This paper looks at the development of thick film hybrids and their relative position in the markets of the USA, Japan and Western Europe. Industry structure and the importance of in‐house manufacturing and development are discussed, together with future technical trends. Hybrids are viewed as one of a growing number of interconnection technologies available to the OEM, and no easing of substitution pressures is forecast. However, opportunities will continue to exist for this important technology, providing suppliers position themselves carefully in the market.