Crystals Oscillator Market Poised to Witness Strong Growth Due to Surge in Demand for Adoption in Electronics Devices
The crystal oscillator market involves components and electronic circuits that produce precise electrical signal of a specific frequency using the mechanical resonance of vibrating crystal of piezoelectric material such as quartz. Crystal oscillators find applications in electronics devices ranging from consumer electronics to industrial equipment. The growing demand for consumer electronics such as smartphones, laptops, tablets and wearable devices has been a major factor that has been driving the sales of crystal oscillators.
The Crystal oscillator market was valued at US $2,342.53 Mn in 2021 and is forecast to reach a value of US$ 2,898.33 Mn by 2030 at a CAGR of 4.0% between 2022 and 2030.
Key Takeaways
Key players operating in the crystal oscillator are Murata Manufacturing Co. Ltd, Vectron International Inc., Siward Crystal Technology Co. Ltd, Kyocera Corporation, Nihon Dempa Kogyo (NDK) Co. Ltd, Seiko Epson Corp., Daishinku Corp., Hosonic Electronic Co. Ltd, TXC Corporation, Rakon Ltd and SiTime Corporation. These players are focusing on new product launches and strategic collaborations to gain a competitive advantage in the market.
The key opportunities in Crystal Oscillator Market Growth lie in rising adoption of IoT devices, connected cars and need for precise timing solutions for 5G infrastructure roll out. Asia Pacific region especially China and India offer huge growth opportunity owing to rising electronics manufacturing hub and growing middle class population.
The global expansion of crystal oscillator market is driven by surging electronics demand in Asia Pacific and Central and Eastern Europe regions. Manufacturers are investing in these high growth regions to leverage captive customer base and lower costs.
Market drivers
The primary driver for crystal oscillator market growth is the increasing demand for consumer electronics. With rising disposable incomes, consumers are upgrading to latest smartphones, tablets and wearable devices frequently which utilize high precision crystal oscillators. Further, the adoption of technologies like Internet of Things (IoT), connected cars and rollout of 5G networks require precise timing solutions provided by crystal oscillators thus supplementing the market growth over the forecast period.
PEST Analysis
Political: The crystal oscillator market is influenced by government policies and regulations pertaining to electronic components used in industries like telecommunication, automobile, industrial etc. New regulations can impact supply chain dynamics and production.
Economic: Factors like GDP growth, per capita income, trade policies influence the spending power of consumers and determines demand for devices/applications using crystal oscillators. Recession and slowdowns impact industries using crystal oscillators.
Social: Increasing demand for advanced communication and consumer electronic devices is driving the use of frequency control components like crystal oscillators. Growing use of smartphones, tablets and wearable devices boosts market growth.
Technological: Advancements in electronics, miniaturization of devices is driving innovation in crystal oscillators towards high frequency operation, compact size and reliability. New applications in IoT, 5G networks, automobiles require more accurate timing solutions.
Geographical region of high concentration
Asia Pacific region accounts for a major share of the global crystal oscillator market in terms of value. Countries like China, Japan, South Korea are key manufacturers and have a large electronics industry relying on precision timing solutions. The region witnesses high demand for consumer electronics, telecommunication devices, industrial automation equipment using crystal oscillators. Low cost of production and availability of raw materials further boosts market concentration in Asia Pacific.
Fastest growing region
The Crystal Oscillator Market Regional Analysis is expected to witness highest in the Europe region during the forecast period. This is attributed to rising automotive production and deployment of 5G infrastructure projects requiring Ethernet switches and routers using timing solutions. Countries like Germany, UK, France are focusing on Industrial IoT adoption across sectors driving opportunities. Emergence of localized crystal oscillator manufacturing to cater European demand supports market expansion.
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