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The Global Thin Film Chip Resistor Market Size is predicted to be valued at $1,046.4 million by 2031 surging from $631.2 million in 2021, at a noteworthy CAGR of 5.4%.
The spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, business, and communities across the globe. The new normal that includes social distancing and working from home has created challenges with daily activities, regular work, needs and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic is impacting society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, reducing business confidence, hampering the supply chain, and increasing panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted in the thin film chip resistor market share growth.
According to the thin film chip resistor market trend, the COVID-19 pandemic has severally impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.
Thin film chip resistors are surface-mounted integrated circuit (IC) devices that provide a known resistance to any electrical current flowing through them. They are available in rectangular or square chip packages and are very compact surface-mounted electronic components. They are used to operate, protect, and control circuits. Thin film chip resistor may have a set resistance value or a variable or adjustable chip resistance value within a specific range. Chip resistors, also known as surface-mount devices or SMD resistors, are widely used in applications such as automotive and transport, consumer electronics, industrial, and IT and communications. The demand for electronics such as smartphones and the development of applications such as the Internet of Things and cloud computing are expected to be the primary growth drivers for the global chip resistor market. One of the main factors projected to drive the market is the integration of new technologies like artificial intelligence (AI) and 5G networks into devices, in addition to the increasing growth of automotive and industrial electronics.
The cost of raw materials used in thin film chip resistors, such as copper, nickel, aluminum, zinc, and others, is high. Additionally, new developments in electrical gadgets to make them more environmentally friendly are increasing the price of chip resistors. The cost of raw materials necessary to manufacture chip resistors is high, which increases the overall production cost. As a result, the thin film chip resistor market growth is restricted by the high cost of raw materials.
The global thin film chip resistor market revenue is growing rapidly owing to developments in emerging technologies such as electric and autonomous vehicles, 5G, and Internet of Things (IoT). Internet of things will be a huge driving force in the ongoing technology evolution. It will bring great opportunities for component manufacturers and suppliers in upcoming year. As per the Global System for Mobile Communications Association (GSMA), there will be around 25.1 billion IoT devices by 2025 across the globe. Moreover, as per automotive industry estimates, around 5.1 million conventional vehicles sold in the U.S. will be replaced by 4.7 million autonomous electric vehicles by 2030. These developments are likely to present favorable opportunities for thin film chip resistor market revenue over the forecast period.
The global thin film chip resistor market is segmented based on, type, application, end-user, and region.
Type:
The type of segment is further classified into Ultra Precision 0.05% Tolerance, 0.1% Tolerance, 1% Tolerance, and Others. Among these, the Ultra Precision 0.05% Tolerance sub-segment accounted for a dominant market share in 2021. Ultra-Precision 0.05% Tolerance has the very highest precision available in voltage dividers in the range of 450 Volts DC up to 2000 Volts DC. These dividers are formed by bonding together two selected Type USF Ultra-Precision Resistors. The precise selection of these high-performance resistors, which form the voltage dividers, makes possible the outstanding voltage division performance. Ratio Tolerance is as tight as 0.01% and Ratio TC of 2ppm/°C.
Application:
The application segment is further classified into instrumentation, medical instruments, power supply, electric power equipment, electronic digital products, and others. Among these, the instrumentation sub-segment accounted for a dominant market share in 2021. Instrumentation utilizes precision thin-film resistors to measure voltage, current, and resistance accurately. By reducing noise interference between components in circuits, it is also used to accurately control the output voltage or current. A chip with a resistor integrated into it may enable installation easier and result in a more compact design for measuring equipment.
End-User:
The end-user segment is further classified into industrial equipment, consumer electronics, and others. Among these, the industrial equipment sub-segment accounted for a dominant market share in 2021. The product demand is expected to grow at a significant rate on account of its use in industrial equipment applications which include automobile among others owing to its high degree of accuracy coupled with thin profile design which makes it highly suitable for packaging purposes along with other semiconductor components on a single chip basis thereby enhancing product performance significantly over the forecast period.
Region:
The thin film chip resistor market in the Asia-Pacific region is projected to show the fastest growth. The increasing adoption of high-end technology-based devices, combined with low electronics prices, is creating an improvement in electronic products, allowing the region to grow the chip resistor market share. China holds the largest share of the global chip resistor market and is predicted to expand at the fastest rate in the upcoming years due to the increasing presence of local manufacturers such as Yageo Corporation and Tzaiyuan Enterprise Co., Ltd. These businesses tend to provide a wide range of products at bulk discounts, which helps in the growth of the chip resistor market in China throughout the forecast period. The increasing use of renewable energy coupled with growing awareness regarding environmental protection has led to an increase in demand for thin film chip resistors used across power supply equipment applications.
Some of the leading thin film chip resistor market players are
In September 2022, chip resistor supplier Ever Ohms Technology, which debuted its shares on the main board of the Taiwan Stock Exchange (TWSE) announced that chip resistor sales generated from the automotive segment will drive its revenue growth over the upcoming years.
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