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The global electronic protection device coating market registered a revenue of nearly $13,600.0 million in 2018 and is anticipated to grow at 4.3% CAGR, surpassing $19,254.2 million by 2026. The market has witnessed a significant growth previously but will experience a slight decline in 2020.
The decline is due to the halt in the production of electronics items owing to shortage in workforce, raw materials and logistics during this epidemic. The demand for these devices will rise in Q2/Q3 i.e. 2023 until the forecast period because of rising demand for protection systems in electronic devices, as these devices are used extensively such in as wearable consumer electronics, automotive, etc. Besides, the market might witness a drift in product availability, as the manufacturers in China have completely shut down their operations. Our analysts have estimated the condition of the electronic protection device coating market during the COVID-19 outbreak as follows.
| CAGR Pre COVID-19 | 4.8% |
| CAGR Post COVID-19 | 4.3% |
| Recovery By | Q2/Q3 2023 |
| Realtime BPS | 52 |
| *Estimated market Size, 2020, Pre COVID | USD 15,088.0 Million |
| **Real Time market Size, 2020, Post COVID | USD 8,811.4 Million |
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
Electronic protection device coatings are used in PCB & LED thin layers in order to prevent from various environmental issues such as moisture and dust. These coatings are helpful to protect the PCB used in various sectors including automotive, consumer electronics, and industrial. With the increase in usage of electronic appliances, the demand for electronic protection devices rises, specifically in the automotive sector. So, growing number of automotive industries and advanced technology are factors positively impacting the adoption of electronic protection device coating across the globe. In addition, the companies which are engaged in production of medical equipment are not getting much affected compared to electronic companies.
The electronic protection device coating systems consist of several components, and the operational procedures associated with these components are quite complex; this is significantly impacting the installation and maintenance cost of electronic protection devices. This factor is majorly restraining the growth of the market. Moreover, in case of a sudden movement of electrical wires, it is necessary to deploy efficient components to control them immediately. Otherwise it can limit the electronic protection devices market in the near future.
The COVID-19 pandemic has impacted the electronic protection device coating market negatively. As per the survey conducted by UK electronic industry, it has been observed that there is wide disruption in supply chain of electronic industry due the production of electronic components being discontinued in china which is the main link of electronic components. All these factors cause delay in shipments and harm production in other countries as well.
Hence, it is predicted that consumer electronics will have negative impact with this movement restrictions, followed by industrial & automotive. On the other side, all electronic companies are not suffering. The companies that are working on medical devices, remote monitoring will have great opportunity to grow during this crucial period. They have assured that essential services such as medical treatment services and product supply will continue business during the COVID-19 pandemic.
The global electronic protection device coating system market will witness significant decline in 2020 and is anticipated for growth in electronic protection coating devices in Q2/Q3 i.e. 2023 and follow the trend until the end of the forecast period. The rapid growth is majorly attributed to the increasing implementation of electronic protection device coating systems in the automotive, across the globe. This market is expected to restore its growth after the control of the pandemic situation.
Scientists are significantly making continuous improvements in electronic technologies to develop enhanced safety and to provide reliable features in order to eliminate the risk associated with circuit boards such as outbraking, short circuit, and power failure. Also, there will be a rise in the implementation of new technologies in the electronic protection systems which able to control immediately the problem caused due to short circuit, and any others related to especially in industrial economies. This aspect will drive the growth of the market.
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