The global encapsulated resistors market is estimated to register a CAGR of 5.2% in terms of value during the forecast period 2020-2025. The market was valued at USD 6.02 billion in 2019 and is expected to reach USD 8.27 billion by 2025. The growing demand for miniature components and the adoption of automation in the industrial sector are some of the major factors driving the growth of the market.
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Encapsulated resistors are miniature, low-cost components used in commercial and industrial applications. These components are available in a wide range of shapes and sizes and are used for various purposes including temperature sensing, dynamo-electric control, and current control. The increasing demand for miniature components and the growing adoption of automation in the industrial sector are some of the major factors driving the growth of the market.
The increasing demand for consumer electronics and the growing adoption of Internet of Things (IoT) technology are expected to drive the growth of the encapsulated resistors market. IoT technology is being used in various industries to improve efficiency, reduce costs, and increase customer experience. This is expected to fuel the demand for encapsulated resistors in the coming years. The growing demand for energy-efficient components is also expected to drive the growth of the market.
The increasing focus on miniaturization of components in the automotive sector is expected to fuel the growth of the encapsulated resistors market. Automotive manufacturers are increasingly focusing on miniaturization to reduce the size and weight of components and to improve the overall performance of vehicles. This is expected to drive the demand for encapsulated resistors in the automotive sector in the coming years.
The Asia-Pacific region is expected to be the largest and fastest-growing market for encapsulated resistors during the forecast period. The region is home to some of the leading consumer electronics and automotive manufacturers and is the largest producer of consumer electronics products. This is expected to fuel the growth of the market in the region. The growing demand for energy-efficient components and the increasing adoption of IoT technology are also expected to drive the growth of the market in the region.
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The major players operating in the global encapsulated resistors market are Panasonic Corporation, Murata Manufacturing Co., Ltd., Yageo Corporation, TE Connectivity, Vishay Intertechnology, Inc., KEMET Corporation, KOA Corporation, Bourns, Inc., and Stackpole Electronics, Inc. The companies are focusing on strategies such as product launches and expansions to gain a competitive edge in the market. For instance, in November 2020, Yageo Corporation launched a new series of chip resistors, which are more accurate, reliable, and cost-effective.