According to the latest report by IMARC Group, titled "Chip Resistor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global chip resistor market reached a value of US$ 1,049.2 Million in 2021. A chip resistor refers to a device that is generally used for controlling the flow of electrical current in circuits. It is a type of an integrated circuit (IC) that is commonly equipped in electronics and automobiles, wherein its key function is to maintain the level of alternative current (AC) and direct current (DC). It is designed in a rectangular or square chip bundle that is usually manufactured from metal film or oxide and widely available in a non-linear form. As a result, it facilitates high levels of automation while improving the reliability and functionality of the product in a cost-efficient manner.
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Global Chip Resistor Market Trends:
The global market is primarily driven by the escalating adoption of consumer electronics among individuals. This is supported by rapid digitization, along with the increasing demand for automation across multiple industries and the advent of the 5G technology. Apart from this, various technological advancements across the globe, such as the advent of the Internet of Things (IoT), are creating a positive market outlook. Moreover, the rapid expansion of the automotive and transportation sectors, supported by the widespread adoption of electric vehicles (EVs) and autonomous vehicles among the masses, has positively influenced the demand for chip resistors. Furthermore, several key players are heavily investing in extensive research and development (R&D) activities in order to introduce high precision chip resistor variants in the global market, which is expected to create lucrative growth opportunities for key players. Other factors, including continuous improvements in the information technology (IT) and defense industries and the rising initiatives toward smart city development, are also projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,557.1 Million by 2027, exhibiting a CAGR of 6.20% during 2022-2027.
- On the basis of the type, the market has been segregated into pressure-sensitive, thermosensitive and others.
- Based on the technology, the market has been categorized into thick chip resistors, thin chip resistors and others.
- On the basis of the end-use, the market has been segmented into automotive and transportation, consumer electronics, industrial, IT and telecommunication, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Bourns Inc., International Manufacturing Services Inc, Koa Corporation, Panasonic Corporation, Rohm Semiconductor, Samsung Electro-Mechanics, Susumu International U.S.A., TE Connectivity, TT Electronics Plc, Viking Tech Corporation, Vishay Intertechnology Inc. and YAGEO Group.
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