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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, as it is estimated to grow at a CAGR of 11.8 % for 2022-2032.
Attributes | Details |
---|---|
Estimated Year (2022) Market Value | US$ 5.1 Billion |
Projected Year (2032) Market Value | US$ 15.5 Billion |
CAGR% (2022 to 2032) | 11.8 % |
Top 5 Vendor Market Share | Around 32% |
Surface mount technology refers to when an electrical component is directly mounted or attached to the top surface of a printed circuit board (PCB). It differs from the standard soldering-through-hole approach. It uses somewhat distinct soldering equipment and techniques that enable greater electrical conductivity and dependability than the thru-hole method. Surface mount technology allows more components to fit on a given area of printed circuit board while dramatically lowering total production costs.
Surface mount technology accounts for nearly 33% of the global PCB assembly market.
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The surface mount technology market is assumed to grow at a CAGR of 11.8% for the forecast period.
Because of its numerous advantages, such as fewer components, better component density, improved mechanical performance, and easier and faster automated assembly, industries are increasingly transferring their preference from through-hole technology to surface mount technology.
Adoption of 5G networks opens up new opportunities for software developers to create applications that are faster and provide a better user experience.
Exponential expansion in the electronics sector, miniaturisation of current electronic components, increased usage of flexible printed circuit boards, and the growing popularity of electric cars are some of the primary drivers driving the rise of surface mount technology.
With fast digitization and increased automation penetration, demand for tiny electrical components is expanding. Manufacturers are increasingly adopting this technology to make smaller and more compact electronic components.
The increase in demand for electric vehicle adoption leads to increased production and sales of electric cars, offering attractive development prospects for this market because the majority of electrical components used in electric vehicles are made using surface-mount technology because it provides better mechanical efficiency under shock and vibration.
East Asia was the region estimated to hold the largest market share in 2021 of 24.5%, and North America is estimated to be the fastest-growing region for the surface mount technology market.
East Asia dominates the market for surface mount technology because of fast industrialization, a growing population, a thriving economy, the existence of leading SMT players, and the rising trend of miniaturization. The countries in this region produce and export a large amount of electrical goods. The majority of electronics firms use surface mount technology for the mass manufacturing of electrical gadgets.
In North America, because of growing digitization and an expanding electronics industry, demand is increasing. With rising demand for electronic items ranging from smartphones, medical devices, and devices to wearables, laptops, PCs, and other consumer appliances, electronic device makers throughout the region are increasingly relying on SMT to streamline manufacturing.
Due to these reasons, North America is estimated to be a fast-growing market with a CAGR of 10.1% for the forecast period.
China is one of the world's major consumers, exporters, and manufacturers of mobile phones. The majority of Chinese electronics manufacturers use SMT to mass produce electronic devices. Driven by this, the country is seeing huge demand for surface-mount technology. In addition, the increasing penetration of technology adoption and the increasing sales of electric vehicles are positively impacting the domestic SMT market.
Due to these reasons, China is estimated to have a larger market share of 18.4% in 2021.
The United States is one of the countries with the most rapid and early adoption of technology in the world. The rise in wireless communication standards and growing demand for 5G networks are driving the demand for SMT in the telecommunications sector in this region. The automotive sector also offers electric vehicles with new technologies and innovations through mergers, acquisitions, and partnerships with various leading companies in the SMT industry.
For these reasons, the US is estimated to grow at a CAGR of 10.4% for the forecast period.
India is leading the world in technology adoption, providing a better platform for manufacturers and industrialists, increasing demand for 3G and 4G networks, and increasing the adoption of electric vehicles. Apart from exports, India is also beginning to manufacture technologies such as SMT to produce smaller and more compact electronic components. It acted as a catalyst for the expansion of the surface mount technology market in India.
For these reasons, India is estimated to grow at a CAGR of 12.1% for the forecast period.
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Circuit boards that mechanically support and electrically connect electronic components using conductive tracks and other features. Earlier PCBs were made by a process that fixed the component and made it very difficult to disassemble, but now, with Surface Mount Technology technology, PCB assembly is done by solder joints, so spare parts and materials are easier to remove from the target parts if the chance for failure occurs. As a result, rework and repair equipment will have the largest market share in surface mount technologies in 2021, accounting for 36.8%.
The consumer electronics application segment holds the largest market share due to the high level of development that reduces the size and weight of consumer electronics through the application of surface mount technology. Surface-mount components are smaller, thinner, and lighter than through-hole technology products.
Due to these factors, consumer electronics were estimated to have a larger market share of 27.1% in 2021.
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.
Attribute | Details |
---|---|
Market value in 2021 | US$ 4.6 Billion |
Market CAGR 2022 to 2032 | 11.8% |
Share of top 5 players | Around 32% |
Forecast Period | 2022 to 2032 |
Historical Data Available for | 2017 to 2021 |
Market Analysis | USD Billion for Value |
Key Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa |
Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa |
Key Segments Covered | Equipment, Application and Region |
Key Companies Profiled |
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Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
Some leading of the surface mount technology are Fuji Machine Mfg. Co., Ltd, Juki Corporation, Hitachi High Technologies Corporation and Nikon Metrology NV.
East Asia is estimated to have the largest market share for the Surface Mount Technology market during the forecast period of 24.5%.
With the rapid pace of digitization and the increasing penetration of automation, the demand for miniature electronic components is increasing day by day, driving the market.
Rework and repair equipment had the largest market share for the Surface Mount Technology market of 36.8% in 2021.
Placement equipment has the highest CAGR of 12.1% for the forecast period.
U.S.A, Germany, India, China and Japan.
The market share of South Asia and Pacific for the year 2021 for the Surface Mount Technology market was 18.4%.
Europe had a market share of 15.4% in 2021 for Surface Mount Technology market.
South Asia and Pacific has the highest CAGR for the forecast period, which is 12.5%.
The estimated market value for Surface Mount Technology market for the year 2022 is US$ 5.1 Bn.
For East Asia region, the CAGR for the forecast period is estimated to be 7.8% for the Surface Mount Technology market.
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