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Global Passive Component Market to Grow at a CAGR of 6.2%, 2017-2021
July 3, 2017 | Business WireEstimated reading time: Less than a minute
The global passive component market to grow at a CAGR of 6.29% during the period 2017-2021. One trend in the market is advancement of IoT in industries. The number of devices added to the industrial network and the sensors used in these devices will increase with the advancement of IoT. Companies are now focusing on manufacturing sensors, actuators, and other devices, which can support this IoT market.
According to the report, one driver in the market is growth in demand for communication equipment. Communication equipment not only includes telecommunication devices but also industrial communication devices. One of the main reasons for the growth of communication equipment is growth of LTE high-speed communication standard. The growth in automotive, industrial equipment has a significant impact on the demand for passive components as no device is made without passive components.
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