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| BD3204Q |
| MBD ELECTRONIC COMPONENTS MARKET DEVELOPMENT : 2003 |
| Overview |
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This report covers: electronic components,
Companies covered include: AVX, bowthorpe Industries, Filtronic, Intel Corporation, Murata Electronics (UK), National Semiconductor (UK), NEC Semiconductors (UK), Panasonic Industrial Europe, Jabil Circuit, Distributors, Electrocomponents,
Table of Contents Executive Summary
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Engine| No. | Title | Page |
| 1 | EXECUTIVE SUMMARY | 1 |
| 2 | INTRODUCTION | 4 |
| 2.1 | Definitions | 5 |
| 2.2 | Abbreviations | 5 |
| 2.3 | Market Positioning | 6 |
| 2.4 | UK Economy | 7 |
| 2.5 | Market Factors | 13 |
| 3 | MARKET SIZE AND TRENDS | 14 |
| 3.1 | Chapter Summary | 15 |
| 3.2 | Market Size | 16 |
| 3.3 | Market Segmentation | 17 |
| 3.3.1 | Segmentation, by Type | 17 |
| 3.3.1.1 | Active Components | 18 |
| 3.3.1.2 | Passive Components | 19 |
| 3.3.1.3 | Electromechanical Components | 19 |
| 3.3.1.4 | Audio Visual Components | 20 |
| 3.3.2 | Segmentation, by End Use Application | 20 |
| 3.4 | Market Trends | 21 |
| 3.4.1 | Innovation | 21 |
| 3.4.2 | Supply Shortages | 22 |
| 3.4.3 | Contracting Out of Supply Chain | 22 |
| 3.4.4 | Comparative Advantage | 23 |
| 3.4.5 | The Telecommunications Industry | 23 |
| 3.5 | Distribution | 24 |
| 4 | SUPPLY SOURCES | 25 |
| 4.1 | Chapter Summary | 26 |
| 4.2 | Production | 26 |
| 4.2.1 | Overview | 26 |
| 4.2.2 | Segmentation | 28 |
| 4.3 | Imports | 30 |
| 4.3.1 | Overview | 30 |
| 4.3.2 | Segmentation | 31 |
| 4.4 | Exports | 32 |
| 4.4.1 | Overview | 32 |
| 4.4.2 | Segmentation | 33 |
| 4.5 | Trade Deficit | 34 |
| 5 | INDUSTRY STRUCTURE | 35 |
| 5.1 | Chapter Summary | 36 |
| 5.2 | Industry Development | 36 |
| 5.3 | Structure by Employment | 37 |
| 5.4 | Structure by Turnover | 38 |
| 5.5 | Company Profiles | 39 |
| 5.5.1 | Manufacturers | 39 |
| 5.5.1.1 | AVX | 39 |
| 5.5.1.2 | Bowthorpe Industries | 40 |
| 5.5.1.3 | Filtronic | 41 |
| 5.5.1.4 | Intel Corporation (UK) | 42 |
| 5.5.1.5 | Murata Electronics (UK) | 43 |
| 5.5.1.6 | National Semiconductor (UK) | 44 |
| 5.5.1.7 | NEC Semiconductors (UK) | 45 |
| 5.5.1.8 | Panasonic Industrial Europe | 46 |
| 5.5.2 | Contract Manufacturers | 47 |
| 5.5.2.1 | Jabil Circuit | 47 |
| 5.5.3 | Distributors | 48 |
| 5.5.3.1 | Electrocomponents | 48 |
| 6 | FORECAST | 50 |
| 6.1 | Chapter Summary | 51 |
| 6.2 | Market Size | 51 |
| 6.3 | Market Segmentation | 53 |
| 6.4 | Industry | 54 |
| 7 | FURTHER SOURCES & CONTACTS | 56 |
| 7.1 | Trade Associations | 57 |
| 7.2 | Trade Magazines | 57 |
| 7.3 | Trade Exhibitions | 60 |
| List of Tables | ||
No. |
Title |
Page |
| 1: | The UK Electronic Components Market, 1999-2003 | 16 |
| 2: | Segmentation of the UK Market for Electronic Components, by Type, 1999-2003 | 17 |
| 3: | Segmentation of the UK Market for Active Electronic Components, by Type, 1999-2003 | 18 |
| 4: | Segmentation of the UK Market for Passive Electronic Components, by Type, 1999-2003 | 19 |
| 5: | Segmentation of the UK Market for Audio Visual Electronic Components, by Type, 1999-2003 | 20 |
| 6: | UK Production of Electronic Components, 1999-2003 | 28 |
| 7: | Segmentation of the UK Production of Electronic Components, by Type, 1999-2003 | 29 |
| 8: | UK Imports of Electronic Components, 1999-2003 | 30 |
| 9: | Segmentation of UK Imports of Electronic Components, by Type, 1999-2003 | 32 |
| 10:00 | UK Exports of Electronic Components, 1999-2003 | 33 |
| 11:00 | Segmentation of UK Exports of Electronic Components, by Type, 1999-2003 | 34 |
| 12:00 | Analysis of the Changes in the Structure of the Electronic Valves, Tubes and Other Electronic Component Manufacturing Industry, 1999- 2003 | 37 |
| 13:00 | Analysis of the Employment Structure of the Electronic Valves, Tubes and Other Electronic Components fManufacturing Industry, 2002 and 2003 | 38 |
| 14:00 | Analysis of the Financial Structure of the Electronic Valves, Tubes and Other Electronic Components Manufacturing Sector, 2002 and 2003 | 38 |
| 15:00 | Financial Analysis of AVX, 1998-2002 | 39 |
| 16:00 | Key Financial Ratios for AVX, 2001-2002 | 40 |
| 17:00 | Financial Analysis of Bowthorpe Industries, 1998-2002 | 40 |
| 18:00 | Key Financial Ratios for Bowthorpe Industries, 2001-2002 | 41 |
| 19:00 | Financial Analysis of Filtronic, 1999-2003 | 41 |
| 20:00 | Key Financial Ratios for Filtronic, 2002-2003 | 42 |
| 21:00 | Financial Analysis of Intel Corporation (UK), 1997-2001 | 42 |
| 22:00 | Key Financial Ratios for Intel Corporation (UK), 2000-2001 | 43 |
| 23:00 | Financial Analysis of Murata Electronics (UK), 1999-2003 | 43 |
| 24:00:00 | Key Financial Ratios for Murata Electronics (UK), 2002-2003 | 44 |
| 25:00:00 | Financial Analysis of National Semiconductor (UK), 1998-2002 | 44 |
| 26:00:00 | Key Financial Ratios for National Semiconductor (UK), 2001-2002 | 45 |
| 27:00:00 | Financial Analysis of NEC Semiconductors (UK), 1997-2001 | 45 |
| 28:00:00 | Key Financial Ratios for NEC Semiconductors (UK), 2000-2001 | 46 |
| 29:00:00 | Financial Analysis of Panasonic Industrial Europe, 1999-2002 | 46 |
| 30:00:00 | Key Financial Ratios for Panasonic Industrial Europe, 2001-2002 | 47 |
| 31:00:00 | Financial Analysis of Jabil Circuit, 1998-2002 | 47 |
| 32:00:00 | Key Financial Ratios for Jabil Circuit, 2001-2002 | 48 |
| 33:00:00 | Financial Analysis of Electrocomponents, 1999-2003 | 49 |
| 34:00:00 | Key Financial Ratios for Electrocomponents, 2002-2003 | 49 |
| 35:00:00 | Forecast UK Electronic Components Market, 2004-2008 | 53 |
| 36:00:00 | Forecast Segmentation of the UK Market for Electronic Components, by Type, 2004-2008 | 54 |
| List of Diagrams | ||
| No. | Title | Page |
| 1 | Position of Electronics Components in the UK Electronics Market, 2003 | 7 |
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| 1 | The value of the electronic components market has fluctuated in recent years, largely as a result of price erosion, overcapacity and erratic demand within the industry, coupled with declining raw material prices, particularly metals. Furthermore the rate of market growth was constrained in the latter year of the period due to continuing price pressure. Despite this, moderate growth of 5 percent was achieved in 2003, largely as a result of growth in consumer electronic end-use markets. |
| 2 | Sales of active components in 2003 were valued at a projected £3115.2 million at MSP. The majority of this comprises sales of integrated circuits. During the review period, active components have accounted for between 50 percent and 60 percent of the value of the market for electronic components, although this has fluctuated in line with price variations. The most notable trends in recent years have been an increase in the role of integrated circuits in the market and a decline in the proportional importance of sales of tubes and valves as production of televisions and screens has increasingly moved to lower labour cost regions. During the latter part of 2003 operators in the semiconductor market reported an upturn in sales, prompting speculation of a significant recovery in the components market overall. |
| 3 | The market for passive components displays more traits of market maturity and has lost market share in recent years, falling from 12 percent of the value of the electronics components market in 1999 to just 8 percent in 2003, although sales of passive components increased significantly in the latter year. Indeed, the market is estimated at £440.3 million at MSP for 2003. The technology in the sector is much less prone to the incremental and radical advances seen in many other sectors of the electronic components markets and the opportunities for product differentiation are often limited, leading to a greater price focus. |
| 4 | The growth in the market for printed circuit boards has been a feature of the electronic components market in recent years and has enabled the electromechanical sector to increase its share of the total market from 9 percent in 2000 to 13 percent in 2003 with sales totalling £742.4 million in the latter year. |
| 5 | The audio-visual components market is less dynamic than the active components and electromechanical components sectors and is much more mature. As with passive components, there are few instances of product innovation driving market development although advances in miniaturisation have enabled some shortening of replacement cycles. Demand in the sector is believed to have increased by just 1 percent to £857.5 million at MSP in 2003. |
| 6 | The remaining sales of £495.6 million at MSP in 2003 are accounted for by parts. The UK market for electronic component parts has been maintained, largely due to the increasing contracting out of the supply chain in many sectors, including subassembly manufacture. |
| 7 | UK demand for tubes and valves has been under pressure due to the increasing location of screen and television OEMs outside of Europe. As a result, sales of components to these sectors have inevitably been affected and sales fell sharply in the period, to a combined total of some £273.6 million at MSP in 2003 compared with £576.6 million in 1999. |
| 8 | By far the strongest growth sectors, and the largest parts of the active components market, has been the integrated circuit sectors. Integrated circuits accounted for almost 47 percent of the total electronic components market and represented 84 percent of sales of active components in 2003, with annualised sales of £2631.0 million at MSP. Furthermore, with positive recent performance in the semiconductor market, many commentators are predicting a long awaited upturn in the sector, albeit from a relatively low base. It is important to note that government statistics indicate a significant increase in the value of the UK integrated circuits sector in 2000, followed by increased trade in this sector for the remainder of the review period. |
| 9 | By far the strongest performing sector of the passive components market during the review period was that of fixed and variable capacitors, with sales increasing from £331.3 million in 2002 to £394.1 million at MSP by 2003. |
| 10 | The intensity of price pressure ensured that in most sectors of the passive components market, value declines were recorded during much of the review period. Lacking innovative products to sustain price premiums, the remainder of the passive components market has experienced difficult market conditions with over supply and macro economic factors exacerbating the difficult market conditions for suppliers. Moreover, the current global economic slowdown is creating further difficulties for the manufacturers of passive electronic components. |
| 11 | Relatively strong, real term growth is still anticipated in the electronic components market during the forecast period, although the rate of volume growth is likely to outstrip the value of the market, largely as a result of price erosion. However, a downturn in demand is not anticipated and greater price robustness is forecast to have a beneficial effect on the value development of the market. This strengthening of prices is partly due to improved alignments between supply and demand in the sector. Despite the recent downturn in UK production of many electronic component sectors, continued market growth during the forecast period is reflected in the results of operators during the latter part of 2003, and opinion amongst industry commentators regarding the long-awaited upturn in the sector. Consistent growth is expected to be achieved largely as a result of increased demand in consumer electronics end-use markets. |
| 12 | Annual real term growth of 4 percent is forecast for both 2005 and 2006, taking sales to £6304.4 million in the latter year. However, thereafter growth is anticipated to increase to 5 percent in the latter two years of the period. However, as the industry is dominated by innovation and the creative destruction of existing technologies, forecasts require a considerable degree of caution in interpretation. However, the highlighted growth patterns are consistent with the broad sentiments of the industry. |
| 13 | The strongest growth sector is expected to be the market for parts of electronic components, with the growth rate expected to reach almost 25 percent in real terms over the review period. Whilst all sectors of the market are forecast to increase in value in the long-term, the active components sector is expected to increase significantly. This is likely to be sustained throughout the forecast period as this sector gains an increasing share of the total electronic components market. |
| 14 | Indeed, market growth is anticipated in the active components sector with annual real term growth of between 4 percent and 9 percent until 2008. Overall, MBD estimate that the market will increase by 16 percent between 2004 and 2008. Market growth is likely to continue to be driven by product and technology innovation boosting the value of both new applications and reducing the replacement cycle for key areas of demand. |
| 15 | The market for electromechanical components is expected to strongly increase during the forecast period. Growth of 26 percent is anticipated between 2004 and 2008, taking sales to almost £1 billion in the latter year. Market growth is forecast to be driven by demand for printed circuit boards, largely reflecting the continued growth in the use of electronics in a range of applications ranging from business applications to consumer goods such as electronic games. |
| 16 | Both the audio visual and passive components markets are significantly more mature in terms of the technology utilised and this results in slower anticipated market development. Opportunities for added value are less marked, although some advances are likely in terms of miniaturisation and, as such, the rate of market growth is likely to be slower. |
Text © 2003 MBD - Market & Business Development
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Last updated by Amanda Porteous December 2003