Global SMT Equipment Market to Reach US$ 9.1 Bn by 2031, Growing at a 5.9% CAGR: TMR Analysis

The Global SMT Equipment Market (SMT 장비 시장) is set to experience significant growth, with market valuation projected to rise from US$ 5.7 Bn in 2022 to US$ 9.1 Bn by the end of 2031, driven by a compound annual growth rate (CAGR) of 5.9% from 2023 to 2031. This growth is primarily attributed to the rising demand for printed circuit boards (PCBs) in the consumer electronics sector, coupled with technological advancements and industrial automation.

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The increasing popularity of electronic products such as smartphones, laptops, IoT devices, and industrial equipment has led to a surge in demand for PCBs. Technological advancements, evolving consumer preferences, and the growth of emerging markets are further propelling the expansion of the SMT equipment market. High-speed and high-precision assembly of electronic components onto PCBs is anticipated to bolster market size during the forecast period.

Lucrative Opportunities for Market Players: The development of SMT machines capable of efficiently handling large volumes of small, intricate components is opening up new opportunities for market players. Manufacturers are focusing on introducing advanced SMT equipment that is fast and accurate to increase their market share. These machines facilitate rapid prototyping and quick product development cycles, essential for staying competitive in the dynamic electronics industry.

Market Overview: Surface mount technology (SMT) equipment is crucial in the electronics manufacturing industry, used for the assembly and production of electronic components onto PCBs. The equipment includes pick-and-place machines, solder paste printers, reflow ovens, and inspection systems, all integral to the SMT process.

Key Market Drivers:
1. Rising Demand for PCBs in Consumer Electronics: The PCB industry has seen rapid growth due to the continuous development of consumer electronic devices and increased demand for PCBs in all electronic and electrical equipment. The IoT revolution is providing new opportunities for consumer electronics manufacturers, particularly in wearable devices like smartwatches and flexible sensors. SMT equipment enables PCB manufacturers to incorporate more features on smaller boards, meeting the growing demand for compact and efficient electronic devices.

2. Increase in Demand for LED Lighting: The demand for LEDs, driven by longer operating life, higher brightness, and growing awareness about green technology, has surged in recent years. Traditional manufacturing methods cannot meet this demand, leading LED manufacturers to adopt high-quality SMT equipment. This shift enhances production output, reduces manufacturing costs, and improves yield and performance.

3. Rapid & Accurate Positioning of Components: SMT placement equipment, such as pick-and-place machines, rapidly and accurately positions surface mount components onto PCBs. This capability is essential for large-scale electronic product manufacturing, enabling the miniaturization trend in the electronics industry. The placement equipment segment accounted for the largest market share in 2022 and is projected to grow at a 6.6% CAGR during the forecast period.

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Regional Insights: Asia Pacific dominated the global SMT equipment market (SMT装置市場) in 2022 with a 42.8% share, driven by the trend toward miniaturization and high component density in electronic devices. North America held a 26.2% market share and is expected to lead during the forecast period due to the demand for reliable electronic components in aerospace and defense sectors.

Key Players and Recent Developments: The global SMT equipment market is fragmented, with numerous players investing significantly in providing advanced SMT equipment. Key strategies include product portfolio expansion and mergers & acquisitions. Prominent market players include ASM Assembly Systems GmbH & Co. Kg, Cyberoptics Corporation, Electro Scientific Industries, Inc., Fuji Corporation, Hitachi High-Technologies Corporation, Juki Corporation, Mycronic AB, Nordson (asymtek) Corporation, Orbotech Ltd., Viscom AG, Panasonic Corporation, Yamaha Motor Co., Ltd., and Hanwha Group.

• In July 2023, Juki Corporation launched the high-speed LX-8 advanced flexible mounter, suitable for various applications, from extremely small parts to large components.
• In February 2022, FUJI CORPORATION partnered with Saki Corporation to integrate SMT assembly system and 3D-AOI systems, enhancing PCB inspection capabilities.

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