Molded Interconnect Devices Market size predicted to grow with 13.8% CAGR to hit USD 629.5 million by 2023: Global Market Insights Inc.
Molded interconnect devices (MID) market size is forecast to be worth USD 629.5 million by 2023; as per a new research report by Global Market Insights, Inc. These products enable integration of mechanical and electronic components and circuits directly on 3D plastic components. They also aid in integrating chips with their assemblies, and allow the antennas in smartphones or netbooks to be installed directly within the housing. This in turn facilitates in saving a great amount of space and also enables miniaturization. Optimal design flexibly as well as high functional density is predicted to propel molded interconnect devices market size over the forecast timeframe. Medical applications were valued at USD 7.6 million in 2015. Rising awareness regarding benefits offered by these products is projected to fuel industry demand, over the next seven years.
The industry is forecast to have substantial impact on economization owing to the capability of these devices to essentially integrate numerous mechanical and electrical functions into one circuit. Since they require fewer additional components, they help save considerable capital, which is projected to drive molded interconnect devices market growth. In addition, these systems are likely to save manufacturing time as they have shorter process chain as well as assembly chain owing to the involvement of fewer parts in the system. High reliability offered by these products owing to minimal failure ratio is expected to fuel the molded interconnect devices market size in the coming years. This can be attributed to less complexity of the systems due to existence of very less number of auxiliary components in the product. They are anticipated to have superior environmental benefits as they use thermoplastic materials with minimal additives. Major benefits also include high level of design freedom and lesser assembly steps when compared to conventional printed circuit boards (PCB). Furthermore, integration of functions and sensors into space saving assembly aids in reducing the number of individual components and assembly times required, and also help in reducing the number of production steps. This is expected to optimize the supplementary costs and also facilitate in manufacturing high quality components. Techniques such as direct bare chip assembly on the substrates are anticipated to further fuel the industry demand over the forecast timeframe. Selective metallization offered by these devices is expected contribute in revenue generation. 1|Page