2024 Surface Mount Technology (SMT) Equipment Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Surface Mount Technology (SMT) Equipment Market Between 2024-2033?
The surface mount technology (SMT) equipment market has shown strong growth in recent years, projected to rise from $5.33 billion in 2023 to $5.82 billion in 2024, achieving a CAGR of 9.2%. The growth in the historical period can be attributed to increased environmental regulations, the rise of smart home devices, expansion in the semiconductor industry, increased demand for high-performance computing, and a higher demand for smart wearables.
The surface mount technology (SMT) equipment market is forecasted to grow significantly, reaching $8.32 billion by 2028 with a CAGR of 9.3%. This growth is attributed to the rising demand for automotive electronics, increased adoption of mobile devices, growing production of medical devices, expansion of smart home devices, and rising investments in renewable energy. Key trends include technological innovations, the rise of 3D printing, integration of artificial intelligence, and the adoption of IoT and 5G technologies.
What Are the Major Factors Contributing to the Surface Mount Technology (SMT) Equipment Market Expansion?
The rising demand for electronic devices is anticipated to boost the surface mount technology (SMT) equipment market. Electronic devices operate on electrical energy and utilize electronic circuits for various applications. The advancement of semiconductor technology has resulted in smaller, more powerful components, enhancing the portability and efficiency of electronic devices. SMT equipment facilitates the precise assembly of electronic components onto PCBs, contributing to the production of sophisticated devices across multiple industries. For instance, in April 2024, the Japan Electronics and Information Technology Industries Association reported that Japan’s total production of electronic components and devices reached ¥605,945 million, marking a 113.3% increase over the previous year. Consequently, the rising demand for electronic devices is driving the SMT equipment market.
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Which Key Segments Shape the Surface Mount Technology (SMT) Equipment Market?
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
What Are the Transformative Trends Influencing the Surface Mount Technology (SMT) Equipment Market?
The surface mount technology (SMT) equipment market sees companies innovating advanced process control machines to improve manufacturing precision, efficiency, and reliability. These sophisticated SMT machines leverage AI and sensor technologies for optimal component placement on PCBs. In September 2023, Panasonic Holdings Corporation introduced the NPM-G Series SMT machines in India, featuring high-speed capabilities and modular architecture for scalability, along with advanced vision systems for precise component placement.
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What Regions Are Leading the Growth Trajectory of 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.
The Surface Mount Technology (SMT) Equipment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the surface mount technology (smt) equipment market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Surface Mount Technology (SMT) Equipment Market Include
1. Surface Mount Technology (SMT) Equipment Market Executive Summary
2. Surface Mount Technology (SMT) Equipment Market Segments
3. Surface Mount Technology (SMT) Equipment Market Size And Template Market Growth Rate
4. Key Surface Mount Technology (SMT) Equipment Market Trends
5. Major Surface Mount Technology (SMT) Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Surface Mount Technology (SMT) Equipment Market
26. Top Surface Mount Technology (SMT) Equipment Companies
27. Surface Mount Technology (SMT) Equipment Market Opportunities And Strategies
28. Surface Mount Technology (SMT) Equipment Market, Conclusions And Recommendations
29. Appendix
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