Integration of IoT to shape the general growth of electronic components market
Global General Electronic Components Market Report by The Business Research Company 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 2, 2022 /EINPresswire.com/ — Adapting the Internet of Things (IoT) is one of the keys general electronic components market market growth driving trends. Over the past few years, the IoT is experiencing a massive boom. IoT provides communication and connection between various devices such as fitness watches, smartphones and smart meters. General electronic components such as resistors, transistors, capacitors, and diodes are used in manufacturing smart devices, sensors, and actuators that can interconnect. According to IoT Analytics, by the end of 2020, 11.7 billion (or 54%) of the world’s 21.7 billion active linked devices will be IoT system connections. More than 30 billion IoT connections, or about 4 IoT devices per person on average, are expected to exist by 2025. So this indicates a strong demand for IoT devices.
The global general electronic components market size is expected to grow from USD 484.99 billion in 2021 to USD 541.95 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The general electronic components market growth is primarily driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and shutdown business activities that have resulted in operational challenges. The general electronic components market share is expected to reach $805.88 billion in 2026 with a CAGR of 10.4%.
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Growing demand for microwave tubes, CRTs, X-ray tubes, phototubes, and triodes in display devices is expected to drive the general electronic components market over the forecast period. Display devices are the output devices that offer information in visual form. Most of the devices are getting smart these days, thus increasing the growth of display devices. Display devices are creating numerous opportunities for the growth of the electronic components market in various applications such as satellite and space technology, automotive, military applications, IoT and others. Asia-Pacific was the top market for general electronic components, with China being the top market in Asia-Pacific due to the presence of the largest chip designers, chipmakers and other critical components used in laptops, smartphones and Internet of Things applications.
Key players covered in the global general electronic components market are Vishay Intertechnology, Fairchild Semiconductor, STMicroelectronics, Texas Instruments, Toshiba, NXP Semiconductors NV, Panasonic Corporation, Renesas Electric Corporation, Hitachi, and Infineon Technologies.
The global TBRC General Electronic Components Market analysis report is segmented by Product Type into Passive, Active, Other Electromechanical Components, by End-Use Industry in Aerospace, Communication, Automotive, Others, by aftermarket sale, manufacturer/distributor/service provider.
Global General Electronic Components Market Report 2022 – By Product Type (Passive, Active, Electromechanical Components), By End-Use Industry (Aerospace, Communication, Automotive), By Sales (Aftermarket, Manufacturer/Distributor/Service Provider) – Market Size, Trends & Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a general overview of the Electronic Components market, forecasts the general Electronic Components market size and growth for the overall market, General Electronic Components Market segments, geographies, General Electronic Components Market trends, General Electronic Components Market drivers, restraints, revenue, key competitor profiles and market shares.
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