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(IT-NEWSWIRE.COM, February 05, 2020 ) According to the new market research report "Hermetic Packaging Market by Configuration (Multilayer Ceramic Packages, Metal Can Packages, Pressed Ceramic Packages), Type (Ceramic-Metal Sealing, Glass-Metal Sealing), Application, Industry, and Geography - Global Forecast to 2023", the overall hermetic packaging market is estimated at USD 3.25 Billion in 2018 and is expected to reach USD 4.52 Billion by 2023, growing at a CAGR of 6.80% between 2018 and 2023. The major factors driving the growth of the hermetic technology market include rising adoption of hermetic packaging for protecting highly sensitive electronic components and growing demand from industries such as automobile electronics and aerospace.
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Multilayer ceramic packages are expected to lead the global hermetic packaging market between 2018 and 2023
Multilayer ceramic packages held a major market share in 2017 and is expected to grow at the highest rate between 2018 and 2023. The key factor driving this market is high adoption rate of the multilayer ceramic packages for high-frequency applications such as data communication, wireless communication, and optical communication because they offer better hermeticity than other configurations for high-frequency applications, and also enable a large number of electrical feedthroughs within small spaces.
The aeronautics and space industry is expected to grow at the highest rate between 2018 and 2023
There would be a significant rise in the hermetic packaging market for the aeronautics and space industry between 2018 and 2023. A high number of satellite launches, such as Matter Particle Explorer in December 2015 by China, is one of the key driving factors for the said market. In October 2015, Indian Space Research Organisation (ISRO) announced a joint venture with NASA and JAXA for initiating its own space observatory mission to get a closer look at the galaxies in the outer space. Significant interest for space research in the APAC countries, such as China and India, is expected to propel the market for the aeronautics and space industry in APAC.
The hermetic packaging market in APAC expected to capture the largest market share during the forecast period
The market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The increasing energy needs backed by the high GDP growth rate in developing countries such as China and India is creating opportunities for the manufacturers of hermetically packaged components in APAC. Countries such as China, Japan, and India are now stepping up in space research. The contribution of these countries in space-related activities, such as satellite launches and space exploration missions, is also expected to propel the hermetic packaging market further.
The present market is dominated by the players such as SCHOTT AG (Germany), Teledyne Microelectronics (US), AMETEK. (US), Texas Instruments (US), and Amkor Technology (US).
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Mr. Shelly Singh
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raviraj.tak@marketsandmarkets.com
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