Operational Amplifier Market size is anticipated to register substantial growth through 2032, driven by the rise of automation across various industries. The automotive sector, particularly, utilizes op-amps extensively, especially in battery-powered cars and plug-in hybrids, which are witnessing a strong demand in recent years.
In fact, as per the IEA, more than 2 million EVs were sold globally in the first quarter of 2022 alone, a 75% rise year-on-year. Demand for EVs have doubled and tripled in key markets such as the US and China, over the past couple of years, showing an upward trend, creating more impetus for operational amplifier market growth.
Op-amps are the building blocks of electronic circuits and can be found in almost all electrical applications to perform signal conditioning, filtering, and other processing operations. They are used to conduct mathematical operations such as subtraction, differentiation, and addition. Apart from this, op-amp circuits are also extensively utilized in marine applications for control, automation, and other electronic circuits.
On the basis of product, high precision operational amplifiers are expected to amass considerable market revenue through 2032. These type of op-amps are well-suited for high-performance applications such as aerospace and automation as they feature low offset, drift, and ultra-low noise. Driven by the reinvigoration of the global space race and the electrification of the aviation sector, high precision po-amps are likely to see a strong demand.
In September 2022, an electric airplane, called Alice made by Eviation, took flight in the U.S. for eight minutes. The plane was powered by two electric motors and 8,000 pounds of batteries. Although the technology is still under development, it is slated to unlock novel growth opportunities for market players.
With respect to application, the automotive segment is projected to emerge as the key growth facilitator owing to new innovations in the sector and the rising adoption of electric vehicles across the globe. According to CleanTechnica, approximately 13% of all new vehicle sales across the globe are made up of fully electric vehicles, while 18% are plug-in hybrids.
With several countries and global businesses taking net-zero pledges aimed at reducing their carbon footprint, major carmakers such as Ford, GM, Mercedes-Benz, and Volvo are foraying into vehicle electrification. Many are also planning to sell only EVs by the end of the decade, ensuring promising revenue prospects for the operational amplifier market.
Regionally, the Asia Pacific operational amplifier market is set to witness remarkable growth between 2023 to 2032, owing to the presence of major carmakers and semiconductor firms in the region. Chinese EV firms such as BYD and Wuling mong the best-selling EVs and PHEVs makers globally, while Taiwan-based TSMC is the global leader of chipmaking, reporting 50% growth year-over-year in November 2022. With other APAC chipmakers such as Samsung and SK Hynix also making new investments towards capacity expansion initiatives, more growth opportunities are likely to open up for the market through 2032.
The list of global operational amplifier market players includes names such as Texas Instruments Inc., NXP Semiconductors NV, ON Semiconductor, Cirrus Logic, Inc., STMicroelectronics, and Analog Devices, Inc., amongst others. Industry leaders are increasingly focusing on product innovations to develop high performing products that can be used in industrial applications. For instance, in December 2022, STMicroelectronics unveiled three 6MHz rail-to-rail operational amplifiers with robust all-around parameters, including a wide operating voltage range and low noise, for utilization in the industrial and automotive sectors.
The operational amplifier market has been severely affected by the Russia-Ukraine war, due to the ongoing disruptions to the global supply chain. The two countries are major providers of raw materials that are used in the production of semiconductors. Several industry experts believe that the global chip shortage, which began during the COVID-19 pandemic, will continue to be a challenge if the conflict continues. Ukraine supplies nearly 70% of world’s neon while Russia supplies 44% of the world’s palladium, both essential components for chip production.