Ocean View, DE -- (SBWire) -- 05/21/2020 --Multi-layer ceramic packaging is likely to hold a considerable chunk of the global hermetic packaging share due to compact design of circuit boards and excellent temperature stability offered by the product. Glass metal products are gaining popularity due to their exceptional electrical integrity and insulation properties.
Pressed ceramic packaging is set to grow at 6% over 2019-2026 on account of relative cost-effectiveness as compared to other multilayer ceramic packages. Hermetics packaging demand is likely to be driven by major product adoption by military & defense and aerospace sectors for the protection of sensitive electronics. Estimates suggests that global hermetic packaging market size will reach USD 6 billion in terms of annual valuation by 2026.
Reed glass type packaging is experiencing high demand from automotive sector as reed switches are largely employed for opening and closing electrical systems without any external mechanical influence. On account of high reliability and excellent wear resistance, reed glass packaging is forecast to account for over USD 400 million by 2026.
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Why will hermetic packaging industry share expand from aerospace applications?
Demand for hermetic packaging will be majorly driven by positive outlook from the commercial aircraft industry. Increasing consumption of hermetic connectors in sensors that are used in fuel systems to ensure the safety of sensitive electronics will boost industry outlook. Urbanization trends along with rising middle class population, rise in consumer expenditure on air travels and evolving airline industry in recent years has expanded commercial aircrafts sector.
Estimates suggest that the air travel industry will grow 2.5 times over the next two decades. In addition, the global commercial jet fleet may double in size with exponential growth of traffic, projected at over 4.5% by the end of 2038. These factors will invariably boost the demand for aviation components and through it, hermetic packaging, in the coming years.
How will medical applications foster hermetic packaging market trends?
Significant development and expenditure in healthcare electronics sector will positively impact hermetic packaging industry growth. The medical industry is forecast to register a CAGR of more than 7% over the analysis period. For medical applications, hermetic packaging offers efficient sealing of sensitive material like cardiac implants, pacemakers, defibrillators, UV lasers for surgical drilling, cochlear implants and miniature components in endoscopic applications.
Growing prevalence of chronic diseases and the novel COVID-19 outbreak has led to an increased patient pool, which may in turn fuel the adoption of hermetic packaging for sealing sensitive medical devices, equipment and materials.
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What factors are influencing North America hermetic packaging market forecast?
North America hermetic packaging market share is likely to gain major traction on account of expansion of the regional healthcare sector and increased expenditure on better medical services, majorly in the U.S. The U.S led R&D investments for medical devices, accounting for 7% of the sales revenue in the sector, and in 2017 the U.S. medical device market was the largest across the globe with more than USD 150 billion in terms of revenue.
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