Hermetic Packaging Market top impacting factors, trends and industry growth by 2026
Global Market Insights Inc. predicts that the global hermetic packaging market may exceed USD 6 billion by 2026.
Delaware, United States – August 2, 2021 /MarketersMedia/ —
The hermetic packaging market is poised for robust growth on the back of burgeoning global medical device sector. Hermetic packaging is primarily used in implantable medical devices such as pacemakers, cochlear implants, and micro-housings for miniature components in endoscopic applications. The medical device sector across developed economies like North America is increasingly recording new developments.
In addition to the medical device sector, burgeoning global commercial aircraft industry is poised to accelerate hermetic packaging business share. Hermetic packaging is extensively used across aerospace sector to safeguard fuel system sensors and ensure the safety of delicate electronics.
Growth drivers of hermetic packaging market are
1. Development in the USA military & defense sector
2. Rising global demand for commercial aircrafts
3. development in the North America healthcare sector
4. Rising automotive sales in Asia Pacific region
5. Development in electronics sector in Asia Pacific
Based on product segment, hermetic packaging is classified as reed glass, passivation glass, transponder glass, ceramic-metal, and glass-metal. Reed glass hermetic packaging offers excellent wear resistance and high reliability. Reed switches are extensively employed in the automobile sector as they easily open and close electrical systems without the use of external mechanical systems. On this note, it is expected that the reed glass type hermetic packaging market may exceed USD 400 million by 2026.
Based on configuration, pressed ceramic packages segment is anticipated to record 6% CAGR over the forecast period as the product is more cost-efficient than multilayer ceramic packages. Nevertheless, multi-layer ceramic packages configuration segment might also record considerable growth due to its exceptional temperature stability.
Notably, hermetic packaging is extensively used to safeguard MEMS switches as these switches are delicate and possess moving interfaces and structures with the environment. Studies suggest that MEMS (micro-electromechanical system) switches application segment might record 8% CAGR over the forecast period.
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Meanwhile, the medical industry is anticipated to register over 7% CAGR in the forthcoming years. Hermetic packaging delivers effective sealing of cardiac implants, pacemakers, defibrillators with high functionality characteristics, and UV lasers for surgical drilling.
Companies operating in this industry are leveraging several growth strategies like mergers, acquisitions, and product innovation to expand business operations and achieve profitable growth. Notably, Special Hermetic Prod., SGA Technologies, KYOCERA Corporation, Winchester Interconnect, Legacy Technologies, Micross, EGIDE, AMETEK, Inc., Renesas Electronics Corporation, Texas Instruments, Willow, Teledyne Technologies, Materion Corporation, and SCHOTT AG are the key industry players currently at the forefront of hermetic packaging market.
About Global Market Insights Inc.
Global Market Insights Inc. headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/hermetic-packaging-market
Source: MarketersMedia
Release ID: 89039722
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