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According to a new market report published by Acute Market Reports, Inc., “Global Passive and Interconnecting Components Market (By Component (Passive Components and Interconnecting Components), By Application (Automotive, Aerospace & Defense, Consumer Electronics, Healthcare, Industrial, IT & Telecom, and Others)) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global passive and interconnecting components market is expected to witness a growth of 5.1% CAGR during the forecast period from 2019 to 2027.
Product Insights:
The global passive and interconnecting components market was valued at US$ 168.8 billion in 2018 and is likely to see significant growth, expanding from 2019 to 2027 at a CAGR of 5.1 per cent over the forecast period. Electronic gadgets have become part and parcel of everybody’s life. In increasingly smaller packages, the endless demand for new and improved consumer electronic products such as smartphones, digital cameras, personal digital assistants etc. continually pushes for higher functionality.
In addition to the integrated circuits (ICs) required by these products, there has been an increase in the number passive and interconnecting components with the growing number of features that are included with each new gadget. As a result, increasing development and higher adoption of various consumer electronic devices is expected to facilitate the growth of the global passive and interconnecting components market in the near future.
Browse the full report at https://www.acutemarketreports.com/report/passive-and-interconnecting-components-market
The overall passive and interconnecting components market is segmented based on product type, application and geography. Based on product type, interconnecting components led the market in 2018. Interconnects are used to connect a variety of active and passive components in an electronic assembly that controls a system. Growth of this segment is mainly accredited to the increasing espousal of interconnects across several end-use industry verticals including consumer electronics, IT & telecom, defense and aerospace, etc.
Based on geography, the passive and interconnecting components market was dominated by Asia Pacific in 2018. The region is expected to continue with its supremacy during the forecast period from 2019 to 2027. The growth is mainly backed by the rising technological advances and innovation in the semiconductor industry. Moreover, the presence of strong semiconductors and electronic companies such as Fujitsu Component Limited, Foxconn Technology Group, Hirose Electric Co., Ltd., etc. are providing varied business opportunities to the regional market.
Competitive Insights:
Major players in the passive and interconnecting components market include TE Connectivity, Amphenol Corporation, Hirose Electric Co., Ltd., Fujitsu Component Limited, Molex, LLC, TTI, Inc., TT Electronics Plc., AVX Corporation, Foxconn Technology Group (Hon Hai), Burndy LLC, Panasonic Corporation, 3M, KYOCERA Corporation, and YAGEO Corporation among others. The passive and interconnecting components providers are taking up strategies such as new product development, product innovation, partnerships, etc. to flourish in the competitive market environment. The major players are dedicated on differentiating their product offerings through distinctive value propositions for sustaining their place in the market. The players are constantly focusing on upgrading their existing applications in order to satisfy the growing expectations of the customers.
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