Global Thin Film Chip Resistor Market to Grow with a 5.4% CAGR in the Post-Pandemic Period Due to Product Launches from Leading Market Players [250-Pages] | Report by Research Dive
Global thin film chip resistor market is expected to grow due to the advances in data capture, sensors, & robotics. Industrial equipment sub-segment is expected to flourish greatly. The North America region is likely to grow significantly by 2031.
NEW YORK, March 15, 2023 /PRNewswire/ -- Global Thin Film Chip Resistor Market Forecast Analysis:
As per the report published by Research Dive, the global thin film chip resistor market is expected to register a revenue of $1,046.4 million by 2031 with at a CAGR of 5.4% during the forecast period 2022-2031.
Segments of the Thin Film Chip Resistor Market
The report has divided the thin film chip resistor market into the following segments:
Type: ultra precision 0.05% tolerance, 0.1% tolerance, 1% tolerance, and others
Application: instrumentation, medical instruments, power supply, electric power equipment, electronic digital products, and others
End-User: industrial equipment, consumer electronics, and other
Region: North America, Europe, Asia-Pacific, and LAMEA
Dynamics of the Global Thin Film Chip Resistor Market
Growing advancements in data capture, sensors, robotics, and computer networking is expected to become the primary growth driver of the thin film chip resistor market in the forecast period. Additionally, continuous development of new technologies such as artificial intelligence, IoT, and 5G networks is predicted to propel the market forward. However, according to market analysts, raw material price uncertainty might become a restraint in the growth of the market.
Development of data centres and growth in data centre infrastructure is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing shift towards lead-free components is expected to propel the thin film chip resistor market forward in the coming period.
COVID-19 Impact on the Global Thin Film Chip Resistor Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The thin film chip resistor market, too, was negatively impacted due to the pandemic. The lockdowns and travel restrictions forced resistor manufacturing companies to stop their production cycles. Moreover, ban on import-export of raw materials required for manufacturing of resistors reduced the supply of resistors. Also, the demand for thin film chip resistors declined from the consumer electronics industry, which plummeted the growth rate of the market further.
Key Players of the Global Thin Film Chip Resistor Market
The major players of the market include
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in September 2022, TT Electronics, a leading electronic connector manufacturer, announced the launch of TFHP series of high power, thin film chip resistors. These new resistors are built using aluminum nitride (AlN) ceramic substrate which has a conductivity six times that of alumina. The product launch is predicted to help TT Electronics to improve their market share significantly in the coming period.
What the Report Covers?
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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