Passive Electronic Components Market is Trending towards Sustainable Energy Storage by Cost-effectiveness

Passive Electronic Components Market Demand


 The passive electronic components market comprises of discreet passive components such as resistors, capacitors, and inductors that are commonly used for specialized applications involving signal processing, power control, voltage regulation, noise filtering, timing and more. These components dissipate minimal or no power during operation and provide ease of manufacturing, miniaturization, and cost-effectiveness. The global passive electronic components demand has been rising notably over the years due to increasing digitization across industries enabled by technologies such as IoT, AI, and cloud computing.

The Global Passive Electronic Components Market is estimated to be valued at US$ 41.66 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the passive electronic components market are ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc. ABB Ltd is a leading provider of power and automation technologies while LG Chem, Samsung SDI and Tesla are prominent battery manufacturers focusing on R&D to improve battery storage technologies.

The growing Passive Electronic Components Market Demand and advancement of connectivity technologies are fueling the passive electronic components market. Passive components provide critical circuit functions and energy storage capabilities in various consumer electronic products helping to miniaturize device size. Emerging applications in wearables, smartphones, and tablets require increasingly advanced passive component solutions to support higher power, thinner profiles and faster processing speeds.

Globally, the passive components market is expanding rapidly across developed as well as developing regions. The increasing electronics manufacturing and R&D activities in Asia Pacific region particularly in China, India, Taiwan and South Korea are driving next generation innovations. Moreover, strategic partnerships between passive component suppliers and OEMs are helping accelerate global market penetration.

Market Key Trends

The cost-effectiveness of passive electronic components is a major market trend. Passive components constitute a major portion of total electronic system cost however their prices have been consistently declining over the past few years owing to technological advancements, material innovations and economies of scale. Today surface mount technologies allow higher component densities and integration levels reducing board space. This cost reduction is enabling wider proliferation of passive devices across diverse applications. Additionally, the emergence of new materials such as organic and printed electronics is expected to drive further cost improvements supporting accelerated adoption of disruptive technologies.

Porter's Analysis

Threat of new entrants: New companies find it difficult to enter this market as it requires large investments and well-established supply chains.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and fragmented market with multiple manufacturers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative components and commoditized nature of products.

Threat of new substitutes: Threat of substitutes is high as new energy technologies can disrupt established product lines and supply chains.

Competitive rivalry: Intense competition exists among existing players to gain market share.

Geographical Regions

Asia Pacific accounts for the largest share of the Passive Electronic Components Market Regional Analysis in terms of value due to growing electronics manufacturing hub in China, Taiwan, South Korea and other developing nations.

North America is expected to witness the fastest growth during the forecast period owing to high demand for electric and hybrid vehicles where passive components are core components along with expanding renewable energy sector in the region.

Get More Insights on- Passive Electronic Components Market

About Author:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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