor industry in the coming years.
Key Benefits For Stakeholders
Chip Resistor Market Key Segments
By Type
By End Use
By Region
Key Market Players
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The global chip resistor market is witnessing decent growth, owing to increase in digitalization and rise in demand for consumer electronic products.
According to CXOs of the top companies in the market, the factor that fuels the growth of the global chip resistor market includes the launch of new electronic product and devices. The global chip resistor market is competitive, owing to strong presence of existing vendors. Chip resistor vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Market players are striving to gain maximum opportunities from the developing chip resistor market by planning their strategies meticulously. Strategic partnership, collaboration, and product launches are some of the prominent strategies adopted by key market players in the chip resistor market. Adoption of chip resistors in consumer electronics, industrial, IT & telecommunication, and other sectors and products, increase in awareness among masses about the benefits of using and installing chip resistors in devices, and their effectiveness drive the growth of the chip resistor market.
The chip resistor market provides numerous growth opportunities to players such as Panasonic Corporation, Rohm Semiconductor, Bourns Inc, TE Connectivity, Yageo Corporation, and others.
A. The Chip Resistor Market is estimated to grow at a CAGR of 5.9% from 2021 to 2028.
A. The Chip Resistor Market is projected to reach $1,567.2 million by 2028.
A. To get the latest version of sample report
A. Increase in use in consumer electronic devices and rise in digitalization for chip resistor etc. boost the Chip Resistor market growth.
A. The key players profiled in the report include ROHM Semiconductor, Bourns Inc., TE Connectivity, Vishay Intertechnology Inc., and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The Chip Resistor Market is segmented on the basis of type, end use, and region.
A. The key growth strategies of Chip Resistor market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. Thin Film segment would grow at a highest CAGR of 6.6% during the forecast period.
A. Consumer Electronics segment will dominate the market by the end of 2028.
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