Market Highlights
A report by Marker Research Future (MRFR) estimates the global interconnects and passive components market 2020 to rise at 6% CAGR during the projection period from 2016 to 2022. At this pace, the opportunities in the worldwide vehicle security market are estimated to swell up with a valuation OF USD ~211 billion that will be happening by the year-end 2023.
Top Grossing Factors
Impact analysis of COVID 19 has been witnessed while studying the growth aspects of the interconnects and passive components market. This has led the business to halt their operations to abide by the new business rulings. Such a pause in operations is directly impacting the revenue flow of the market, globally. As the interconnects and passive components market continued with covering substantial growth rates for the last couple of decades, in the recent report, now the market is likely to develop more vigorously amid the long-term impact of COVID-19. It would last positively in the forecast period by influencing the global economic structure with a higher revenue share.
The spike in the development of the consumer electronics industry is said to be the crucial driver for the interconnects and passive components market as these are progressively used in various electronics such as GPS devices, cellular phones, tablets, modems, and wearable. Additionally, there is a mounting need for these components across a wide range of industries, such as telecommunications, automotive, healthcare, as well as military and defense. These factors have also been influential for the market’s growth in the precise timeframe.
At the same time, the continuous innovations and launch of new products by various manufacturers are supplementing the growth of the market rapidly. The growing adoption of automation across diverse industries stirred the need for communication devices that employ interconnects and passive components.
Furthermore, the escalating generation of data and the advent of high-speed internet is further fuelling the growth of the market. On the contrary, the diminishing margins of interconnects and passive components may impede the growth of the market. Nevertheless, the increasing need for these components across assorted industries is set to propel the growth of the interconnect and passive components market.
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Segmentation:
The global interconnects, and passive components market has further been segmented along the following lines:
In terms of components, the market has included PCBs (Printed Circuit Boards), Switches, resistors & inductors, Diodes, and Transformers and Relays.
In terms of applications, the market has included information technology, consumer electronics, telecommunications, industrial, automotive, and others.
Regional Front
The report offers a wide-ranging evaluation of the market over a regional basis, which has accumulated that the Asia Pacific is leading the market of Interconnects and Passive Components. High development in the field of manufacturing industry and soaring presence of semiconductor manufacturing gives Asia-Pacific a competitive advantage over other regions. Asia-Pacific region is also predictable to be the fastest-growing market during the assessment period. The development of Asian countries is inviting major big players to establish their business units in Asian Countries.
North America region stands as the second biggest market for Interconnects and Passive Components, where the U.S. is the foremost contributor in the market growth owing to the mounting telecommunication and IT industry.
Top Market Players
Few of the main competitors currently working in the Global Interconnects and Passive Components Market are AVX Corporation (U.S.), Cisco Systems, Inc. (U.S.), Panasonic Corporation (Japan), Molex, LLC (U.S.), Amphenol Corporation (U.S.), Ametek, Inc. (U.S.), Hirose Electric Co., Ltd. (Japan), Hubbell Incorporated (U.S.), Delphi Automotive PLC (U.K.), and Hon Hai Precision Industry Co., Ltd., (U.S.) among others.
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By Components (Resistors & Inductors, Diodes, Transformers, PCBs, Circuit Boards), By Application (Consumer Electronics, IT, Telecommunication, Automotive, Industrial) - Forecast 2027
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