Digital Potentiometer IC Market Size, Share, Growth, and Industry Analysis, By Type (8-bit Digital Potentiometer IC, 6-bit Digital Potentiometer IC, 7-bit Digital Potentiometer IC, 10-bit Digital Potentiometer IC, Others), By Application (Home Appliances, Communication Products, Instrumentation, Automotive Products, Others) Regional Forecast To 2031

Updated On: 22 April 2024

Digital Potentiometer IC Market Report Overview

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The global digital potentiometer IC market size was USD 353.6 million in 2022 & the market is projected to touch USD 553 million by 2031, exhibiting a CAGR of 5.1% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the global digital potentiometer IC market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

A digital potentiometer is an electronic component operated digitally that replicates the analogue operations of a potentiometer (also known as a resistive digital-to-analog converter or colloquially as a Digipos). Microcontrollers frequently use it for scaling and cutting analogue signals. A digital potentiometer is a type of variable resistor that is used to scale and trim analogue signals instead of using mechanical action and switches. An electronic gadget called a digital potentiometer is utilized to restore the traditional passive potentiometer. The digital potentiometer IC design parameters are considered. Digital potentiometer is enclosed for protection against outside elements.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

Over the years, a number of regulatory agencies and countries have put limitations on the production of predominantly plastic garbage. To meet the increased consumer demand for sustainable packaging, it is also anticipated that more foodservice operators and retail chains would move from using plastic packaging to using molded pulp packaging. On the expansion of the industry, these variables are projected to have a favorable effect.

To produce packaging items, pulp molding machines are widely employed in a variety of end-use industries, including the food and beverage, healthcare, electronics, and industrial sectors. Over the course of the projected period, market expansion is anticipated to be aided by rising consumer demand for ecologically friendly and sustainable packaging solutions. In addition, market expansion is anticipated to be supported by increased organic and healthy food consumption.

Digital Potentiometer IC Market SEGMENTATION

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• By Type

Based on type the global digital potentiometer IC market is classified as 8-bit digital potentiometer IC, 6-bit digital potentiometer IC, 7-bit digital potentiometer IC, 10-bit digital potentiometer IC, others.

• By Application

Based on application the global digital potentiometer IC Market is classified as home appliances, communication products, instrumentation, automotive products, others.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth"

Digital potentiometers are employed in optical networks, audio level control, sensor trimming, level adjusting in filters, and automobile electronics. The analogue portion of a digital potentiometer is made up of a three-terminal component known as a potentiometer, and the digital portion is made up of registers, an interface, and control. Because digital potentiometers are smaller than mechanical ones, carrying the digital potentiometer IC is simple. The digital potentiometer can fit in compact IC packages because of its reduced size. The use of digital potentiometers grows as a result of lower size, which boosts demand for the digital potentiometer IC industry.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Due to its features, digital potentiometer IC are less susceptible to physical interference and vibration. Because it is an integrated circuit, a digital potentiometer has more features than a mechanical one. The high resolution, stability, and dependability of digital potentiometers are what are causing the digital potentiometer IC industry to expand. Because digital potentiometer ICs are less susceptible to vibration and easier to tamper with, there is a growing market for them. Digital potentiometers have the advantage of being able to be regulated in closed loop and not being sensitive to dust, moisture, or dirt particles that could damage the mechanical component if they were to contaminate it.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

The fact that the digital potentiometer resistance is valid if appropriate supply voltage is delivered to it is one of the constraints limiting the expansion of the digital potentiometer industry. The primary drawback of digital potentiometer IC is the current cap that prevents the market for these chips from expanding. The market for digital potentiometers is expected to develop as a result of the availability of potentiometers with a tolerance of 1%. In-depth research of parent market trends, macroeconomic data, and controlling variables, as well as market attractiveness by segment, are all provided in the report. Additionally, the market study maps the qualitative effects of different market components on different market segments and geographical areas.

Digital Potentiometer IC Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

Due to the presence of digital potentiometer manufacturers and solution providers in numerous countries around the region, North America and Europe occupy a sizable market share. The market for digital potentiometer ICs in these regions is expanding due to the use of sensor and digitization technologies for tracking. Due to the growing use of digital potentiometer IC in the telecommunication and healthcare industries, Asia Pacific also accounts for a significant portion of the global market for these chips. In the market for digital potentiometer ICs, the Middle East and Africa have a little market share. Government spending in the automotive and healthcare sectors, where digital potentiometers are used, is opening up potential for the market for these regions.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Analog Device (US)
• Texas Instruments (Texas)
• Microchip (US)
• Ams (Netherlands)
• ON Semiconductor (US)
• Maxim (Russia)
• Intersil (US)
• Vishay (US)
• Parallax (US)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.