In the highly competitive vendor landscape of the global integrated passive devices market, companies are investing more on mergers and acquisitions with the aim of expanding their product portfolios and geographical presence, observes Transparency Market Research in a recent report. Focus on research and development activities with the aim of introducing innovative products has also substantially increased in the market.
Some of the leading companies in the market are Texas Instruments, Qorvo, Inc., Murata Manufacturing Co., Ltd, NXP semiconductors, Broadcom, On Semiconductor Corporation, Taiwan Semiconductor Manufacturing Company Limited, Johanson Technology, Inc., STMicroelectronics, MACOM, and CTS Corporation.
According to the report, the global integrated passive devices market is projected to expand at a CAGR of 10.72% during 2017 and 2025, rising to a valuation of US$1,646.6 mn by 2025.
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Asia Pacific Market to Perform Splendidly as Electronics and Semiconductor Industries Thrive
Of the key applications of integrated passive devices, the segment of LED lighting generated a revenue of US$150 mn in 2016 and is expected to expand at the highest CAGR of 11.21% during the forecast period. This growth can be attributed to the steady rise in usage of LEDs for residential, commercial, and municipal lighting purposes owing to their cost effective nature. Additionally, LED displays are finding massive demand for use in 4-K television and smartphones display, thus fueling the global demand for LEDs.
Geographically, the market in North America was the topmost revenue generator in 2016, followed by Asia Pacific. These regional markets are expected to maintain their positions over the forecast period over the forecast period. The Asia Pacific market is expected to expand at highest CAGR from 2017 to 2025 owing to the thriving expansion of the semiconductor and electronics industries. Furthermore, the presence of several established players in the region is anticipated to fuel the growth of the integrated passive device market in the region.
Rising Demand across Automobile Sector to Promise Lucrative Growth Opportunities
The global market for integrated passive device (IPD) market is primarily driven by the rising demand for compact electronic devices employing IPD technology to bring about a reduction the size of the electronic circuitry, improvement in performance, and increase in battery life. Moreover, the market is also benefitting from the rising applications of IPD across industries such as automotive, healthcare, and aerospace and defense as focus on digitization of these industries rises at a promising pace.
Of these, the automotive sector has emerged as one of the key drivers for the market as the application of electronics in the automotive sector is increasing at a rapid pace. Trending technologies such as Advanced Driver Assistance System (ADAS) are being adopted at a rapid pace by prominent car manufacturers across the globe. Other applications of electronics in an automobile includes infotainment, GPS, Bluetooth, electronics powertrain, and safety systems. As all these employ IPDs, which results in the reduced size of the circuitry while ensuring higher performance and compact size of the device, the rising demand for automobiles globally is expected to have a profound positive impact on the overall development of the market.