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Asia Pacific MID Market is Expected to Cross USD 400 Million by 2024

Author : Ronak Bora | Published Date : 2019-05-29 

The Asia Pacific MID market is projected to exceed USD 400 million by 2024. Strong growth in the region can be attributed to the presence of several companies including Samsung Electronics, Co., Ltd. and Sony Corporation. These companies are expanding and upgrading their product portfolio thereby offering several opportunities for vendors operating in the molded interconnect devices market. Several players in the region are also entering into collaborations for the development of new technologies. They are offering high-end products at competitive prices and are adopting aggressive marketing strategies. The exponential advancements in the technology and increasing commercialization of several innovative products have resulted in high growth prospects thereby attracting more players to the MID market.

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MID market is poised to witness an accelerated growth over the ensuing years, amidst the backdrop of the frequent technological advancements in telecommunication sector. The ability of the device to facilitate miniaturization has largely added to the expansion of its application portfolio in a range of consumer products.

A major trend driving the MID market is the implementation of the devices for LDS in the automotive industry. These devices are used for reducing vehicle weight and increasing reliability owing to the benefits such as the elimination of circuits boards and wired circuitry. Rapid technological advancements in seatbelt safety system, position sensors, brake sensors, motorcycle LED lights, steering wheel hubs, and control switches are generating several opportunities for the industry growth.

Moreover, the devices provide video-based driving assistance by using vehicle camera systems, thereby strengthening the driver safety. Vehicle tracking systems are majorly implementing these devices in the LED displays and monitors to assist parking and traffic situations and monitor the driving behavior. Design flexibility and low cost of the solution are expected to drive the growth of the automotive molded interconnect device market.

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LDS MID market is expected to grow at a CAGR of over 15% over the forecast timespan. Several industrial and aerospace & defense manufacturers are developing compact and advanced models by integrating mechanical & electrical functions in a single product. This helps manufacturers to save production costs and offer aesthetically-improved features along with the reduction in their production times. With miniaturization driving the consumer electronics industry, the LDS market is growing in popularity by allowing smaller designs with integrated functionalities.

Key industry players operating in the MID market include MacDermid Enthone, Harting Mitronics, Molex, SelectConnect Technologies, and RTP Company. The designers and electronic developers have expanded their capabilities in the prototyping and functioning of the final device by using advanced 3D design tools such as the Target 3001.

Besides the consumer electronics and automotive sectors, one of the most anticipated trends in the MID market remains the contribution of healthcare fraternity to this space. With rapid R&D investments toward healthcare prototyping gaining prominence, the sector is certain to be a profitable end-user for the molded interconnected devices manufacturers. Global Market Insights, Inc. forecasts the healthcare MID market to record an appreciable double-digit CAGR of 15% over 2018-2024.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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