With the emergence and long-term Impact of COVID-19, Global Precision Resistor Market to reach USD 6.85 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Precision Resistor Market points towards a potential rise to USD 6.85 Billion by 2030. The precision resistor is an electronic component that has a very minor tolerance for fluctuation in resistance value. Precision resistors are commonly used in applications where accuracy is crucial, such as in medical equipment and scientific instruments. These resistors are usually made of wire-wound or film materials. Wire-wound resistors are typically made by winding a thin wire of a conductive material, such as copper or nickel, around a ceramic core. On the other hand, film resistors are made by depositing a thin film of a conductive material, such as metal or carbon, on a substrate. Precision resistors find applications in several fields, including telecommunications, electronics, and scientific research, and measurement & control systems. It is commonly used in precision signal conditioning circuits, instrumentation, feedback networks, voltage dividers, and calibration equipment. Increasing demand for high-precision electronics, along with the rise in demand for test and measurement equipment are a few factors that propel the expansion of the precision resistor market across the globe.
Geographically, the global Precision Resistor market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022, owing to the growing efforts towards technical advances, increased spending on research and development, and the presence of well-established market players in the region. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. Rising penetration of industry 4.0 and smart manufacturing technologies, coupled with growing demand for high-precision electronics are significantly propelling the market demand across the region.
The global Precision Resistor market is highly competitive owing to the presence of several key players such as Panasonic Holdings Corporation (Japan) Murata Manufacturing Co., Ltd. (Japan) TDK Corporation (Italy) Samsung Electro-Mechanics (Korea) YAGEO Group. (Taiwan) KYOCERA AVX Components Corporation (Japan) Vishay Intertechnology, Inc. (U.S.) TE Connectivity (Switzerland) OMRON Corporation (Japan) Vishay Precision Group, Inc. (U.S.) and others.
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Global Precision Resistor Market Size Study & Forecast, by Type (Precision Wire Wound Resistors, Precision Metal Film Resistors, Precision Metal Foil Resistors), By Application (Test & Measurement Equipment, Medical Equipment, Semiconductors, Telecommunications, Industrial Automation, Others), and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Precision Resistor Market is anticipated to grow with a healthy growth rate of more than 5.7% over the forecast period 2023-2030.
- In the Type segment, Precision Wire Wound Resistors emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to growing efforts towards technical advances, increased spending on research and development, and the presence of well-established market players in the region.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
- Precision Wire Wound Resistors
- Precision Metal Film Resistors
- Precision Metal Foil Resistors
- Test & Measurement Equipment
- Medical Equipment
- Industrial Automation
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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