PUNE, India, August 31, 2018 /PRNewswire/ --
According to the new market research report on "Molded Interconnect Device (MID) Market by Process (LDS, 2-Shot Molding, Film Techniques), Product (Antennae & Connectivity Modules, Connectors & Switches, Sensors, Lighting), Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 1,798.3 million by 2023 from USD 894.1 million in 2018, at a CAGR of 15.0% from 2018 to 2023. Major factors driving the growth of the MID market are the increasing use of MID in medical devices, rising demand for miniaturization in the consumer electronics industry, and growing need to reduce e-waste.
Browse 31 market data Tables and 24 Figures spread through 91 Pages and in-depth TOC on "Molded Interconnect Device (MID) Market - Global Forecast to 2023"
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Laser direct structuring (LDS) to hold major share of MID market throughout the forecast period
LDS equipment is used to manufacture MIDs. LDS consists of various steps, such as injection molding, laser activation, metallization, and assembly. LPKF is the sole manufacturer of LDS equipment. LDS allows to eliminate components in electronic devices, such as antennae in smartphones, thus reducing assembly time and device production cost. Increasing demand for integrating more electronic circuits into smaller spaces is fueling the growth of LDS in the MID market. Moreover, the introduction of 5G mobile communications technology will lead to the rise in demand for smartphone antennae, which in turn will increase demand for LDS equipment.
MID market for sensors to grow at high CAGR during forecast period
MIDs are used in sensors for a variety of industrial and automotive applications. Industrial applications include temperature sensors, motion sensors, pressure sensors, and flow sensors, among others. In automotive, MID-based sensors are used in adaptive cruise control system, central locking, and climate control applications. MID miniaturizes devices, which helps reduce the weight of the overall sensor system and increases functionality, resulting in low-cost end-use devices.
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Automotive to grow at highest CAGR during forecast period
MIDs have a thriving market in the automotive industry. This is largely due to the wide-scale adoption of MID in various automotive applications, such as steering wheel hubs, brake sensors, position sensors, and lighting. In automotive, MID reduces the wiring and combines the connector and housing in 1 piece, and through selective plating, it incorporates all the required circuitry. Such benefits of MIDs encourage this industry to adopt MID technology, thereby fueling the MID market growth.
MID market in Europe to grow at highest CAGR during forecast period
The presence of LDS equipment manufacturers such as LPKF and leading MID manufacturers such as Harting (Germany), TE Connectivity (Switzerland), 2E mechatronic (Germany), and Multiple Dimensions (Switzerland) positively impacts the MID market in this region. Furthermore, the presence of prominent automotive OEMs in this region, which are using MID for applications such as seatbelt safety systems, position sensors, and light fixtures, is expected to boost the MID market growth in Europe.
The report profiles the most promising players in the MID market. Some of the key players in the market are Molex (US), LPKF (Germany), TE Connectivity (Switzerland), HARTING (Germany), APC (US), JOHNAN (Japan), MID Solutions (Germany), 2E mechatronic (Germany), and Multiple Dimensions (Switzerland).
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