The global Passive and Interconnecting Electronic Components market is valued at 26000 million US$ in 2018 is expected to reach 33600 million US$ by the end of 2025, growing at a CAGR of 3.2% during 2019-2025.
Passive electronic components include capacitors, resistors, inductors, and transformers, while interconnecting components primarily encompass connectors and switches in addition to PCBs. Growing demand for consumer electronic such as portable music players, digital cameras and gaming consoles in addition to desktop PCs and laptops has been contributing to growth in the electronics industry.
Enhancement and development in software is also giving rise to the need for compatible hardware. Electronic components are used in the automotive sector as well, which can be attributed to technological advancement and incorporation of communication, infotainment and navigation features such as global positioning systems (GPS). Medical electronics is also a fast growing end-use sector. Portable electronics have been witnessing high adoption across the globe, spurred by remote communication facilities. Since these products are also used in integrated circuits, demand is expected to remain strong over the forecast period.
As a result of growth in end-use industries in Asia Pacific, the market in this region is expected to remain the largest and fastest growing over the next few years. Transition towards communication standards such as 3G and 4G LTE is expected to be favorable for industry growth. Furthermore, growth in Internet bandwidth and burgeoning adoption of Internet services in India, China and other nations is expected to result in corresponding demand for electronic devices and components. Large number of market participants has resulted in intense competition globally. Key industry players include 3M Electronics, Actel Corporation, Agilent Technologies Inc., Altera Corporation, Fairchild Semiconductor, Intel Corporation, Kyocera Corporation, ST Microelectronics, and Xilinx, Inc. among others.
The progress of the international passive and interconnecting electronic components market is principally accompanied by the incessant inventions and overview of progressive and well-organized skills in the electronics manufacturing. The increase of consumer electronics for example Mobile handsets, Tablets, Laptops, Digital Cameras, Portable music players, and Gaming Consoles is giving a substantial thrust to the market.