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Surface Mount Technology Market Accelerates With EV Sales Surge: Key Factor Driving The Growth In The Surface Mount Technology Market
Surface Mount Technology
How Big Is the Surface Mount Technology Market Size Expected to Be by 2034?
The market size of the surface mount technology has seen significant growth in the past few years. There is a projected increase from $5.68 billion in 2024 to $6.21 billion in 2025, representing a compound annual growth rate (CAGR) of 9.4%. Factors contributing to this growth in the historical period include the miniaturization of electronic devices, progress in component packaging, increased mass production efficiency, higher component density, and enhanced electrical performance.
In the coming years, a substantial increase in the size of the Surface Mount Technology market is anticipated. The market is projected to reach $8.98 billion by 2029, with a compound annual growth rate (CAGR) of 9.7%. The upturn over the forecasted period can be credited to the emergence of the Internet of Things (IoT), advancement in flexible and wearable technology, wider acceptance of high-end materials, the incorporation of artificial intelligence (AI), and the production of electric vehicles (EV). Key trends during the forecast period involve developments in package-on-package (PoP) technology, implementation of 5G technology, progress in pick-and-place systems, the surge of smart manufacturing, and industry 4.0, along with lead-free soldering technologies.
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What Are the Emerging Segments Within the Surface Mount Technology Market?
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, HealTH*Care
Subsegments:
1) By Placement: Pick And Place Machines, Die Bonding Machines, Wire Bonding Machines
2) By Inspection: Automated Optical Inspection (AOI), X-Ray Inspection Systems, 3D Solder Paste Inspection
3) By Coating Equipment: Conformal Coating Machines, Dispensing Systems, Coating Application Equipment
4) By Solder Equipment: Reflow Ovens, Wave Soldering Machines, Selective Soldering Equipment
5) By Cleaning Agents: Solvent-Based Cleaners, Aqueous Cleaners, No-Clean Flux
6) By Rework And Repair Equipment: Soldering Stations, Desoldering Tools, Hot Air Rework Stations
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What Long-Term Drivers Are Shaping Surface Mount Technology Market Trends?
The rise in electric vehicle sales is a powerful driver for the expansion of the surface mount technology market. An electric car, which is a vehicle powered entirely or partially by an electricity-charged battery, makes extensive use of surface-mount technology (SMT). SMT is used to attach electrical parts directly to a printed circuit board (PCB)'s surface in these vehicles. SMT's superior mechanical durability under stress and vibrations is crucial for the automotive industry. For example, a report by the France-based International Energy Agency published in April 2023 projected electric vehicle sales worldwide to increase from 10 million in 2022 to 14 million in 2023. This escalation in electric car sales, therefore, is set to fuel the growth of the surface mount technology market.
Who Are the Top Competitors in Key Surface Mount Technology Market Segments?
Major companies operating in the surface mount technology market include 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
What Surface Mount Technology Market Trends Are Gaining Traction Across Different Segments?
Leading businesses in the surface mount technology market are pushing boundaries with new products that incorporate advanced solutions like the integration of the internet of things (IoT). This allows electronic components to be embedded with connectivity features, enabling smooth communication and data transfer for improved device operations and monitoring. An example of this is Linx Technologies, a division of TE Connectivity, which in December 2022 introduced the ANT-GNL1-nSP, an embedded GNSS antenna for surface-mounting. The antenna is compatible with GPS, Galileo, GLONASS, Beidou, and QZSS in the L1/E1/B1 bands, featuring remarkable performance in a compact 9.6mm x 8.4mm x 0.9mm size. It uses linear polarization and has an omnidirectional radiation pattern. Designed for reflow-solder mounting, the antenna is particularly suitable for compact devices in the burgeoning IoT market.
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Which Regions Are Becoming Hubs for Surface Mount Technology Market Innovation?
Asia-Pacific was the largest region in the surface mount technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global surface mount technology market report during the forecast period. The regions covered in the surface mount technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Surface Mount Technology Market?
2. What is the CAGR expected in the Surface Mount Technology Market?
3. What Are the Key Innovations Transforming the Surface Mount Technology Industry?
4. Which Region Is Leading the Surface Mount Technology Market?
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