September 21, 2023 06:56 ET | Source: Zion Market Research Zion Market Research
New York, NY, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Surface Mount Technology Market By Service (Supply Chain Services, Designing, Aftermarket Services, Test & Prototype, And Manufacturing), By Equipment (Repair & Rework Equipment, Placement Equipment, Screen Printing Equipment, Soldering Equipment, And Cleaning Equipment), By Component (Passive Component, Electrochemical Component, And Active Component), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. PCBA
“According to the latest research study, the demand of global Surface Mount Technology Market size & share in terms of revenue was valued at USD 5.69 billion in 2022 and it is expected to surpass around USD 9.88 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.14% during the forecast period 2023 to 2030.”
What is Surface Mount Technology? How big is the Surface Mount Technology Industry?
The global surface mount technology market size was worth around USD 5.69 billion in 2022 and is predicted to grow to around USD 9.88 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.14% between 2023 and 2030.
Automation in the field of electronics led to the development of a technology known as surface mount technology (SMT). It is now feasible, thanks to the development of this technology, to attach even the tiniest electronic components directly onto the surface of the printed circuit board, also known as the PCB. This method stands in stark contrast to the conventional approach of assembly, which entails inserting components through pre-drilled holes in the base material. The SMT method has resulted in a higher level of automation, which has made the production and manufacturing of complicated electronic circuits a simple work. Additionally, the process has been improved by producing a scope for the construction of ever-smaller assemblies while maintaining a high level of repeatability and quality. Surface mount devices, on the other hand, are electronic components that are utilized during the process of surface assembly mount. It is not difficult to locate multiple SMD component packages in a variety of forms and sizes. Surface mount devices (SMDs) are utilised. The surface mount technology is utilized in a variety of end-user verticals, including medical devices, automotive electronics, industrial electronics, renewable energy, telecommunications, aerospace and defense, and a great number of other applications. During the time period covered by this forecast, the SMT industry is anticipated to expand at a rate that is relatively constant.
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Global Surface Mount Technology Market: Growth Factors
Increasing levels of demand and consumption for smaller consumer electrical goods are driving the expansion of the industry.
It is anticipated that the global surface mount technology market will expand as a result of the rising demand and consumption of smaller consumer electronics. There has been a rise in the number of people moving from one place to another, either for work-related tasks or for personal reasons. As a result, there has been a rise in the demand for gadgets that are both tiny and portable, such as smartphones, tablets, and laptops, that come with advanced capabilities. In addition, sales of small television sets and other entertainment units have increased as a direct result of their increasing use in a variety of outdoor activities, such as sports and recreation, as well as in medical or healthcare settings.
In August 2023, LG, a leading producer of televisions and other consumer goods, introduced its new line of portable televisions with a light-emitting diode (LED) television that customers can take with them wherever they go. The screen measures 27 inches. The television set costs one thousand dollars and has its own built-in battery systems to power it. Apple, a groundbreaking corporation in the field of technology, introduced a brand new iPad mini in September 2021. This iPad mini boasts amazing performance and comes with a stunningly beautiful new design. It has the ability to support a 5G network and features a design that is all-screen. These kinds of breakthroughs are the primary drivers behind the consumer electronics industry's sustained demand growth for SMT. The size of the global market is expected to continue growing as a result of the continued increase in the spending power of end-consumers and the growing need for electronic components that are both highly advanced and tiny in size.
Surface Mount Technology Industry: Obstacles to Growth
The heightened susceptibility of SMT to the effects of the environment may hinder the expansion of the market.
Surface mount technology is known to display more sensitivity to external environmental conditions such as temperature and humidity when compared to alternative technologies such as through-silicon vias (TSVs) and through-hole technology (THT). This property has resulted in the necessity of contemplating making an investment in heat and high-frequency management in devices built using SMT, and it may lead to additional issues during the manufacturing process of the product. In addition to this, the increasing applications of substitute technologies such as THTs and TSVs further segment the revenue of the surface mount technology market. This is due to the fact that there is a large section of players in the semiconductor sector that continue to use older assembly methods because they have the advantage of having experience and expertise in older yet effective methods.
Opportunities Available on the Surface Mount Technology Market
Increasing the amount of geographical diversity in the semiconductor business to act as a market conductor
Because surface mount technology (SMT) is such a common technique for assembling semiconductor devices, the semiconductor industry has an indirect influence on the demand in the global surface mount technology market. For a long time in the past, the semiconductor business was extremely restricted, with some regions enjoying the lion's share of the total market share. However, in recent times, several new nations, particularly emerging countries with large resources, are targeting the semiconductor industry and offering new investment opportunities for multinational businesses to participate in the upcoming regional semiconductor sector. These countries are among those eyeing the market. In July of 2023, the government of India made the announcement that it intended to initiate the process of developing a whole ecosystem that is capable of supporting the local semiconductor market. The country intends to draw from its enormous reservoir of talent in carrying out its new vision. In addition to this, the current market leaders are intensifying their efforts to maintain their position as the dominant players in the market. Recent reports indicate that China intends to launch a state-backed investment fund in an effort to acquire USD 40 billion that it hopes to use to boost its local semiconductor market. The fund will reportedly be used to purchase domestic semiconductor manufacturing equipment.
Concerns Regarding the Surface Mount Technology Market
The difficulty of repairing or reworking on SMT-based printed circuit boards is expected to be a barrier to market expansion.
In the event that the PCB that was created utilizing SMT develops a fault, it will be quite challenging to fix the parts because the primary benefit of SMT is that it makes it possible to produce tiny gadgets with a restricted amount of free space. When dealing with such components, traditional soldering repair procedures might not be effective, thus more advanced approaches are required in these situations. However, one important thing to keep in mind is that there is a huge gap in the availability of competent experts, and this gap is especially large in nations that are either less developed or have less of a base in terms of technological skills. In addition, the demand for specialized equipment and skilled people is a primary factor that drives the initial investment that is associated with setting up SMT units. In addition, the strategy might not be appropriate for low-volume needs since it might be difficult to achieve economies of scale at those lower production levels.
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Surface Mount Technology Market: Segmentation Analysis
The surface mount technology market on a global scale can be broken down into four distinct submarkets: equipment, components, services, and regions.
The supply chain services, designing services, aftermarket services, test and prototype services, and manufacturing are the five service-based categories that make up the global market. The manufacturing industry experienced the highest growth rate in 2022 due to the fact that manufacturing is considered to be the fundamental activity behind the entire sector. It entails putting together the printed circuit board in its whole with the assistance of various components, soldering techniques, and pick-and-place equipment. After the printed circuit board (PCB) has been designed and manufactured, it then goes through the process of being tested or having its quality checked to make sure that it performs as expected. It is anticipated that other important markets, such as design and supply chain services, would maintain a consistent rate of expansion. The price of large pick-and-place machines ranges from approximately 500,000 to 700,000 USD on average.
The industry of surface mount technology can be broken down into several subcategories determined by the equipment used, including repair and rework equipment, placement equipment, screen printing equipment, soldering equipment, and cleaning equipment.
The global market can be broken down into three different divisions based on the component: active component, electrochemical component, and passive component. The passive component category dominated more than 55.1% of the overall surface mount technology industry share in 2022, and it was also the segment that saw the fastest rate of growth. These components are able to perform their functions without the assistance of an external power source and are extremely important to the effective operation of electronic circuits. This section contains a variety of components, including capacitors, resistors, filters, and inductors. Filtration, power conversion, and electromagnetic interference (EMI) are only some of the most common uses for passive components.
The global Surface Mount Technology market is segmented as follows:
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Some of the main competitors dominating the global Surface Mount Technology market include -
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Asia-Pacific to register the highest growth rate during the projected period
The global surface mount technology market is expected to witness the highest growth in Asia-Pacific. In 2022, the region was responsible for controlling over 31.5% of the global revenue share. The presence of a robust electronics industry in the countries of China, Japan, Taiwan, and India is the leading cause of the high regional growth rate. These countries are home to a complete set of manufacturers, designers, suppliers, and corporate companies dealing with PCB assembly lines and SMT.
In addition to this, the increase in the regional consumer electronics industry with surging demand for affordable, advanced, and compact devices such as smartphones and tablets could assist the regional expansion trend in the coming years. Since the SMT market in Asia-Pacific has tremendous potential, the regional governments have continued to support and encourage the domestic PCB and SMT industry. North America is projected to grow at a significant rate driven by the presence of several end-users of the final components. The regional SMT industry has applications in several sectors including medical and automotive, two of the fastest-growing regional markets.
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