The surface mount technology market revenue assumed by the end of 2021 was US$ 4.6 Bn. The surface mount technology market is expected to reach US$ 15.5 Bn by 2032.
The market revenue for surface mount technology was estimated to be US$ 5.1 Billion by 2022. Assuming a CAGR of 11.8% from 2022 to 2032, the market for surface mount technology is anticipated to expand to US$ 15.5 billion by 2032.
The process of creating electronic circuits uses surface mount technology. Through the use of this technology, printed circuit boards’ surfaces are directly covered with electrical circuitry components (PCBs). A surface mount device is a piece of electronic equipment produced using this technology. Surface mount technology is being used to build all mass-produced electronics devices.
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Surface Mount Technology Market: Drivers and Restraints
During the projected period, the global market for surface mount technology is anticipated to expand quickly. Growing demand for mounting electrical and mechanical components, expanding use of flexible printed circuit boards, expanding mass production of electronics hardware, and expanding miniaturisation trends are the main factors propelling the growth of the global surface mount technology market.
On the other hand, factors such as the high cost of surface mount equipment systems and the inadequacy of surface mount technology for high power or high voltage parts, such as power circuitry, are limiting the growth of the global surface mount technology market.
The Electronic and Automotive Sectors are Important Drivers of the Surface Mount Technology Market
Some of the main factors influencing the rise of surface mount technology include exponential growth in the electronics industry, miniaturisation of current electronic components, increased use of flexible printed circuit boards, and rising interest in electric vehicles.
The demand for tiny electrical components is increasing as a result of rapid digitization and increased automation penetration. This technology is being used by manufacturers to create smaller, more compact electronic components.
Since the majority of the electrical components used in electric vehicles are made using surface-mount technology because it offers better mechanical efficiency under shock and vibration, the demand for the adoption of electric vehicles is increasing, which results in increased production and sales of electric cars, providing exciting development prospects for this market.
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Regional Evaluation
North America is anticipated to have the surface mount technology market’s fastest rate of growth, with East Asia having the largest market share (24.5%) in 2021.
Due to rapid industrialization, a growing population, a booming economy, the presence of major SMT players, and the growing trend of miniaturization, East Asia currently controls the majority of the surface mount technology market. Electrical goods are widely produced and exported by the nations in this region. For the mass production of electrical devices, the majority of electronics companies use surface mount technology.
Demand is rising in North America as a result of growing digitalization and a developing electronics sector. Electronic device manufacturers throughout the region are increasingly depending on SMT to streamline manufacturing as a result of the rising demand for electronic products such as smartphones, medical devices, wearables, laptops, PCs, and other home appliances. As a result of these factors, North America is anticipated to have a CAGR of 10.1% during the forecast period.
Competitive Landscape
Global players in the Surface Mount Technology market include FUJI MACHINE MFG.CO., LTD, Juki Corporation, Corporation, Nikon Metrology NV, Tioga Limited, Hitachi High Technologies, Orbotech Ltd, Allen Organ Company LLC and Nordson Corporation.
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Surface Mount Technology Market by Category
By Equipment:
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Dec 14, 2022
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