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Global Passive Electronic Components Market (2022 to 2027) - Industry Trends, Share, Size, Growth, Opportunity and Forecasts
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Global Passive Electronic Components Market

Global Passive Electronic Components Market
Global Passive Electronic Components Market

Dublin, July 04, 2022 (GLOBE NEWSWIRE) -- 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 refer to electrical parts that do not generate power and are incapable of power gain. They consist of capacitors, resistors, transformers, inductors and coils. They are manufactured using tantalum, ceramic, aluminum electrolytic, paper and plastic films.

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.

Passive Electronic Components Market Trends:

Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Passive electronic components are widely used in specialized and high-performing components, such as emergency brake assistance systems and infotainment. In line with this, the increasing demand for electric vehicles (EVs) due to environmental and emission concerns is favoring the market growth.

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 inductors are anticipated to drive the market toward growth.

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