SMT Equipment Market Is Expected To Cross The Value Of US$ 9.1 Bn by 2031

Manufacturers operating in the global SMT equipment market are focusing on increasing their production capacity due to rising demand from consumers. There is a surging demand for miniaturized consumer electronics products such as mobile phones, laptops, tablets, electronic gadgets, smart wearable, television, etc. The increasing demand for such devices in developed and underdeveloped countries across the world is creating value-grab opportunities for the market players.

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The growing integration of biometrics and security in consumer electronics devices is further driving the SMT equipment market. The rising adoption of innovative electronic products in day-to-day life for convenience is responsible for rapid market expansion. In addition, technological advancements in such devices and increasing investment in research & development are some factors contributing to market growth.

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Rise in Demand from Semiconductor and Electronics Industries to Drive Global SMT Equipment Market

Due to the rising popularity of LED products in consumers, manufacturers are more likely to opt for SMT equipment to increase the productivity. There is a rising demand for LEDs since the past few years. This is due to the growing awareness about green technology, longer operating life, and higher brightness. Growth and advancements in semiconductor and electronics industries is attributable to the SMT equipment market growth. Some of the key benefits of using SMT equipment in semiconductor and electronics industries are durability, cost-efficiency, enhanced performance, improvement in manufacturing procedures, etc. LED manufacturers are focusing on development of products by using SMT in order to attract more consumers.

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Increase in Adoption of Flex Circuit in Various End-use industries

Flex circuits are used in various end-use industries such as automotive, medical, telecommunication, and industrial. They are used to improve the performance of electronic components. Flex circuit can be widely used in wearable electronics, as they act as a replacement for traditional wire harnesses. The increasing usage of smartphones and smart cards is driving the SMT equipment market. In addition, rising demand for miniaturization of devices for better performance is fueling the SMT equipment market growth. The low cost of configuration is also projected to boost the demand for flex printed circuit.

Flourishing Growth in Asia Pacific Creating Profitable Opportunities

Asia Pacific accounts for the largest share of the global SMT equipment market. Increasing demand for smartphones, rapid adoption of technological inventions, and adoption of consumer electronics boost the global market growth in Asia Pacific. The market is growing rapidly in Asia Pacific countries such as India and China. The Asia Pacific SMT equipment market is majorly driven by the lucrative presence of manufacturers in the region.

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