Passive Electronic Components Market, By Type (Capacitors (Ceramic Capacitors, Tantalum Capacitors, Aluminum Electrolytic Capacitors, Paper and Plastic Film Capacitors, and Supercapacitors), Inductors (Power and Frequency), Resistors (Surface-mounted Chips, Network, Wirewound, Film/Oxide/Foil, and Carbon)), By End-user Industry (Automotive, Consumer Electronics, Aerospace and Defense, Energy, Communications/Servers/Data Storage, Industrial, and Medical), and By Geography (Asia-Pacific , North America, Europe, South America, Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Passive electronic components are used in a variety of different applications, from light sensors to alarm systems. Passive components can store energy. They can also dissipate it. The energy can be stored in the form of an electric field or a magnetic field. Some of the most common passive components are inductors, capacitors, and resistors. These components can store energy or dissipate it in the form of heat or other forms. Moreover, these components can impede the flow of current in a circuit. For example, inductors are commonly used in radio frequency applications. Another important feature of these components is their ability to attenuate a signal without modifying the waveform. This makes them a desirable element for smart appliances, such as smart watches.
Market Dynamics:
The growing popularity of mobile phones and other smart devices is also resulting in an increased demand for passive electronic components. This increased demand is mainly due to the increased usage of MEMS gyroscopes and voice-enabled smart devices. These devices are also helping to fuel the stay-at-home economy. Thus, these factors are expected to drive growth of the global passive electronic components market during the forecast period. These markets are primarily driven by the growth of wireless networks, the rise of e-commerce, and the increase in the use of smart technologies.
However, the rising cost of metals is also a major restraining factor for the passive electronic components market. The cost of metals such as nickel and palladium, which are essential for the mass-production of passive electronic components, affects the overall cost of production.
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