Insights on the Passive Electronic Components Global Market to 2027 - by Type, End-use Industry and Region
DUBLIN, July 1, 2022 /PRNewswire/ -- The "Passive Electronic Components Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global passive electronic components market reached a value of US$ 34.11 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 46.87 Billion by 2027, exhibiting a CAGR of 5.44% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Passive electronic components absorb energy and do not require electrical power to operate. They are commonly used in various electronic devices, such as computers, home appliances, smartphones and gaming consoles. They are reliable, easy to design, cost-effective and can easily handle large voltage currents and power without the requirement of a power supply and amplifying elements. As a result, passive electronic components are widely used across medical, automotive, aerospace, energy, telecommunications, defense, and data storage industries.
Additionally, various new product innovations, such as the introduction of wire wound and metal oxide high-power resistors that assists in monitoring circuits and diagnosing and testing sensors, are providing an impetus to the market growth. Furthermore, the growing miniaturization of passive electrical components that can easily be used in consumer electronics, such as smartphones, cameras and speakers, is positively impacting the market growth.
Apart from this, the widespread product utilization in medical devices integrated with sensors to collect data about patients, extensive research and development (RD&D) activities and the introduction of various shapes and geometries of inuctors are anticipated to drive the market toward growth.
The competitive landscape of the industry has also been examined along with the profiles of the key players being Eaton Corporation PLC, KOA Corporation, Kyocera Corporation, Murata Manufacturing Co. Ltd., Panasonic Corporation, Samsung Electro-Mechanics Co. Ltd., Taiyo Yuden Co. Ltd., TDK Corporation, TE Connectivity, TT Electronics Plc, Vishay Intertechnology Inc. and Yageo Corporation.
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