The global Potentiometer Market is estimated to exceed a valuation of USD 1.8 billion by 2023, expanding at a CAGR of 7% during the forecast period 2023 to 2033. The demand for potentiometers is estimated to total USD 3.5 billion by the end of 2033, in comparison to the USD 1.7 billion registered in the year 2022.
The digital potentiometers are projected to remain highly sought-after, exhibiting sales growth at a CAGR of 4% to 5% between 2023 and 2033.
| Report Attribute | Details |
|---|---|
| Potentiometer Market Base Year Value (2022) | USD 1.7 billion |
| Potentiometer Market Expected Value (2023) | USD 1.8 billion |
| Potentiometer Market Anticipated Value (2033) | USD 3.5 billion |
| Potentiometer Market Projected Growth Rate (2023 to 2033) | 7% CAGR |
Potentiometers are electronic instruments used to determine the electromotive force. These instruments have three-terminal resistors having a resistance that forms an adjustable voltage divider, enabling them to control the movement and flow of the electric current. They are also used for measuring the displacement of current in any direction.
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Potentiometers are gaining huge popularity across diverse industries owing to their ability to provide assistance in temperature extremes, freedom from vibration or shock, and the capability to control current in a closed-loop.
These electronic instruments are finding a wide range of applications across consumer electronics healthcare, aerospace & defense, home appliances, telecommunication, and other industries.
In addition to this, the introduction of novel potentiometers with higher linearity, excellent reliability, better temperature stability, long operational life, and other attributes is projected to bolster sales in the global market.
The high cost of potentiometers and increasing availability of low-cost, portable, and direct measurement instruments such as voltmeter is hindering the demand in the global market.
In addition to this, slow operation, low accuracy, limited bandwidth, and high chances of wear and friction due to the sliding of wipers across the resistive elements are further restraining the sales of potentiometers in the market.
North America is estimated to emerge as the most lucrative market potentiometer during the forecast period 2023 to 2033, reveals FMI. There is a swift rise in sales of automotive vehicles across North America, on account of increasing customer spending on comfort traveling and the growing introduction of novel automobiles with innovative features.
According to the Bureau of Transportation Statistics, nearly 2.56 million passenger cars and 9 million commercial vehicles were reported to be sold across the United States in 2020.
As potentiometers are extensively used as throttle position sensors to regulate the speed of the car, this rise in sales of automotive vehicles is estimated to spur the demand in the North America market.
Future Market Insights states that Europe is anticipated to account for a significant share of the global potentiometers market between 2023 and 2033.
Demand for potentiometers is surging at a rapid pace, owing to the increasing adoption across consumer electronics and automotive industries for various applications such as sensor trimming, calibration, and audio level control for matching line impedances. Hence, leading players are emphasizing launching novel products to cater to the growing demand.
In 2019, TT Electronics, a United Kingdom-based manufacturer of electronic components announced introducing new PSM Series of miniature slide potentiometers that offer space-saving, durable, long-life performance at affordable cost for medical, consumer electronics, audio, and industrial applications. A multiplicity of such new product launches are projected to accelerate the sale potentiometer in the European market.
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Some of the leading players in the potentiometer market are Microchip Technology Inc, Parallax Inc, Renesas Electronics Corporation, Texas Instruments, Maxim Integrated Analog Device, Tangio Printed Electronics, Omeg Limited, Everson Technology Ltd., Nidec Copal Electronics, Panasonic, TT Electronics, Taiwan Alpha Electronic, ON Semiconductor, and others.
Leading players in the global potentiometer market are aiming at launching high performance products and capacity expansion to gain an edge in the highly competitive market
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7% from 2023 to 2033 |
| Potentiometer Market Expected Value (2023) | USD 1.8 billion |
| Potentiometer Market Anticipated Value (2033) | USD 3.5 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Technology Type, Application Type, End Use, Region |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Microchip Technology Inc; Parallax Inc; Renesas Electronics Corporation; Texas Instruments; Maxim Integrated Analog Device; Tangio Printed Electronics; Omeg Limited; Everson Technology Ltd.; Nidec Copal Electronics; Panasonic; TT Electronics; Taiwan Alpha Electronic; ON Semiconductor; Others |
| Customization | Available Upon Request |
The primary consumer for potentiometers is the consumer electronics industry.
The key players are ALPS, Bourns, TT Electronics, Panasonic, and Vishay.
The potentiometer market is estimated to be valued at USD 1.8 billion in 2023.
The potentiometer market is expected to reach USD 3.5 billion by 2033.
The industrial automation sector holds high revenue potential in the potentiometer market.
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