How Is The Global Surface Mount Technology (SMT) Equipment Market defined?
Surface mount technology (SMT) is a method used for producing electronic circuits in which the components are mounted directly onto the surface of printed circuit boards (PCBs). SMT equipment refers to the various machines and tools used in the assembly and production process of these circuits. The primary purpose of SMT equipment is to automate the assembly of electronic components onto PCBs, ensuring precision, efficiency, and reliability in the manufacturing process.
Surface Mount Technology (SMT) Equipment Global Market Report 2024 provides data on the global surface mount technology (smt) equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The surface mount technology (smt) equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Surface Mount Technology (SMT) Equipment Market Size Expected To Expand, And At What Annual Growth Rate?
The surface mount technology (SMT) equipment market has grown robustly, rising from $5.33 billion in 2023 to $5.82 billion in 2024 at a CAGR of 9.2%. Historical growth is attributed to increased environmental regulations, smart home device adoption, semiconductor industry growth, and demand for high-performance computing and smart wearables. The market is expected to grow further, reaching $8.32 billion by 2028 at a CAGR of 9.3%, fueled by automotive electronics, mobile device adoption, medical device production, and renewable energy investment. Key trends include technological innovations, 3D printing, AI integration, IoT adoption, and advancements in 5G technology.
What Are The Key Drivers Fueling Growth In The Surface Mount Technology (SMT) Equipment Market?
The rising demand for electronic devices is expected to drive the growth of the surface mount technology (SMT) equipment market. Electronic devices, which operate using electrical circuits to perform tasks, are becoming smaller, more powerful, and energy-efficient due to advancements in semiconductor technology. Surface mount technology (SMT) equipment enables the precise assembly of electronic components on printed circuit boards (PCBs), facilitating the production of sophisticated devices used in various industries. For example, in April 2024, the Japan Electronics and Information Technology Industries Association reported a 113.3% increase in the production of electronic components in Japan compared to the previous year. Therefore, the rising demand for electronic devices is driving the growth of the SMT equipment market.
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What Are The Principal Market Segments In The Global Surface Mount Technology (SMT) Equipment Industry?
The surface mount technology (SMT) equipment market covered in this report is segmented –
1) By Equipment: Placement Equipment, Inspection Equipment, Soldering Equipment, Screen Printing Equipment, Cleaning Equipment, Repair Equipment, Rework Equipment
2) By Component: Passive Components, Active Components
3) By Service: Designing, Test And Prototyping, Supply Chain Services, Manufacturing, Aftermarket Services
4) By End-User : Telecommunication, Consumer electronics, Aerospace and defense, Automotive, Other End-Users
Which Emerging Market Trends Are Altering The Surface Mount Technology (SMT) Equipment Sector?
Companies in the surface mount technology (SMT) equipment market are focusing on developing intelligent SMT machines that optimize precision, efficiency, and reliability in manufacturing. These machines incorporate AI, machine learning, and advanced sensors to enhance the assembly of electronic circuits. For example, in September 2023, Panasonic Holdings Corporation, a Japan-based company, launched the NPM-G Series SMT machines in India. These machines feature high-speed placement capabilities, modular architecture for scalability, and integration with smart factory systems for real-time monitoring and data analytics.
What Is The Leading Region In The Surface Mount Technology (SMT) Equipment Market?
Asia-Pacific was the largest region in the surface mount technology (SMT) equipment market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the surface mount technology (SMT) equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
