With 7.8% CAGR, Surface Mount Technology (SMT) Market Growth to Surpass USD 8.4 billion

The surface mount technology (SMT) market is projected to grow from USD 5.8 billion in 2023 to reach USD 8.4 billion by 2028; it is expected to grow at a CAGR of 7.8% during the forecast period. The advent of self-monitoring, analysis, and reporting technology (SMART) is one of the major opportunities in the market.

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Key players in the surface mount technology (SMT) market are grabbing opportunities by indulging in partnerships and acquisitions. Product development and expansions were a few of the other strategies adopted by companies in this market to strengthen their market position.

Placement equipment to grow with the second highest CAGR during the forecast period. High-speed placement equipment has a huge demand in the Asia Pacific owing to its wide applications in electronic manufacturing. Asia Pacific has a huge market for consumer electronics and automobiles, creating a huge demand for SMT-based electronic devices. Since the demand is so high, the turnover time is expected to be low. Hence the need for high-speed placement equipment is high in this region. The companies that provide such high-speed placement equipment include Shenzhen Jaguar Automation Equipment (China), Juki Corporation (Japan), Yamaha Motor (Japan), Panasonic Corporation (Japan), and Fuji Corporation (Japan), among others.

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China is expected to have the highest growth rate in terms of country in the surface mount technology (SMT) market. China, being one of the fastest-growing economies in the world, is also a manufacturing hub of semiconductor and automotive manufacturers. Thus, the potential for the growth of the surface mount technology market is very high in China. Owing to the huge market for automobiles in China, the pollution and greenhouse effect in this country is also very high. The adoption of industrial automation is increasing at a rapid pace due to the flourishing industrial sector and rising per capita income. This is leading to increased adoption of advanced manufacturing technologies and consequent requirements for SMT equipment.

News also Covered: https://www.prnewswire.com/news-releases/surface-mount-technology-smt-market-worth-8-4-billion-by-2028---exclusive-report-by-marketsandmarkets-301780771.html

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This release was published on openPR.