Chip Resistor Market Estimated to Experience a Hike in Growth By 2028

The global chip resistor market size is expected to witness considerable growth, owing to the increase in consumer electronic devices and products. The global chip resistor market is projected to witness decent growth across the globe. Allied Market Research, titled, "Chip Resistor Market By Type and End Use: Global Opportunity Analysis and Industry Forecast, 2021-2028", the global chip resistor market size was valued at $999.4 million in 2020, and is projected to reach $1,567.2 million by 2028, registering a CAGR of 5.9%.

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Chip resistors are ICs of compact size and are used to control the current in electronic products and devices. Chip resistors have the characteristics of limiting DC or AC. The major types of chip resistors include thick film, thin film, and others. Chip resistor is widely used in automotive & transport, consumer electronics, industrial, IT & telecommunication applications. Thick film chip resistors are widely used in electrical and electronic devices because of their accuracy and efficient performance. Chip resistor limits overflowing of current in a device and product. Thin film resistors are majorly used in applications that require low noise, high accuracy, and stability.

Factors such as the rise in digitalization and the increase in the use of consumer electronic products drive the chip resistor market growth. Recent innovations such as high-definition equipment and eco-friendly electronic products have increased the demand for chip resistors in the market. In addition, an increase in demand for consumer electronic products and high-end products or devices in developed countries is expected to drive the growth of the market. Further, technological advancement in the healthcare sector and an increase in application in automotive & transportation are estimated to contribute toward the growth of the chip resistor market share.

Competitive Analysis:

The Chip Resistor industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Chip Resistor Market include,

BOURNS, INC.
VISHAY INTERTECHNOLOGY, INC.
TE CONNECTIVITY LTD.
AVX CORPORATION
YAGEO CORPORATION
PANASONIC CORPORATION
CTS CORPORATION
ROHM CO., LTD. (ROHM SEMICONDUCTOR)
SUSUMU CO., LTD.
SAMSUNG ELECTRO-MECHANICS CO., LTD.

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The market players such as Panasonic Corporation, Vishay Intertechnology, Inc., Yageo Corporation, and Bourns Inc. are focusing their investment on technologically advanced products. For instance, TT Electronics announced the launch of high-energy double-sided chip resistors. Also, Yageo Corporation has announced the launch of a new resistor called SR High-power Series which is a high-power, anti-surge chip resistor. Bourns launched a new high-power thick film resistor model series in two new resistor families namely CMP/CMP-A. It offers a wide resistance range from 1 ohm to 1 megaohm and a high-rated power of up to 1.5 watts.

COVID-19 has impacted the global electronics and semiconductor sector, due to which production facilities as well as new projects have stalled, which has increased the demand for chip resistors in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; moreover, the growth of the chip resistor in the COVID-19 situation is decreased owing to the decreased demand in consumer electronics and automotive industries.

Key Findings of the Study

- The consumer electronics segment is projected to be the major end-user during the forecast period.
- Asia-Pacific and North America dominate the market, at present.
- Asia-Pacific is anticipated to witness the highest growth rate during the forecast period.
- The U.S. was the major shareholder in the North America chip resistor market analysis.

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