The overall active electronic component market was valued at US$ 182.9 Bn in 2014, with semiconductor devices accounting for around 50 per cent of the total share.
Active electronic components market is anticipated to expand at a CAGR of 8.4 per cent from 2015 to 2023, according to a report by Transparency Market Research.
The need for higher energy efficiency in electronic products along with the emergence of new applications is driving the growth of active electronic components market, the report said.
Active electronic components include semiconductor devices, display devices and others. Semiconductor devices include diodes, transistors, integrated circuits and optoelectronic components. Display devices in the active electronic components market include microwave tubes, cathode-ray tubes, x-ray tubes, photoelectric tubes and triodes.
Earlier, these components were confined to be used for applications such as consumer electronics and printed circuit boards. However, nowadays these are dynamically used in applications such as automobile sector, space and satellite technology, and military applications.
The overall active electronic component market was valued at US$ 182.9 Bn in 2014, with semiconductor devices accounting for around 50 per cent of the total share.
Key drivers of market growth
Increase in the use of electric and hybrid vehicles and more adoption of renewable energy sources is expected to result in high demand for active electronic components in the coming years.
Further, rising global concerns for energy efficiency have increased the need for energy efficient active electronic components. The market for display devices is expected to expand at a CAGR of 8.7 per cent from 2015 to 2023. Medical and military applications are driving the demand for display devices among active electronic components.
In 2014, x-ray tubes segment held the largest revenue share of around 28 per cent of the overall market for display devices market. X-ray tubes segment is expected to continue its market domination in the display devices segment throughout the forecast period from 2015 to 2023.
Innovations in electronic industry
Meanwhile, latest technological innovations in the active electronic components are driving the demand for miniature handheld devices such as smartphones, tablets and PDA’s, the report noted.
In addition, miniaturized electronic components are contributing in the development of smart wearable devices such as smart watches and smart wrist bands.
According to the report, the important strategy adopted by key players in the active electronic components market is geographical expansion of their businesses in order to address the varying and increasing requirements of the customers.
