PUBLISHER: The Business Research Company | PRODUCT CODE: 1644004
PUBLISHER: The Business Research Company | PRODUCT CODE: 1644004
Chip resistors are essential components in electronic circuits, providing resistance to the flow of electrical current. They play a fundamental role in controlling, stabilizing and limiting electrical currents in a wide range of electronic devices and systems. These compact and durable components are primarily used in modern electronic applications due to their ability to operate efficiently in high-density circuit designs.
The chip resistor market consists of sales, by entities (organizations, sole traders and partnerships), of chip resistors, that are ubiquitous in consumer electronics, industrial machinery, automotive systems, medical devices and other industries, reflecting their critical role in ensuring the precise operation of electrical systems.
The global chip resistor market was valued at $1,122.75 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.00%
Increasing Demand For Consumer Electronics
The increasing demand for consumer electronics drove the growth of the chip resistor market during the historic period. Consumer electronics are electronic devices intended for personal use, providing entertainment, communication and convenience. The increasing demand for consumer electronics is driven by factors such as digital transformation, the growing popularity of smart homes and the rise of remote work setups. The compact and lightweight nature of chip resistors enables the development of smaller, more portable electronic devices, meeting consumer preferences for sleek and space-saving gadgets. For instance, in December 2021, according to the annual business report published by Samsung Electronics Co., Ltd., a South Korea-based electronics corporation, the global smartphone market grew significantly, to reach 1.36 billion units in 2021, from 1.30 billion units in 2020. Further, according to the National Retail Federation, a US-based retail trade association, retail sales increased 5.3% to $936.3 billion during the November-December holiday season of 2022, while electronics sales increased almost fivefold. Therefore, the increasing demand for consumer electronics contributed to the growth of the chip resistor market.
Advancements In Thin Film Technology For Chip Resistors
Major companies operating in the chip resistor market are focused on the development of thin film technology to produce more efficient products. Thin film technology involves applying extremely thin layers of material, typically ranging from a few nanometers to micrometers in thickness, onto a substrate to produce functional coatings, electronic components, or optical devices. For example, in April 2023, YAGEO Group, a Taiwan-based electronic components company, launched the voltage tolerance series. The voltage tolerance series is designed to deliver outstanding precision, stability and resilience against environmental factors like moisture and sulfur. Built to handle high operating voltages, these resistors are perfect for demanding applications, such as automotive electronics, telecommunications, industrial and medical devices and power systems. They come with resistance values ranging from 162-kilo ohms to 1.5 Mega ohms, offering tight tolerance options (+-0.1%, +-0.25%, +-0.5%, +-1%) and a low-temperature coefficient of resistance (TCR), ensuring dependable performance in challenging environments. Additionally, they are Automotive Electronics Council-Q200 qualified, guaranteeing their reliability and performance in automotive and other high-reliability sectors.
The global chip resistor market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 53.02% of the total market in 2023.
Chip Resistor Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the chip resistor market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for chip resistor? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The chip resistor market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider chip resistor market; and compares it with other markets.
Global Market Size And Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.