source: business wire news
LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global passive component market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global passive component market for 2017-2021. The report also lists telecom, consumer electronics, industrial machinery, automotive as the four major end-user segments, of which the telecom sector accounted for more than 41% of the market share in 2016.
According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation research, “Passive components such as capacitors, resistors, and inductors are used to regulate the current or voltage in a circuit. Passive components are widely used in a variety of applications, such as medical devices, industrial devices, automotive parts, electronic devices, and others.”