New York, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global chip resistor market is envisioned to garner a revenue of $3,330.3 million and rise at a CAGR of 6.9% throughout the forecast period from 2021 to 2028.
As per our analysts, with the growing demand for electronic devices among individuals such as smartphones, the chip resistor market is expected to experience significant growth over the estimated timeframe. Besides, the rapid growth in automotive and industrial electronics is expected to fortify the growth of the market throughout the forecast period. Moreover, the continuous development of emerging technologies such as AI in products, IoT, and 5G networks is expected to upsurge the growth of the market over the analysis timeframe. However, the volatile price of raw materials may impede the growth of the market during the estimated period.
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Segments of the Chip Resistor Market
The report has divided the market into segments based on technology, end-use, and region.
Technology: Thick Film Chip Resistor Sub-Segment to be Most Productive
The thick film chip resistor sub-segment is predicted to generate a revenue of $1,563.0 million during the analysis timeframe. The increasing adoption of electronics and electrical devices and the rise in the demand for advanced miniature tools in various industries such as automotive, consumer electronics, and many more are expected to bolster the growth of the market sub-segment over the forecast period.
End-Use: Telecommunication Sub-Segment to be Most Profitable
The telecommunication sub-segment is projected to garner a revenue of $955.7 million throughout the forecast period. The growing number of smart devices and smartphones in this technologically advanced world coupled with the increasing necessity of working from home are expected to amplify the growth of the market sub-segment during the analysis timeframe.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the chip resistor market is expected to generate a revenue of $1,434.1 million over the forecast timeframe. The increasing adoption of high-end technology-based devices in this region along with the cheap electronics prices in this region are predicted to drive the regional growth of the market throughout the analysis period.
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Covid-19 Impact on the Chip Resistor Market
The outbreak of the Covid-19 pandemic has had a negative impact on the chip resistor market. This is mainly because the manufacturing activities of chip resistors have been restricted due to lockdown measures across many countries during the pandemic period. Moreover, the ban on export, shortage of raw materials, and the growing demand from end-use industries such as automotive & transportation, consumer electronics, and many more are the major factors that have declined the growth of the market over the period of crisis.
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Key Players of the Chip Resistor Market
The major players in the chip resistor market include
- Tzai Yuan Enterprise Co.
- Yageo Corporation
- International Manufacturing Services
- Koa Corporation
- Rohm Semiconductor
- Vishay Intertechnology Inc.
- AVX Corporation
- TE Connectivity
- Susumu Co. Ltd.
- Bourns Inc., and many more.
These players are broadly working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry. – Inquire Here to get access to the Key Companies Development Strategic Report
For instance, in May 2021, Vishay Intertechnology, an American manufacturer of discrete semiconductors and passive electronic components launched a new high-precision thin-film wrap-around chip resistor for industrial, medical, military, and aerospace applications. The thin film named Vishay Sfernice P2TC offered a tight TCR of ± 2 ppm/°C over wider resistance and temperature ranges and in more case sizes with higher power ratings.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Chip Resistor Market:
- Persistent Technological Advancements and Strategic Partnerships Among Major Companies to Create Vital Opportunities for the Global Chip Resistor Market Growth
- What are Different Types of Chip Resistors and Why are they Important?
