The global passive and interconnecting components market was valued at US$ 168.8 Bn in 2018 and is expected to grow significantly, expanding at a CAGR of 5.1% from 2019 to 2027. Electronic components form an important part of electronic circuitry. These components are used increasingly in several industries, including medical electronics, automotive, aerospace, and defense, etc., and are of great importance in the telecommunications and consumer electronics sectors.
Technological advancements have led to multifaceted circuitry that offers high functionality and easy adoption in a wide range of applications. Growing trends toward highly efficient electronic components and optimization of processes in terms of cost and energy savings have led to an increase in advancements in the electronics sector. As a result, continual innovation and the introduction of advanced technologies in the consumer electronics sector are thereby supplementing the growth of the overall passive and interconnecting components market worldwide.
Market Snapshot
Interconnecting Components Garnered the Largest Market Share in 2018
In 2018, interconnecting components garnered the largest market share in the global passive and interconnecting components market. The segment is likely to grow at a substantial rate during the forecast period from 2019 to 2027. Interconnect is the mechanical and electrical connections between two or more terminals that connect the device together. These components consist mainly of printed circuit boards, connectors, switches, etc.
Interconnects are mainly used for connecting every passive component and are responsible for the flow of current between two conductors and electric circuits. Interconnecting components are of great importance in many modern electronic systems. The growing adoption of interconnects across various end-use industry verticals is expected to enhance the growth of this segment in the coming years.
Asia Pacific to Continue its Supremacy during the Forecast Period from 2019 to 2026
In terms of geography, Asia Pacific led the global market for passive and interconnecting components in 2018. The region is expected to continue its dominance and have the upper hand in the market. The presence of strong semiconductor and electronic companies such as Fujitsu Component Limited, Foxconn Technology Group, Hirose Electric Co., Ltd., etc., is providing diverse business opportunities to the regional passive and interconnecting components market throughout the forecast period from 2019 to 2027.
Competitive Insights
The major players identified 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. These players are incessantly focusing on strengthening their product portfolio in order to cater to the rising needs of their customers. New product development, product innovation, and partnerships remain some of the major strategies adopted by the leading players to have the edge over their counterparts.
Periods of History and Forecast
The research report presents the analysis of each segment from 2017 to 2027, considering 2018as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The passive and interconnecting components market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global passive and interconnecting components market based on product type, application, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the size of the market for passive and interconnecting components in 2018, and what is the forecast up to 2027?
What are the key factors driving the global market for passive and interconnecting components?
What are the key market trends and high-growth opportunities observed in the passive and interconnecting components market?
What are the drivers of the market for passive and interconnecting components?
Which is the largest regional market for passive and interconnecting components?
Which segment will grow at a faster pace? Why?
Which region will drive the market's growth? Why?
Which players are leading the passive and interconnecting components market?
What are the sustainability strategies adopted by the key players operating in the market?
Frequently Asked Question:
The market for Passive and Interconnecting Components Market is expected to reach USD$ 168.8 Bn in 2027.
The Passive and Interconnecting Components Market is expected to see significant CAGR growth over the coming years, at 5.1%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Amphenol Corporation, Hirose Electric Co., Ltd., Fujitsu Component Limited, Molex, LLC, TTI. are some of the major players in the global market.
