The Surface Mount Technology (SMT) Equipment market size is expected to reach US$ 10.19 billion by 2031 from US$ 6.38 billion in 2023 to record a CAGR of 6.0% from 2023 to 2031.
NEW YORK, Oct. 16, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the rapid expansion of the electronics business has increased the global demand for Surface Mount Technology (SMT) Equipment. In addition, Surface Mount Technology (SMT) Equipment offers maximum flexibility in building printed circuit boards, such as increased automation, improved reliability and performance, reduced manual intervention for component placement, and nearly total elimination of hole drilling operations, which is rising its demand in the global market. Furthermore, Surface Mount Technology (SMT) Equipment provides several benefits, including reduced component sizes, higher component density, and increased manufacturing efficiency, driving the growth of the Surface Mount Technology (SMT) Equipment Market in the forecasted period.
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Global Surface Mount Technology (SMT) Equipment Market experiences significant growth due to growing consumer electronics industry.
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Surface Mount Technology (SMT) Equipment Market comprises of equipment type, component, and end-user which are expected to register strength during the coming years.
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Overview of Report Findings:
Identify The Key Trends Affecting This Market - Download Sample PDF: https://www.theinsightpartners.com/sample/TIPRE00018394/
Market Segmentation:
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Competitive Strategy and Development:
Global Headlines on Surface Mount Technology (SMT) Equipment Market:
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In terms of revenue, Asia Pacific dominated the Surface Mount Technology (SMT) Equipment market share in 2023, followed by North America and Europe. The North America Surface Mount Technology (SMT) Equipment market is segmented into the US, Canada, and Mexico. The US continues to lead globally in terms of its overall contribution to the global value chain, with strong leadership positions in high-value-added areas of semiconductor technology, including chip design, electronic design automation (EDA), and semiconductor manufacturing equipment. The US is encouraging the production of more chips on American shores. The US government is taking various steps to strengthen the semiconductor industry. For example, in May 2024, the Semiconductor Industry Association (SIA), in partnership with the Boston Consulting Group (BCG), released a report on the global chip supply chain that projects the US will triple its domestic semiconductor manufacturing capacity from 2022—when the CHIPS and Science Act (CHIPS) was enacted—to 2032. The US is expected to increase its domestic chip manufacturing by 203% in the decade following the enactment of the CHIPS and Science Act. The Surface Mount Technology (SMT) Equipment is used to mount chips on the PCB to place more features on smaller boards without having to secure components with through-hole wire leads.
Industrial automation offers a number of benefits over traditional manual labor. Hence, it is used to improve productivity, quality, and safety in manufacturing and other industrial applications. For example, according to the International Federation of Robotics (IFR), manufacturing companies in the US have invested heavily in automation: total installations of industrial robots rose by 12% and reached 44,303 units in 2023; the car industry is the number one adopter of automation, followed by the electrical & electronics sector.
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Industrial automation uses robotics, industrial sensors, machines, and control systems to perform tasks that human workers traditionally carry out. PCBs are essential in industrial automation because they provide a platform for integrating various electronic components. PCBs play a vital role in controlling robotic arms to coordinate complex manufacturing processes; they form the backbone of automation systems. The PCBs contain the placement of complex components such as BGA, CSP, QFP, DFN, and POP, which are used in industrial automation. Surface Mount Technology (SMT) Equipment can smoothly place these complex components on PCBs. Thus, the growing industrial automation is expected to create an opportunity for the growth of the Surface Mount Technology (SMT) Equipment market.
Conclusion:
Surface Mount Technology (SMT) Equipment helps with the manufacturing of electronics across consumer electronics, automotive, and medical industries. In consumer electronics, it is used for mobile phones, laptops, and TVs. In automotive electronics, it is used for engine control units and infotainment systems. In medical devices, it is used in imaging equipment and monitoring devices. Furthermore, electronic devices are getting smaller and more complicated, with ever-shrinking components. Surface Mount Technology (SMT) Equipment is required to handle these tiny components with high precision and speed during assembly processes. The growing consumer electronic industry and miniaturization of electronic products are driving the growth of the market. Increasing need for environment-friendly electronic components and growing industrial automation are expected to create growth opportunities for the market. 3D packaging and Through Silicon Via (TSV) are expected to be key market trends during the forecast period.
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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system integrator, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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