MID market to grow at significant rate during 2018–2023
The MID 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. Key factors driving the growth of the MID market include the increasing use of MID in medical devices, rising demand for miniaturization in the consumer electronics industry, and growing need to reduce e-waste. However, the technological monopoly of LDS equipment manufacturer is a major factor restraining the growth of the market.
Sensors to boost MID market growth 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. The use of MID will increase in sensors, which will further drive the MID market growth in the coming years.
Asia Pacific to account for largest size of MID market during forecast period
APAC is expected to offer lucrative opportunities for the MID market growth owing to the growing base for communication infrastructure, communication devices, and consumer electronics. APAC is one of the key regions for players dealing with smartphones and wearable devices. The trend of miniaturization of components in smartphones and wearables will drive the MID market in this region. This region is expected to witness mass commercialization of 5G by 2020.
Following is the breakup of the profiles of primary participants for the report:
• By Company Type: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
• By Designation: C-Level Executives – 45%, Directors – 30%, and Others – 25%
• By Region: North America – 45%, Europe – 30%, APAC – 20%, and RoW – 5%
Key players operating in the MID 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).
This research report categorizes the MID market by process, product type, industry, and geography. By process, the market has been segmented into LDS, 2-shot molding, and film techniques. By product type, the MID market has been classified into antennae & connectivity modules, connectors & switches, sensors, lighting, and others. By industry, the market has been segmented into telecommunications, consumer electronics, automotive, medical, and industrial. Moreover, the report covers the market in 4 major regions—North America, Europe, APAC, and RoW.
Key Benefits of Buying This Report
Illustrative segmentation, analysis, and forecast for the market based on process, product type, industry, and geography have been conducted to give an overall view of the MID market.
Major drivers, restraints, opportunities, and challenges pertaining to the MID market have been detailed in this report.
A detailed competitive landscape, including the revenues of key players, has been presented.