Press release
Global Integrated Passive Device Market Size, Share, Development, Growth and Demand Forecast to 2023
The global integrated passive device (IPD) market is projected to grow at a CAGR of 8.4% to reach $1,572.3 million by 2023. The integrated passive device is an advanced passive technology, where more than one components are integrated into a single package. Integrated passive devices are gaining increasing interest owing to the uninterrupted demand for portable wireless devices encouraging miniaturization, cost reduction and increase in functionality.
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Market Dynamics
The growth of the global integrated passive devices market can be attributed to the escalating adoption of IPDs in consumer durables and incorporation of IPDs in RF applications. However, higher costs of integrated passive devices compared to discrete components is limiting the growth of this market.
Growth in the market for smart wearables is expected to generate new growth possibilities for the IPD market across the globe, with the growing acceptability of smart wearable technology devices. Moreover, commercialization of 5G will also generate a number of opportunities in the global integrated passive device market.
Trends
A major shift from use of discrete components to integrated passive components has been observed, which is propelled by use of IPDs in LEDs, RF, ESD and EMI protection, and digital and mixed signal applications. Passive components are considered as essential parts of SiP (System-in-package) solutions and are used in several applications including decoupling, matching, transforming, filtering and resonating. It has been observed that many of the companies operating in the global integrated passive device market are launching new products to build their sales momentum.
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Growth Drivers
Unlike discrete passives, IPDs do not require large number of assembly steps, owing to which they offer higher cost savings. IPDs need less materials as compared to the traditional discrete components, which result in additional cost-savings. Besides, integration of IPDs offer several benefits including space savings, increased throughput high frequency filtering and high packaging efficiency. All these advantages associated with IPDs collectively create high risk in the market for traditional discrete components owing to the availability of technologically advanced substitute products.
Opportunities
Market of smart wearables is expected to grow briskly in near future, in turn generating new growth possibilities for the adoption of integrated passive devices. Market for wearables is still in the nascent phase as companies are not focusing on the positive impact wearable technology could have on their autonomy.
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