Active Electronic Components Market Pegged at $376.9 Bn by 2023
According to industry analysts, the active electronic components market was worth $182.9 billion in 2014 and is projected to reach $376.9 billion by 2023, growing at a compound annual growth rate of 8.4% during the forecast period of 2015-2023.
Key drivers of growth in this area are micro-electromechanical systems (MEMS) and the wider adoption of renewable energy resources, as well as the increasing popularity of portable electronic devices.
Typically North America has dominated the market, but during the forecast period it is expected to be superseded by Asia Pacific. Asia Pacific is projected to experience the fastest growth by 2023, with an estimated CAGR of 9.1%. The growth of electronic manufacturing activity in China, Japan, Taiwan, and South Korea is driving demand in this region for active electronic components.
Active electronic components encompass semiconductor devices, display devices and others. Various semiconductor devices include diodes, transistors, integrated circuits and optoelectronic components. Greater reliability and component size reduction have contributed to the growth as components are now more efficient for use in miniature applications such as smart phones, tablets and smart watches.
Demand for display devices within the market is expected to increase at a CAGR of 8.7% by 2023, with medical and military applications driving demand.
Key players in the active electronic components market include Fairchild Semiconductor International, Inc., Infineon Technologies AG, Texas Instruments, Inc., Maxim Integrated Products Inc., ST Microelectronics NV, Analog Devices, Inc., ON Semiconductor, Diotec Semiconductor AG, NXP Semiconductors NV, Toshiba Corporation, Vishay Intertechnology, Inc., Everlight Electronics Co., Ltd., Panasonic Corporation and Renesas Electric Corporation.