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Active Electronic Components Market: Growing Use of Renewable Energy Resources and The Rising Trend Towards The Use of Electric and Hybrid Vehicles

Jun 11th 2019 at 4:44 AM

According to a new market report published by Transparency Market Research “Active Electronic Components Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, the active electronic components market was worth US$ 182.9 Bn in 2014 and is expected to reach US$ 376.9 Bn by 2023, growing at a CAGR of 8.4% from 2015 to 2023. North America was the largest market for active electronic components in 2014. Growth in this region is driven by growing adoption of renewable energy resources and micro-electromechanical systems (MEMS). Along with this, growing popularity of portable electronic devices will remain the key driver for the active electronic components market.

Active electronic components market in North America is expected to be superseded by Asia Pacific during the forecast period. In 2014, North America accounted for around 32% of the overall active electronic components market. However, Asia Pacific is expected to witness fastest growth during the forecast period at a CAGR of 9.1%. China, Japan, Taiwan, and South Korea are among the major markets driving the demand for active electronic components in this region due to growing electronic manufacturing activity in these countries.

The active electronic components include semiconductor devices, display devices and others. Various semiconductor devices include diodes, transistors, integrated circuits and optoelectronic components. In 2014, semiconductor devices accounted for around 50% share of the overall active electronic components market. Reduction in component size and reliability has been aiding the growth of active electronic components market. This has made them effective for use in miniature applications such as tablets, smartphones and smart watches.

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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% from 2015 to 2023. Medical and military applications are driving the demand for display devices among active electronic components. Various display devices in the active electronic components market include microwave tubes, cathode-ray tubes, x-ray tubes, photoelectric tubes and triodes. In 2014, x-ray tubes segment held the largest revenue share of around 28% 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.

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