New York, May 29, 2023 (GLOBE NEWSWIRE) -- As per Persistence Market Research (PMR), the global interconnects and passive components market value was estimated at US$ 187.6 billion in 2022. From 2022 to 2032, global sales of interconnects and passive components are projected to rise at 6.1% CAGR. By 2032, the global market is anticipated to cross a staggering valuation of US$ 343 billion.
Automotive segment is likely to lead the global interconnects and passive components industry during the assessment period. The target segment is forecast to exhibit a CAGR of 5.8% through 2032.
Increasing adoption of interconnects and passive components in smartphones and automobiles are a prominent factor driving the global market forward.
Interconnects are used to carry power and signals between circuit components, while passive components alter these signals. These components are essential for the design and implementation of electronic circuits in a variety of applications.
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Right from consumer electronics to industrial automation and automotive systems, interconnects and passive components have become crucial components across these sectors. Their performance, dependability, and efficiency can have a significant impact on an electronic system's overall performance.
Growing popularity of consumer electronics such as laptops, smartphones, and home entertainment systems are expected to create lucrative opportunities for interconnect and passive component manufacturers.
Companies are using sophisticated interconnects and passive components to address consumer demands for smaller, lighter, and more powerful devices with longer battery life.
Interconnects such as flexible printed circuits and ribbon cables are used in several consumer electronic products. Their primary application is to connect various components such as the screen, battery, and motherboard.
Interconnects are highly preferred in the consumer electronics sector due to trends of product miniaturization and the need for lightweight but durable materials.
In power management circuits, passive components such as capacitors and inductors are utilized to adjust voltage levels and reduce noise. Interconnects and passive components are key components in the automobile industry. They allow signals to be transmitted and manipulated between electrical components in vehicles. These components have become critical to modern manufacturers to ensure vehicle performance, safety, and dependability.
Interconnects connect diverse components including sensors, control modules, and displays in vehicles. Hence, rising production of vehicles, especially electric ones, will elevate interconnect and passive component demand during the assessment period.
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Key Takeaways from the Interconnects and Passive Components Market Report:
- Global interconnect and passive components sales are anticipated to soar at 6.1% CAGR through 2032.
- By product type, passive components segment is forecast to exhibit 6.0% CAGR between 2022 and 2032.
- Based on application, automotive segment is likely to thrive at 5.8% CAGR through 2032.
- Demand for interconnects and passive components in China is projected to rise at 7.7% CAGR through 2032.
- The United States interconnects and passive components market size is expected to reach US$ 50.1 billion by 2032.
- Korea interconnects and passive components industry is forecast to progress at 6.7% CAGR.
- Japan market is predicted to cross a valuation of US$ 61.0 billion by the end of 2032.
“Increasing smartphone penetration and rise of vehicle electrification are expected to generate high demand for interconnects and passive components. Hence, key players need to expand their portfolios to gain profits.” - says a Persistence Market Research (PMR) analyst.
Who is Winning?
Delphi Automotive LLP, Panasonic Corporation TE Connectivity Limited, Japan Aviation Electronics Industry, Amphenol Corporation, Cisco, Molex Incorporated, Koch Industries, Hirose Electric Co., Ltd., and AVX Corporation are few of the leading manufacturers of interconnects and passive components listed in the report.
These market players are concentrating on introducing new efficient solutions into the market to improve their revenues. Similarly, to expand their global footprint, they are employing strategies such as acquisitions, mergers, partnerships, collaborations, and joint alliances. For instance,
- In August 2018, to expand its portfolio of interconnect, passive, and electromechanical components TTI, Inc. acquired Symmetry Electronics.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the interconnects and passive components market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
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The study reveals growth projections based on segments such as product type (interconnects and passive components) and application (consumer electronics, data processing, telecommunication, military & aerospace, automotive, industrial, and healthcare) across various regions.
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