LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global passive component market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global passive component market for 2017-2021. The report also lists telecom, consumer electronics, industrial machinery, automotive as the four major end-user segments, of which the telecom sector accounted for more than 41% of the market share in 2016.
According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation research, “Passive components such as capacitors, resistors, and inductors are used to regulate the current or voltage in a circuit. Passive components are widely used in a variety of applications, such as medical devices, industrial devices, automotive parts, electronic devices, and others.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global passive component market:
- Growth in demand for communication equipment
- Need for smaller and thinner passive components
- Technological advances in medical devices
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Growth in demand for communication equipment
Communication equipment includes not only telecommunication devices but also industrial communication devices. One of the main reasons for the growth of communication equipment is the growth of LTE high-speed communication standard. As smart phones are becoming slimmer, the need for small size and high-performance internal components is increasing. The demand for multilayer ceramic capacitors and small sensors in safety, infotainment, and powertrain in the automotive industry, has led to the demand for passive components.
Need for smaller and thinner passive components
Electronic components have undergone a drastic change from bulky, heavy weight devices to small, thin, and compact devices, with good-quality and high-performance features. The demand is increasing at a fast rate because of its requirement in end-user segments like smart phones and automotive segments.
Miniaturized passive components are used in navigation systems, telematics, engine control units, and others. The capacitor market has a high demand among all passive component markets. Moreover, the use of MLCC is increasing because of its compactness, high resistance to voltage, and high capacitance, which can be used in any electronic device irrespective of the industry.
Technological advances in medical devices
The demand for passive components in the medical industry has increased because of the technological advancements in medical devices. Capacitors, such as surface-mounted multilayer ceramic capacitors, are widely used in medical devices. High-frequency passive components are mainly used in medical devices in applications, such as scan equipment including MRi, blood pressure meters, patient bed sensors, health check-ups, and others.
“Safety of patients and care providers, and dissipation of heat from the devices is a major concern for firms engaged in the manufacture of electronically intensive devices with high accuracy. Advancement in technology is driving manufacturers towards miniaturized components, which have a better performance compared with the earlier components,” says Raghav.
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