Chip Resistor Market Growing Demand and Huge Future Opportunities by 2030

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The chip resistor market accounted for USD 1,050.3 million in 2021 and is estimated to reach USD 1,661.4 million by 2030, registering a CAGR of 5.9from 2022 to 2030Chip resistors limit DC or AC currentThey control the current flow in a device or system and drop the voltage or maintain the current at a certain levelThey are used in various applications such as industrial automotive, consumer electronics devices, and othersThey can be used to operate, protect, or control circuitsChip resistors can enhance and even replace existing technology solutions within enterprise supply chains and change the structure of the work environmentCompanies manufacture chip resistors are demonstrating use cases that increase workplace efficiency, compliance, and productivity which is estimated to be profitable when the technology matures.

A surge in trends and technology in consumer electronics and automotive applications is expected to generate opportunities for the chip resistors market in the futureNew electronic and electrical devices such as automotive logging devices, smart TVs, highend laptops RGB lighting, and others, and their use in daytoday life is expected to increase the demand for chip resistors.

The increase in use in consumer electronic devices and the rise in digitalization for chip resistors are the major factors that drive the growth of the global chip resistor marketHowever, the high manufacturing cost associated with chip resistors is expected to pose major threats for the chip resistor marketAdditionally, technological advancements in the healthcare industry and increased applications in the automotive & transportation sector are expected to offer profitable opportunities for the global chip resistor market.

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COVID19 Impact on the Global Chip Resistor Market

The COVID19 crisis is causing uncertainty in the stock market, immense supply chain slowing, decreased business confidence and increased panic among the customer segmentsThe impact of the pandemic is impacting the production process of several manufacturing industries, including chip resistors and many moreTrade barriers are constraining the demand and supply outlookThe production process is adversely affected as the government of different countries have already announced total lockdown and temporarily shutdown of industries.

The COVID19 pandemic has severely impacted the consumer electronics, automotive & transportation, and industrial sector globallyDemand for various enduse products such as smartphones, tablets, medical devices, industrial applications has been impacted globally, owing to lockdown in several countriesCOVID19 has also disrupted the global supply chain of major key players operating in the marketHowever, at the start of 2021, the chip resistor market is expected to experience growth due to the resumption of various operations in the supply chain.

Global Chip Resistor Market Dynamics

DriversSurge in digitalization

New trends and technology advancements such as smart TVs, smartphones, luxury cars, and others boost the growth of the chip resistor marketDevelopments in sensors, connectivity, computing power, and others allow organizations to improve materials that enhance production and services efficiencyThese advanced systems employ chip resistors due to their increasing usage for efficient operation of the system or devicesHence, the rise in the level of digitization boosts the growth of the chip resistor marketYageo Corporation, in 2018, announced the launch of a new resistor called SR Highpower Series, a highpower, antisurge chip resistor.

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RestraintsHigh cost of raw material

The cost of raw materials such as copper, nickel, aluminum, zinc, and others used in chip resistors is highAlso, the new developments in electronic devices to make them environment friendly are increasing the cost of chip resistorsThe cost of raw materials required to produce chip resistors is expensive, leading to an increase in the overall manufacturing costThus, the high cost of raw materials limits the growth of the chip resistor market.

OpportunitiesTechnological advancements in the healthcare industry

Technological progress and advancements in the healthcare sector, such as the emergence of new mobile health technologies called mHealth, wearable and wireless devices for patient identification, ECG devices, monitors for detection, which has chip resistor in them for limiting the current flow and maintaining the frequency boost the growth of the chip resistor marketRobots have made medical procedures for daytoday activities like spraying disinfectants and performing diagnoses saferThus, technological improvement and advancement in the healthcare sector foster the growth of the chip resistor market.

Scope of the Chip Resistor

The study categorizes the chip resistor market based on type and enduse at the regional and global levels.

By Type Outlook (Revenue, USD Million, 20172030)

  • Thick Film
  • Thin Film
  • Others

By EndUse Outlook (Revenue, USD Million, 20172030)

  • Consumer Electronics
  • Industrial
  • Medical & Healthcare
  • Telecommunication
  • Aerospace & Defense
  • Others

By Region Outlook (Revenue, USD Million, 20172030)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The thickfilm segment is projected to account for the largest market share, by type

By type, the chip resistor market is divided into thick film, thinfilm, and others. In 2021, the thick film segment was the highest contributor to the market, with 56.0of the market shareThick film chip resistors consist of a resistive layer of a ceramic base, which is produced by firing a special paste onto the substrateThe most prolific part used in electrical and electronic devices is thick film resistors that offer accuracy, good performance, and efficiency at affordable cost.

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The advancement of technologies in various sectors and an increase in focus in smart city projects significantly boost the thick film resistors market’s growthThe surge in demand for electronic circuits in passenger cars and commercial vehicles, increase in adoption of 4G and 5G networks, and rise in telecommunication products are the key factors that drive the growth of the thick film chip resistors market.

Asia Pacific accounts for the highest CAGR during the forecast period

Regionwise segmentation of the chip resistor market is as followsNorth America, AsiaPacific, Europe, South America, and the Middle East & AfricaAsia Pacific is projected to be the fastestgrowing region with a CAGR of 6.7during the forecast periodAsiaPacific occupies a considerable market share in the global chip resistor marketThis is attributed to the increase in technological advancements in developing countries like India, China, and JapanThe increase in urbanization in developing countries of the AsiaPacific region surges the demand for smart electronic devices and products, which boosts the growth of the chip resistors market.

The rise in technology adoption in electronic devices used in healthcare, digital manufacturing, and defense is the primary factor that fuels the growth of the AsiaPacific chip resistor marketSeveral markets in AsiaPacific adopt new technology extensively, specifically smartphones, which are remarkable growth factors in the AsiaPacific marketThe upcoming smart city projects in Asian countries require electrical products such as smart meters, industrial machines, and others, which boosts the growth of the chip resistor market in this region.

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Key Market Players

The chip resistor market is mildly concentrated in nature with few numbers of global players operating in the market such as Yageo Corporation, Vishay Intertechnology Inc, Panasonic Corporation, Rohm Semiconductor, CTS Corporation, TE Connectivity, Samsung ElectroMechanics Co Ltd, Bourns Inc, AVX Corporation, and SUSUMU Co Ltd.

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