Chip Resistor Market Outlook
According to a new report by Expert Market Research titled, “Chip Resistor Market Size, Share, Analysis, Report and Forecast 2023-2028″, the chip resistor market is projected to grow at a CAGR of 6.20% between 2023 and 2028. Aided by the rapid advancements in electronic device technologies and the increasing demand for compact, high-performance components, the market is expected to grow significantly by 2028.
Chip resistors, also known as surface mount resistors, are integral components in modern electronic devices. They are primarily used to regulate the flow of electric current in a circuit, providing reliable, precise control in a compact form factor. The miniaturisation trend in electronics, which necessitates components that offer high performance in small packages, has made chip resistors indispensable in numerous industries, including telecommunications, automotive, medical, and consumer electronics.
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The accelerating demand for sophisticated electronic devices is a primary driver propelling the global chip resistor market growth. As consumer electronics, such as smartphones, tablets, laptops, and wearables, continue to evolve, the need for chip resistors, which offer precise current control, durability, and energy efficiency, is on the rise. Moreover, the surge in the Internet of Things (IoT) and connected devices has further bolstered the market growth, as these technologies require compact, efficient components to function.
In the automotive industry, the shift towards electric and autonomous vehicles is significantly contributing to the chip resistor market expansion. Modern vehicles incorporate numerous electronic systems, such as advanced driver assistance systems (ADAS), infotainment systems, and electronic control units (ECUs), all of which require chip resistors. As the electrification trend in automotive continues, the demand for these components is expected to surge.
The chip resistor market is also finding growth avenues in the medical sector, where the demand for advanced medical equipment and devices is increasing. High-precision instruments such as MRI scanners, X-ray machines, and ultrasound devices incorporate chip resistors for effective and accurate operation.
Furthermore, the growing trend of Industry 4.0 and smart factories, which rely on automated and connected systems, is driving the adoption of chip resistors. The requirement for precise control over industrial processes and operations necessitates the use of reliable and efficient electronic components, thereby enhancing the chip resistor market demand.
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Chip Resistor Market Segmentation
The market can be divided based on type, shape, application, and region.
Market Breakup by Type
- Thick Chip Resistor
- Thin Chip Resistor
- General Purpose Chip Resistors
- Current-Sensing Resistor
Market Breakup by Shape
Market Breakup by Application
- Consumer Electronics
- Automotive and Transportation
- Aerospace and Defence
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global chip resistor companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- ROHM CO., LTD.
- YAGEO Group
- TE Connectivity Corporation
- Bourns, Inc.
- Panasonic Industry Co., Ltd. (Panasonic Corporation)
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