The industrial electronics packaging market has also seen substantial evolution as demand for electronic components is ever-increasing. From rigid to flexible packing, all kinds of packaging formats are available to best fulfill industry requirement as per application. Industrial electronics packaging consumption rose at a CAGR of 3.5% from 2014 to 2021, with high need for custom electronic packaging complementing demand growth. Sales of industrial electronics packaging are predicted to rise at a CAGR of 4.1% from 2022 to 2029.
Demand for industrial electronics packaging designs in North America is expected to be most prominent among all the other regions, and the continent is anticipated to hold a major market share in the global landscape. Well-established electronics industry, high electronics production, and rising demand for durable and cost-effective packaging are major factors that influence the sales of industrial electronics packaging in North America.
Industrial electronics packaging sales in Europe are expected to rise at a noticeable pace over the forecast period. Demand for industrial electronics packaging in Europe is expected to be spearheaded by Germany, which currently holds nearly 60% of the market share in the region.
Shipments in the MEA region are expected to see relatively sluggish growth over the forecast period. Demand is expected to rise over the forecast period as urbanization spreads and the proliferation of technology increases, thereby driving demand for custom electronic packaging solutions.
The global industrial electronics packaging market is estimated to attain US$ 1,944.9 million in 2023. The market is projected to witness expansion at a CAGR of 4.1% through 2033, eventually leading up to US$ 2,906.73 million by 2033. Increasing demand for consumer electronics across the globe is influencing industrial electronics packaging consumption. (Source: Future Market Insights.