Electromagnetic Shielding Market Projected to Reach $8.5 Billion by 2030
According to a new report published by MarkWide Research, titled, “Electromagnetic Shielding Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030,” the electromagnetic shielding market is expected to witness substantial growth, reaching a value of $8.5 billion by the year 2030. The market is projected to expand at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030.
The increasing reliance on electronic devices, coupled with the growing prevalence of electromagnetic interference (EMI) in various industries, is driving the demand for effective electromagnetic shielding solutions. Electromagnetic shielding plays a crucial role in minimizing electromagnetic radiation and interference, thereby ensuring the proper functioning of electronic devices in sensitive environments.
Key findings from the report highlight the following factors contributing to the growth of the electromagnetic shielding market:
- Rise in Electronic Device Usage: The proliferation of smartphones, tablets, laptops, and other electronic devices has led to an upsurge in electromagnetic radiation. As a result, industries such as telecommunications, consumer electronics, and automotive are increasingly adopting electromagnetic shielding solutions to maintain device integrity and performance.
- Expanding Automotive Sector: The automotive industry is integrating advanced electronic systems for improved vehicle safety, connectivity, and autonomous capabilities. This trend has amplified the need for electromagnetic shielding to prevent interference between various components and ensure seamless vehicle operation.
- Increasing Healthcare Applications: The healthcare sector relies heavily on medical equipment and devices that are susceptible to electromagnetic interference. Electromagnetic shielding solutions are essential in maintaining the accuracy and reliability of medical devices, ensuring patient safety and efficient diagnostics.
- Rapid Technological Advancements: Ongoing technological advancements are introducing new materials and designs for electromagnetic shielding solutions. These innovations are enhancing the efficiency of shielding products while maintaining cost-effectiveness, thus driving market growth.
- Stringent Regulatory Standards: Regulatory bodies are implementing stringent electromagnetic compatibility (EMC) standards across industries to ensure device safety and reliability. Compliance with these standards is bolstering the adoption of electromagnetic shielding solutions.
The report segments the electromagnetic shielding market based on material type, application, end-use industry, and region. Conductive coatings, metals, conductive polymers, and EMI/RFI shielding tapes are among the key material types analyzed. The report also provides comprehensive insights into applications such as electronics, telecommunications, automotive, aerospace, healthcare, and others.
Geographically, North America holds a significant share in the electromagnetic shielding market due to the presence of established electronics and automotive industries, along with the increasing demand for advanced technologies. Europe follows suit, driven by a strong automotive sector and stringent regulatory standards. Meanwhile, the Asia Pacific region is witnessing rapid industrialization, leading to increased electronics manufacturing and subsequently contributing to market growth.
Prominent players operating in the electromagnetic shielding market are actively engaging in strategies such as mergers and acquisitions, partnerships, and product innovations to strengthen their market position. Some of the key players mentioned in the report include Laird Performance Materials, Parker Hannifin Corp, PPG Industries Inc., 3M Company, and Henkel AG & Co. KGaA.
In conclusion, the electromagnetic shielding market is on a trajectory of steady growth, supported by the escalating use of electronic devices, technological advancements, and regulatory compliance requirements. As industries continue to invest in advanced electronic systems, the demand for effective electromagnetic shielding solutions is poised to rise. The report by MarkWide Research presents a comprehensive analysis of the market’s current status, trends, and future prospects, serving as a valuable resource for businesses, investors, and stakeholders seeking to make informed decisions in the evolving electromagnetic shielding landscape.