Surface Mount Technology Global Market Set to Skyrocket to $8.34 Billion By 2032 with an Impressive CAGR 9.6% | Fuji Corporation, Rayming Technology, Essemtec AG, CyberOptics Corporation, Juki Corporation

The surface mount technology market size has grown rapidly in recent years. It will grow from $5.23 billion in 2023 to $5.77 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to miniaturization of electronic devices, advancements in component packaging, increased efficiency in mass production, higher component density, improved electrical performance.

The surface mount technology market size is expected to see strong growth in the next few years. It will grow to $8.34 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to rise of Internet of things (IoT), flexible and wearable electronics, increased adoption of advanced materials, integration of artificial intelligence (AI), electric vehicle (EV) manufacturing. Major trends in the forecast period include advancements in package-on-package (PoP) technology, 5G technology implementation, technological advancements in pick-and-place systems, rise of smart manufacturing and industry 4.0, lead-free soldering technologies.

Market Overview -
Surface mount technology refers to a component assembly method for printed circuit boards in which the components are linked and attached utilizing batch solder reflow operations to the surface of the printed circuit board. This technique is utilized in the manufacture of electronic devices and provides advantages such as decreased component sizes, less interference coupling, and a high degree of precision and reproducibility.

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Surface Mount Technology Market Accelerates With EV Sales Surge
Increasing electric car sales is significantly contributing to the growth of the surface mount technology market going forward. An electric car refers to a vehicle that is powered totally or partially by electricity from a battery that must be recharged. In electric vehicles, surface-mount technology (SMT) is used to install electrical components directly onto the surface of a printed circuit board (PCB). SMT provides greater mechanical durability under stress and vibration, which is critical in the automobile sector. For instance, according to April 2023 report published by the International Energy Agency, a France-based intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, the global sales of electric vehicles are expected to grow from 10 million in 2022 to 14 million in 2023. Therefore, the increasing electric car sales will drive the surface mount technology market.

Competitive Landscape -
Major companies operating in the surface mount technology market report are Hitachi High-Technologies Corporation, Panasonic Holdings Corporation, Assembleon Automation Hanwha Group, Fuji Corporation, Yamaha Motor Co Ltd, Nordson Corporation, Kulicke and Soffa Industries Inc., Speedline Technologies, ASM Assembly Systems GmbH & Co KG, Universal Instruments, Rayming Technology, Essemtec AG, CyberOptics Corporation, Juki Corporation, Aurotek Corporation, Electro Scientific Industries Inc., GPD Global, Europlacer, Koh Young Technology Inc., Electronic Manufacturing Services Group Inc., Viscom AG, Mycronic AB, SSM MYDATA Services, Zhejiang Neoden Technology Co Ltd, Kasdon Electronics Limited, Saki Corporation, DDM Novastar, Onetech Smt Solutions Private Limited

Players Pioneer IOT Integration For Enhanced Electronic Components
Major companies operating in the surface mount technology market are developing innovative products with advanced technologies, such as internet of things (IoT) integration, which involves embedding connectivity features into electronic components, enabling seamless communication and data exchange for enhanced device functionality and monitoring capabilities. In December 2022, Linx Technologies, a part of TE Connectivity, launched the ANT-GNL1-nSP, a surface-mount embedded GNSS antenna. The antenna supports GPS, Galileo, GLONASS, Beidou, and QZSS in the L1/E1/B1 bands. It exhibits notable performance in a compact size of 9.6mm x 8.4mm x 0.9mm, features linear polarization, and has an omnidirectional radiation pattern. The antenna is designed for reflow-solder mounting and is especially well-suited for small devices in the growing internet of things market.

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Key Segments -
The surface mount technology market covered in this report is segmented -
1) By Equipment: Placement, Inspection, Coating Equipment, Solder Equipment, Cleaning Agents, Rework And Repair Equipment
2) By Components: Transistor And Diodes, Integrated Circuits
3) By Industry Vertical: Telecommunication, Consumer electronics, Automotive, Aerospace And Defense, Healthcare

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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