Press Release-Hermetic Packaging Market to Reach Valuation of USD 5.12 Billion by 2028 - Rising Demand from Industries such as Aerospace and Automotive Electronics to Flourish Market
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Hermetic Packaging Market to Reach Valuation of USD 5.12 Billion by 2028 - Rising Demand from Industries such as Aerospace and Automotive Electronics to Flourish Market
In terms of revenue, the Global Hermetic Packaging Market is expected to reach USD 5.12 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.5 % from 2022 to 2028. Increasing technology advancements in aerospace and automotive electronics are increasing the demand for hermetic packaging. This surge is owing to, the ability of hermetic packaging to protect highly sensitive electronic components, thus, driving the hermetic packaging market.
Key Findings:
Some of the key players in the Hermetic Packaging market include - Texas Instruments Incorporated (US), Amkor Technology, Inc. (US), AMETEK, Inc. (US), SCHOTT (Germany), Kyocera Corporation (Japan), Materion Corporation (US), Egide (France), Micross Components Inc. (US), Teledyne Technologies (US), and Legacy Technologies Inc. (US).
Hermetic packaging is a type of sealing that prevents the passage of air, oxygen, or other gases by making the object airtight. Since the past few decades, aerospace and automotive electronics have witnessed significant growth. Moreover, the demand for consumer electronics is increasing along with wide applicability in packaging activities of growing sectors. Moreover, the upward inclination toward using smart electronic devices is further increasing the demand for hermetic packaging. Furthermore, the disposable income of consumers is also increasing along with increasing internet usage. This is increasing the demand for electronic devices, further propelling the demand for hermetic packaging. Also, the investment from the government and several key players is increasing. These factors are boosting the market growth over the forecast period. However, the availability of substitute technology may act as a restraining factor for market growth.
Asia Pacific is anticipated to grow at the fastest Compound Annual Growth Rate (CAGR). The market growth in the region is attributed to the presence of emerging economies, increasing energy needs, and increasing defense spending.
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Hermetic Packaging Market to Reach Valuation of USD 5.12 Billion by 2028 - Rising Demand from Industries such as Aerospace and Automotive Electronics to Flourish Market
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