The Asia Pacific Thin Film Chip Resistor Market would witness market growth of 6.1% CAGR during the forecast period (2022-2028).
The industry is being driven by technological advancements like the deployment of robotics and human-machine interfaces. In addition, the demand for real-time connectivity is driving the growth of the cloud-based smart factory trend. As a result, the importance of this equipment in smart factories is growing, as is consumer interest in the products. Businesses are shifting towards quick, efficient manufacturing processes, which causes a rise in the adoption of better manufacturing practices.
This has increased the demand for precision machinery, which in turn, raise the demand for thin film resistors. Also, by utilizing cutting-edge smart technology, industry 4.0 is automating conventional industrial and manufacturing operations. Artificial intelligence (AI) is used in precision machine's production process coupled with sensors that communicate with one another via the Internet of Things. The majority of manufacturers are creating CNC-controlled machines that have a greater output than those that are operated manually. Also, these machines are efficient in terms of cost and labor.
Asia Pacific's economic situation has improved due to the region's rapid industrialization and urbanization. A quick change in the economies and overall GDP growth was seen in some of the region's developing nations, like South Korea and India. As a result, people are spending more money on luxury products and high-end technologies. The consumer electronics sector is expanding mostly due to the widespread use of low-cost smartphone devices and the falling prices of service plans, particularly in Asia Pacific. Due to the introduction of digitalization and the region's improved economic conditions, demand for smart gadgets is increasing in several Asia Pacific countries. In addition, the availability of high-performance smart televisions from many smart TV manufacturers is accelerating their uptake in the region.
The China market dominated the Asia Pacific Thin Film Chip Resistor Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $74.5 million by 2028. The Japan market is estimated to grow a CAGR of 5.4% during (2022 - 2028). Additionally, The India market would experience a CAGR of 6.8% during (2022 - 2028).
Based on End User, the market is segmented into Industrial Equipment, Consumer Electronics, and Others. Based on Application, the market is segmented into Instrumentation, Electronic Digital Products, Electric Power Equipment, Medical Instruments, Power Supply, and Others. Based on Type, the market is segmented into Ultra Precision 0.05% Tolerance, 0.1% Tolerance, 1% Tolerance, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Thin Film Chip Resistor Market is Projected to reach USD 885.9 Million by 2028, at a CAGR of 5.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bourns, Inc., International Manufacturing Services, Inc., KOA Speer Electronics, Inc. (KOA Corporation), ASJ Pte Ltd. (ASJ Holdings Ltd.), Cal-Chip Electronics, Inc., Hong Kong Resistors Manufactory, Micro-Ohm Corporation, Mini-Systems, Inc., Ohmite Manufacturing Co. (Heico Companies LLC), and Susumu Co., Ltd.
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