New York, USA, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global chip resistor market is predicted to register a revenue of $3,330.3 million by 2028, at a CAGR of 6.9% during the forecast period from 2021 to 2028. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the growing demand for consumer electronics along with recent innovations such as eco-friendly electronic products and high definition equipment are the major factors anticipated to accelerate the growth of the chip resistor market over the forecast period. In addition, continuous developments in emerging technologies, such as autonomous and electric vehicles, internet of things (IoT), and 5G are predicted to create huge growth opportunities for the chip resistor market in the estimated period. However, the price volatility of raw materials for chip resistor tools may hinder the market growth in the coming years.
Impact of COVID-19 on the Chip Resistor Industry
The outbreak of coronavirus across the globe has unfavorably impacted the global chip resistor market. The negative growth of the chip resistor market is majorly owing to restrictions on manufacturing activities of chip resistors due to lockdown measures implemented in various countries across the globe. Besides, many production facilities have been partially or completely shut down during the pandemic. Moreover, ban on export and the shortage of raw materials have created intrusions in the production of chip resistors, which has negatively impacted the market growth during the pandemic period.
Connect with Analyst to Reveal How COVID-19 Impacting on Chip Resistor Market
Thick Film Sub-segment to Hold Dominating Market Share
Based on technology, the thick film sub-segment is predicted to garner a revenue of $1,563.0 million by 2028 and is estimated to hold the largest share in the chip resistor market during the analysis period. This is mainly owing to the increasing adoption of electronics & electrical devices and the growing demand for advanced miniature tools in multiple industries such as automotive and consumer electronics.
Consumer Electronics Sub-segment to Witness Significant Growth
By end use, the consumer electronics sub-segment accounted for $238.8 million in 2020 and is estimated to observe lucrative growth during the analysis period. The significant growth of the sub-segment is mainly owing to the surging demand for chip resistor solutions due to increase in the number of consumer electronic devices, such as computers, tablets, and smartphone.
Persistent Technological Advancements and Strategic Partnerships Among Major Companies to Create Vital Opportunities for the Chip Resistor Market Growth - Analyst Review by Research Dive
Asia-Pacific Region to be Most Dominant
By region, the Asia-Pacific chip resistor market valued for $819.0 million in 2020 and is estimated to witness dominant growth during the analysis period. The increasing adoption of high-end technology-based devices along with the cheap electronics prices in the region are the significant factors expected to boost the regional market growth by2028. In addition, the presence of leading companies in the region such as Tzaiyuan Enterprise Co., Ltd. and Yageo Corporation is another factor predicted to propel the chip resistor market growth in the Asia-Pacific region.
Prominent Key Players in the Chip Resistor Market
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global chip resistor market are:
- Bourns Inc.
- Vishay Intertechnology Inc.
- TE Connectivity
- Koa Corporation
- International Manufacturing Services
- Tzai Yuan Enterprise Co.
- Yageo Corporation
- AVX Corporation
- Rohm Semiconductor
- Susumu Co. Ltd.
These players are implementing numerous strategies to gain a leading position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in May 2021, Vishay Intertechnology, the global manufacturer of semiconductors and passive electronic components, announced the launch of a new high-precision thin-film chip resistor for medical, industrial, military, and aerospace applications.
Porter’s Five Forces Analysis for the Global Chip Resistor Market
- Bargaining Power of Suppliers: The suppliers in the chip resistor market are moderate in number. For the large semiconductor companies, suppliers have little power - many semiconductor companies have hundreds of suppliers. This diffusion of risk over many companies allows the chip giant to keep the bargaining power of any one supplier to minimum. Thus, there is less threat from the suppliers.
Thus, the bargaining power of the suppliers is moderate. - Bargaining Power of Buyers: Buyers have high bargaining power, mainly due to the huge number of chip resistor services that are offered in low prices. The buyers can hence choose the service that best fits their preferences.
Hence, the bargaining power of buyers is high. - Threat of New Entrants: Startups entering this market are providing advanced chip resistor solutions to the customers. Moreover, the switching cost of buyers is not high.
As a result, the threat of the new entrants is high. - Threat of Substitutes: Low-cost services and technological innovations are being offered in the market by companies attract customers. However, companies that are already in chip resistor offer huge discounts with regular free service.
Therefore, the threat of substitutes is low. - Competitive Rivalry in the Market: The ventures operating in the global chip resistor are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.
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