SMT Equipment Market Gears Up for $9.1 Billion Valuation by 2031 with 5.9% CAGR - TMR Report

The global Surface Mount Technology (SMT) Equipment Market was valued at US$ 5.7 billion in 2022 and is projected to expand at a robust compound annual growth rate (CAGR) of 5.9% between 2023 and 2031, reaching US$ 9.1 billion by the end of the forecast period. Surface mount technology equipment including pick-and-place machines, solder paste printers, reflow ovens, and automated inspection systems serves as the backbone of electronics manufacturing, enabling high-speed, high-precision assembly of components onto printed circuit boards (PCBs).

Market expansion is being propelled by the surging demand for compact, feature-rich electronic devices in consumer, industrial, and automotive sectors. As manufacturers race to miniaturize products and accelerate time-to-market, SMT equipment has become indispensable for achieving micron-level placement precision and rapid production throughput.

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Market Drivers & Trends

Rising PCB Demand in Consumer Electronics
The proliferation of smartphones, laptops, tablets, gaming consoles, and wearable devices has driven PCB production to new heights. SMT machines streamline the transition from bare boards to functional electronics, supporting complex form factors and higher component densities.

Internet of Things (IoT) and Wearables
Breakthroughs in flexible sensors and low-power chips for IoT applications have unlocked new opportunities. Smart watches, health monitors, and connected appliances demand ultra-compact PCBs, fostering the adoption of advanced SMT lines.

LED Lighting Manufacturing
The shift toward energy-efficient LED lighting, driven by environmental concerns and cost savings, has forced manufacturers to upgrade from manual assembly to automated SMT production, boosting yield and reducing labor costs.

Automation and Industry 4.0
Integration of machine-vision inspection, real-time process control, and data analytics has enhanced line efficiency. High-throughput pick-and-place machines now incorporate AI-powered defect detection, reducing rework rates and increasing uptime.

Emerging Markets Growth
Rapid industrialization in Asia Pacific, especially in China, India, and Southeast Asia, has created a massive installed base for SMT equipment. Local electronics manufacturing hubs are investing heavily in next-generation assembly lines.

Key Players and Industry Leaders

The global SMT equipment landscape is highly fragmented, featuring both established conglomerates and innovative specialists:

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.
Panasonic Corporation
Viscom AG
Yamaha Motor Co., Ltd.
Hanwha Group

These companies compete vigorously on technology, speed, precision, and after-sales service, with many engaging in strategic partnerships, mergers, and acquisitions to expand their global footprint and product portfolios.

Recent Developments

July 2023: Juki Corporation launched the LX-8 Advanced Flexible Mounter, capable of handling a diverse component range-from sub-millimeter parts to larger, complex modules-at unprecedented speeds.
February 2022: Fuji Corporation partnered with Saki Corporation to integrate job data conversion between Fuji's mounters and Saki's 3D-AOI inspection systems, enabling seamless data transfer and automated defect data generation.
Industry watchers expect further collaborative ventures as manufacturers seek holistic solutions spanning placement, soldering, and inspection.

Latest Market Trends

High-Mix, Low-Volume Production
Customization and niche products require SMT lines capable of rapid changeovers and flexible programming.
Nano-Placement Technology
As ICs shrink, sub-10μm placement accuracy has become a competitive differentiator.

Sustainable Manufacturing
Water-based solder pastes, lead-free processes, and energy-efficient reflow ovens address regulatory and consumer sustainability demands.
Predictive Maintenance
IoT-enabled sensors on SMT lines minimize unexpected downtime by foreseeing equipment failures before they occur.

Market Opportunities and Challenges

Opportunities

Rapid Prototyping: Integrated SMT lines that support quick tooling changes and in-house prototyping could attract R&D-intensive customers.
SMT Services: Contract manufacturers (CMs) outsourcing SMT needs create ancillary service markets for equipment leasing and managed production.
Aftermarket Upgrades: Retrofitting legacy lines with vision systems and faster feeders presents lucrative aftermarket revenue streams.
Challenges

High Capital Expenditure: The upfront investment in advanced SMT equipment can deter SMEs.
Skill Shortages: Operating and maintaining sophisticated SMT lines demands specialized training.
Trade and Supply Chain Risks: Geopolitical tensions affecting component suppliers can disrupt machine sales and spare parts availability.

Future Outlook

Analysts remain optimistic about the SMT equipment market's trajectory. As electronics continue to permeate daily life spanning from smart home devices to autonomous vehicles the need for faster, more precise assembly solutions will intensify. Innovations such as 3D-assembled PCBs and hybrid mounting techniques (combining SMT and through-hole) promise to unlock new application domains.

Investment in R&D is expected to rise, with focus on AI-driven process optimization and modular, scalable equipment configurations. By 2031, the SMT market could see converged platforms capable of handling both electronic and photonic components for next-generation optoelectronic devices.

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Market Segmentation

Equipment Type
Placement Equipment (31.0% share in 2022)
Inspection Equipment
Soldering Equipment
Screen Printing Equipment
Cleaning Equipment
Others

Component
Passive Surface-Mount Devices
Transistors & Diodes
Integrated Circuits

Application
Consumer Electronics (dominant segment, CAGR 6.3%)
Telecommunications
Aerospace & Defense
Automotive
Medical
Industrial
Energy & Power Systems

Region
Asia Pacific (42.8% share in 2022)
North America (26.2%)
Europe
Latin America
Middle East & Africa
Regional Insights

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