New York, USA, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global thin film chip resister market is expected to garner a revenue of $1,046.4 million and rise at a CAGR of 5.4% throughout the forecast period from 2022 to 2031.
As per our analysts, the increasing use of digitalization across organizations has increased the growth of data center infrastructure all across the globe which is expected to boost the growth of the thin film chip resistor market throughout the analysis period. Moreover, the increasing use of lead-free, passive electronic components by the leading market players due to the harmful impact of lead on the environment is expected to create wide growth opportunities for the market during the forecast period. Additionally, the increasing use of film chip resistors in consumer electronics and defense and aerospace applications is expected to amplify the growth of the market over the analysis period. However, raw material price fluctuations may hinder the growth of the market during the estimated period.
Segments of the Thin Film Chip Resistor Market
The report has divided the market into segments based on type, application, end-user, and region.
Type: 0.1% Tolerance Sub-Segment to be Most Profitable
The 0.1% tolerance sub-segment is predicted to have the fastest growth during the analysis timeframe. The increasing use of 0.1% tolerance for thin film chip resistors to improve reproducibility, consistency, and homogeneity in product performance and reduce overall cost during mass production is expected to foster the growth of the thin film chip resistor market sub-segment during the forecast timeframe.
Application: Industrial Equipment Sub-Segment to Most Productive
The instrumentation sub-segment is expected to hold the largest share of the market over the estimated timeframe. This is mainly due to the increasing use of precision thin-film resistors in instrumentation for accurate measurement of voltage, current, and resistance. Moreover, the increasing demand for instruments such as potentiometers, precision resistors, thermometers, and many others for a wide range of applications including consumer electronics, medical devices, and many more are expected to uplift the growth of the market during the forecast period.
End-User: Industrial Equipment Sub-Segment to Most Beneficial
The industrial equipment sub-segment is predicted to hold the maximum share of the market during the analysis period. This is mainly because of the long-term performance of thin film chip resistors in a high-sulfur environment across many industries including industrial equipment. Additionally, various advantages of industrial equipment in data centers and server firms and the growing use of industrial equipment in banking, military, and various other applications in harsh industrial environments are expected to propel the growth of the market sub-segment over the estimated period.
Region: North America to Hold the Highest Share of the Market
The North America region of the thin film chip resistor market is expected to register a dominant share throughout the forecast timeframe. This is mainly due to the increasing demand for electronic digital products such as smartphones and tablets in this region. In addition, the growing adoption of thin film resistors across various industrial applications such as instrumentation and medical instruments is predicted to drive the regional growth of the market during the analysis period.
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Covid-19 on the Impact of Thin Film Chip Resistor Market
The outbreak of the Covid-19 pandemic has had a negative impact on the thin film chip resistor market. This is mainly due to the restriction on the manufacturing activities of chip resistors due to the lockdown measures and shutdown of production facilities during the pandemic period. Moreover, the reduced demand from end-use industries such as automotive & transportation, consumer electronics, IT & telecommunication, and many others due to the hindrance in daily operations due to impediment in daily operations and the shortage of raw materials are the major factors that have declined the market growth throughout the crisis.
Key players of the Market
The major players of the thin film chip resistor market include
- Ralec Electronics Corp.
- Rohm Co. Ltd.
- Panasonic
- Samsung Electro-Mechanics
- KOA
- Ta-I Technology Co. Ltd.
- Ever Ohms Technology Co. Ltd.
- Tateyama Kagaku Industry Co. Ltd.
- Elektronische Bauelemente GmbH (EBG)
- Uniohm
The major players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in October 2022, New Yorker Electronics, a franchised distributor providing the best in products and services in electronic components launched the new Vishay Dale PHPA series of Thin Film Wraparound Chip Resistors. These thin film chip resistors are incorporated with self-passivated tantalum nitride film to offer enhanced moisture resistance as well as improved ESD, voltage coefficient, and resistance stability performance.
Further, the report also presents other critical aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Thin Film Chip Resistor Market:
- A Quick Explainer on Thin Film Chip Resistors, Their Properties, and Applications
- Global Thin Film Chip Resistor Market to Observe Widespread Growth with Rising Demand for Miniaturization in Electronic Devices
