Chip Resistor Market Expected to Reach $1,567.2 Million By 2028

According to a recent report published by Allied Market Research, titled, “Chip Resistor Market By Type and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2028”, the global chip resistor market size was valued at $999.4 million in 2020, and is projected to reach $1,567.2 million by 2028, registering a CAGR of 5.9%.

Chip resistors are the ICs of compact size and are used to control the current in an electronic products and devices. Chip resistors have the characteristics of limiting DC or AC current. The major types of chip resistors include thick film, thin film, and others. Chip resistor is widely used in automotive & transport, consumer electronics, industrial, IT & telecommunication applications. The thick film chip resistors are widely used in electrical and electronics devices because of its accuracy and efficient performance. Chip resistor limits overflowing of current in a device and product. Thin film resistors are majorly used in applications that require low noise, high accuracy, and stability. 

Factors such as rise in digitalization and increase in use of consumer electronic products drive the chip resistor market growth. Recent innovations such as high definition equipment and eco-friendly electronic products have increased the demand for chip resistors in the market. In addition, increase in demand for consumer electronic products and high end products or devices in the developed countries are expected to drive the growth of the market. Further, technological advancement in healthcare sector and increase in application in automotive & transportation are estimated to contribute toward the growth of the chip resistor market share. 

The market players such as Panasonic Corporation, Vishay Intertechnology, Inc., Yageo Corporation and Bourns Inc. are focusing their investment on technologically advanced products. For instance, TT Electronics announced the launch of high energy double sided chip resistors. Also, Yageo Corporation has announced the launch of a new resistor called SR High-power Series which is high-power, anti-surge chip resistor. Bourns launched new high-power thick film resistor model series in two new resistor families namely CMP/CMP-A. It offers wide resistance range from 1 ohm to 1 megaohm and high rated power up to 1.5 watts.

COVID-19 Impact Analysis

The COVID-19 has impacted the global electronics and semiconductor sector, due to which production facility as well as new projects have stalled, which has increased the demand for chip resistor in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; moreover, the growth of the chip resistor in the COVID 19 situation is decreased owing to the decreased demand in consumer electronics and automotive industry. 

Key Findings of the Study

• The consumer electronics segment is projected to be the major end user during the forecast period. 
• Asia-Pacific and North America dominate the market, at present.
• Asia-Pacific is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America chip resistor market analysis.

The key players profiled in this report include ROHM Semiconductor, Bourns Inc., TE Connectivity, Vishay Intertechnology Inc., CTS Corporation, Panasonic Corporation, Samsung Electro-Mechanics, Yageo Corporation, AVX Corporation, and SUSUMU Co. Ltd. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint and strengthen their presence in the chip resistor industry during the forecast period.