The North America hermetic packaging market accounted for US$ 1.16 Bn in 2018 and is expected to grow at a CAGR of 6.4% over the forecast period 2019-2027, to account for US$ 2.02 Bn in 2027
NEW YORK, Jan. 13, 2020 /PRNewswire/ -- The North America hermetic packaging market accounted for US$ 1.16 Bn in 2018 and is expected to grow at a CAGR of 6.4% over the forecast period 2019-2027, to account for US$ 2.02 Bn in 2027. During the forecast period from 2019 to 2027, the aerospace and defense industry is expected to drive the demand for hermetic packaging worldwide. In addition to this, robust demand for hermetically packaged electronic components from the automotive, medical, and telecommunications industries is anticipated to fuel the future growth of hermetic packaging market worldwide. However, alternative and low-cost non-hermetic packaging methods could hinder the hermetic packaging market growth. Despite these limitations, the increasing demand for consumer electronic devices worldwide is projected to offer ample growth opportunities for the players operating in the hermetic packaging market during the forecast period of 2019 to 2027.
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The hermetic packaging market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market are anticipated to change during the coming years.In addition to this, various initiatives are undertaken by governmental bodies to accelerate the hermetic packaging market further.
In the year 2017, the Government of Quebec altered its tax incentives for new data centers.The state now offers an attractive tax regime to the technology business.
This trend is anticipated to be followed by the neighboring provinces as well.The reformed tax regime included up to 30% tax credit on eligible R&D expenses, US$ 25,000 tax credit per employee for recruitment of new IT employees and, 5% tax credit for labor costs in multimedia titles.
These tax policies would not only encourage investment in data centers but also promote the adoption of novel technologies. Growing support for data centers would also demand better memory storage facilities and thus have a good impact on the electronic components that are integrated into the data centers. The reformed regulation in the North American countries would substantially contribute to the growth of the hermetic packaging market.
The hermetic packaging market on the basis of industry vertical is segmented into aerospace, medical, telecommunications, consumer electronics, military & defense, automotive, and others.The aerospace industry vertical is the major adopter of hermetic packaging solutions owing to the increasing demand for critical applications in aircraft and space applications, including spacecraft guidance systems, and satellites.
Further, military & defense is also witnessing immense growth in the demand for hermetic packaging solutions.
The overall hermetic packaging market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the hermetic packaging market.
It also provides an overview and forecast for the hermetic packaging market based on all the segmentation provided with respect to the North American region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the hermetic packaging market. Some of the players present in hermetic packaging market are Ametek, Inc., Egide SA, Kyocera Corporation, Legacy Technologies Inc., Materion Corporation, Micross Components Inc., Renesas Electronics Corporation, Schott AG, Teledyne Technologies Incorporated, and Texas Instruments Inc. among others.
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