Passive electronic components such as capacitors and resistors have widespread applications in energy storage systems owing to their ability to store electric charge or energy. These components help regulate current and voltage or reduce power surges in devices. Energy storage systems are gaining significance across industries due to need for continuous and reliable power supply especially from renewable energy sources like solar and wind which are intermittent in nature. Rising demand for reliable and eco-friendly energy is propelling the growth of the energy storage market which in turn is augmenting the demand for passive electronic components.
The global Passive Electronic Components Market is estimated to be valued at US$ 41.66 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The popularity of energy storage solutions is being driven by supportive government policies and regulations encouraging the adoption of renewables. Many countries have introduced incentives for renewable purchase obligations which necessitate distribution companies to source a certain percentage of energy from renewable sources. This is expected to fuel demand for energy storage systems and passive components in the coming years. Furthermore, rapid technological advancements are expanding the application purview of energy storage systems across transportation, utility and industrial sectors.
Segment Analysis
The passive electronic components market can be segmented into capacitors, resistors, inductors, and others. The capacitors segment dominates the market and held around 34% of the total share in 2024 owing to wide usage of capacitors in various electronic devices such as computers, televisions, air conditioners, refrigerators, and mobile phones among others. Capacitors are used to filter noise, bypass electronics, and hold an electrical charge to maintain voltage levels between pulses of current draw in various electronic devices.
Key Takeaways
The global Passive Electronic Components Market Share is expected to witness high growth over the forecast period. This can be attributed to the increasing demand for portable consumer electronic devices along with growing demand for electric vehicles globally.
Regional analysis: Asia Pacific region currently dominates the passive electronic components market with a share of over 40% in 2024. Rapid industrialization and growing electronics industry in countries such as China, India, Japan, and South Korea is propelling the demand for passive electronic components in the region. Additionally, presence of leading component manufacturers is also supporting the market growth. North America is expected to witness significant growth over the forecast period owing to growing adoption of consumer electronics and electric vehicles in the region.
Key players: Key players operating in the passive electronic components market are ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc. ABB Ltd. and LG Chem Ltd. dominate the market and have strong distribution network across major regions globally. They are focusing on new product launches catering to fast growing sectors such as renewable energy and electric mobility to further strengthen their market position.
For more insights, read- https://www.newsstatix.com/passive-electronic-components-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
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