Ongoing Study Traces the Expansion of Electronic Components Market during 2021 | StraitsResearch

The global electronic components market is expected to grow from USD 375.2 billion in the year 2019 to USD 522.1 billion in 2029 at a compound annual growth rate (CAGR) of 9% in the forecast period.

An electronic component is any simple discrete device used to influence electrons or related fields in an electronic system, assisting in circuit operation. A variety of electrical terminals have computer parts. Further, to create an electronic circuit, these terminals link to other electrical components. Electronic circuit guides and regulates the electric current, including signal amplification, computation, and data transfer, to perform different functions. It contains various elements, including resistors, transistors, condensers, inductors, and diodes.
The infrastructure of the Internet of Things is undergoing major advances. As reported in the Mobile Economy 2020, released by the GSM Association, the number of devices connecting to the Internet—i.e., IoT connections are estimated to hit 25 billion in 2025, from 12 billion in 2019. In a few years, the greater involvement of IoT devices will gradually connect computers to software and link users to essential resources, streamline the corporate workflow, and benefit people.

Electronic components have a wide variety of modes of failure, such as excess temperature, excess current or voltage, ionizing radiation, mechanical shock, stress or effects, and many other factors that can be responsible for failures. Problems in the product packaging can cause failures in semiconductor devices due to corrosion, device mechanical tension, or open or short circuits.

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The Major Players Covered in this Report: NXP Semiconductors N.V., Panasonic Corporation, Renesas Electric Corporation, API Technologies, AVX Corporation, Eaton Corp., Datronix Holdings, Fujitsu Component, FCI Electronics, Hitachi AIC, & More...

By Type: Passive, Active, Electro Mechanic
By Application: Automotive, Communication, Computing Application, Industrial, Others

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Electronic Components in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Electronic Components market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Electronic Components and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Electronic Components. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Impact of COVID-19:
The pandemic has disrupted the orderly running of the supply chain of companies. The partial closure of all public places, companies, businesses, and transport (domestic and international) has contributed to an interruption in the supply chain, which has had a significant effect on businesses. Also, the output of these instruments has been seriously impacted. Further volatility of relations between the majority of countries and China is anticipated to impact business development.

Recent Developments:
In 2019, Eaton acquired Innovative Switchgear Solutions, a specialty manufacturer of medium-voltage electrical equipment serving the North American utility, commercial and industrial markets. The acquisition was aimed to complement the former company's product portfolio of medium-voltage switchgear solutions.

In 2019, Eaton completes the acquisition of a controlling interest in Ulusoy Elektrik. The acquisition aims at expanding its IEC offerings in EMEA.

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