The thick film resistor market is projected to reach USD 615 million by 2025 from USD 435 million in 2018, at a CAGR of 5.06% during the forecast period.
The thick film resistor market is primarily driven by the increasing demand for high performance electrical and electronic products, increasing adoption of 4G networks, and advanced technologies in automotive industry.
Thick Film resistor is expected to be the largest market, by technology, during the forecast period
Thick film resistor is estimated to dominate the global market from 2018 to 2025. The factors driving this market are the growing automotive industry, consumer electronics goods, and telecommunications products. Rising IC and electric & hybrid vehicles sales along with the government regulations to enhance fuel efficiency and safety standards have prompted the OEMs to install more electrical and electronic devices, which ultimately drives thick film resistor market in the automotive industry. Further, robust technological advancements in electronic goods and the increasing adoption of fast networks (4G/5G networks) across the globe have also spurred the demand for products with thick film power resistors. All these factors are expected to boost the thick film resistors market in coming years
Commercial vehicles are estimated to be the second fastest market for thick film and shunt resistors, by vehicle type, during the forecast period
Even though commercial vehicle has limited safety and luxury features as compared to passenger cars, regulatory authorities of different countries are making significant upgrades in regulatory norms for this vehicle segment. For instance, the European Union (EU) have made air conditioning system compulsory in all heavy vehicles from 2017, and HVAC and other safety features are also mandated for buses and coaches segment. Furthermore, by the end of 2019 all the heavy trucks must be installed with electronic logging devices (ELD) from the US Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA). The deployment of such regulations would increase the electronic devices installation which results in demand for more thick film and shunt resistors in this vehicle segment. These factors make the commercial vehicle segment to be the second fastest growing market for thick film and shunt resistors.
Hybric Electric Vehicles (HEV) is estimated to be the largest market for thick film and shunt resistor market from 2018 to 2025
HEV is estimated to lead the thick film and shunt resistors owing to its maximum application in the electric and hybrid vehicle segment. HEV has an internal combustion engine along with an electric propulsion system along with more installation of additional technologies such as regenerative braking, advanced motor assist, actuators, and automatic start/stop system. These technologies require more sophisticated electrical and electronic circuitry which are intended to provide additional auxiliary power. Thus, the installation of such technologies coupled with the increasing demand for HEVs will consequently boost the thick film and shunt resistor market.
Electrical and electronics is estimated to be the fastest growing market for thick film and shunt resistors, by end-use industry
The electrical and electronic industry is estimated to grow at the fastest rate, and the Asia Oceania region is expected to lead the market for this segment under the review period. According to German Electrical and Electronic Manufacturers’ Association (ZVEI Die Elektronikindustrie) statistics, electrical and electronics market for Asia, Europe, and America stood at nearly USD 3,229.3 billion, USD 606.1 billion, and USD 511.7 billion, respectively, in 2016. Owing to the increasing per capita income, urbanization, and standard of living, the demand for products such as personal computers, smartphones, tablets, notebooks, and storage devices has grown tremendously, especially in developing countries of Asia. Thick film and shunt resistors find application in these products as they offer satisfactory accuracy, precision, and performance at lower cost. Along with the rising demand for electrical and electronic products, the growth of thick film and shunt resistor market is also expected in the coming years.
Thick Film Resistor Market
Asia Oceania is expected to account for the largest market share during the forecast period
Asia Oceania is expected to hold the largest market share in the thick film and shunt resistor market during the period 2018–2025. The growth is attributed to the presence of a large number of automotive and consumer electronics manufacturers in this region. Moreover, the upcoming smart cities projects in Asia Oceania countries, which are inclusive of commercial and residential projects that demand electrical products like switchgears, energy meters, smart meters, and industrial machinery would drive the shunt resistor market in this region.
Key Market Players
Some of the key players in the air suspension market are Yageo (Taiwan), KOA Corporation (Japan), Panasonic (Japan), Vishay (US), ROHM Semiconductor (Japan), TE Connectivity (Switzerland), Murata (Japan), Bourns (US), TT Electronics (UK), and Viking Tech Corporation (Taiwan). Yageo adopted the strategies of new product development and acquisition to retain its leading position in the thick film resistor market; whereas, Vishay adopted acquisition as the key strategy to sustain its market position.
Post time: 23-03-21