Press release
Global Surface Mount Technology Market Size, Share, Forecasts 2023 - 2033 | Top key players: Fuji Electric FA Components & Systems Co., Ltd., SOCOMEC, Rockwell Automation, ENSTO, Lucy Group Ltd., Safvolt, KATKO Oy, Powell Industries, and Others.
Global Surface Mount Technology Market Size
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Surface mount technology (SMT) is a significant advancement in electronics manufacturing in that it enables the assembly of tiny electronic components directly onto the surface of printed circuit boards (PCBs). The global SMT market has witnessed significant growth due to the increased demand for compact, lightweight, and efficient electronic devices in different sectors. SMT is a vital technology in PCB production that offers several benefits, including fast assembly, high reliability, and cost-effectiveness. One of the major factors propelling this market is the rise in popularity of consumer electronics, along with the demand for miniaturization in electronics. With increasing technological advancement, devices such as smartphones, tablets, wearables, and smart home appliances are becoming smaller and more compact. SMT enables smaller components to be placed more densely on PCBs, meeting the needs of these miniaturized devices. The COVID-19 pandemic, among other disruptions, has led to supply chain breaches, inefficiencies in the stock market, and instability among vendors. This may affect the availability of raw materials and components, causing production delays and higher costs.
The placement equipment segment accounted for the largest share in 2023 and is projected to grow at a significant CAGR during the forecast period.
On the basis of equipment, the global surface mount technology market is divided into inspection equipment, placement equipment, and others. Among these, the placement equipment segment accounted for the largest share in 2023 and is projected to grow at a significant CAGR during the forecast period. The growing demand for this equipment in the telecommunication, automotive, consumer electronics, computing, and storage markets is also driving the growth of the segment. Placement equipment is a critical portion of the SMT market because these machines can carry out the task of placing electronic components onto PCBs with precision and efficiency.
The designing segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
On the basis of service, the global surface mount technology market is divided into designing, test & prototyping, supply chain services, manufacturing, and aftermarket services. Among these, the designing segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth in the segment can be attributed to the growing demand for PCB design, electronic circuit design, and DFM services for consumer electronics. Designing services providers are also helping manufacturers enhance their designs, thus reducing the overall cost of manufacturing and increasing profitability.
The consumer electronics segment accounted for the largest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.
On the basis of application, the global surface mount technology market is divided into consumer electronics, IT & telecommunication, automotive, industrial, aerospace & defense, healthcare, and others. Among these, the consumer electronics segment accounted for the largest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. Growth in the segment can be attributed to the rising demand for SMT applications in electronics and miniaturized, advanced electronic devices like smartphones, tablets, wearables, and smart home devices. The requirement for more feature-rich and lightweight products enhances the adoption of SMT technology significantly in this industry.
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North America is anticipated to hold the largest share of the global surface mount technology market during the forecast period.
North America is anticipated to hold the largest share of the global surface mount technology market during the forecast period. North America, with industries like aerospace, defense, automotive, and consumer electronics, has a well-developed manufacturing base. The regional manufacturing infrastructure is well-developed and is a large potential market for suppliers of SMT. With an ever-increasing emphasis on such manufacturing activities, the demand for surface mount technology solutions has been growing in the region, thus leading to an increase in the market in this region.
Asia Pacific is expected to grow at the fastest CAGR in the global surface mount technology market during the forecast period. Major drivers for this region's dominance are the booming regional consumer electronics industry with increasing demand for affordable, advanced, and compact devices such as smartphones and tablets. Moreover, in aid of the immense potential that the SMT market has in Asia, regional governments continued to support and promote their domestic PCB and SMT industry with regulatory standards in surface mount technology.
Major vendors in the global surface mount technology market are ASM Pacific Technology, Seika Corporation, Panasonic, Nordson Corporation, Cognex Corporation, Fuji Machine Manufacturing Co., Ltd., Teradyne Inc., Mycronic, Kulicke & Soffa Industries, Inc., Neoden SMT, and Others.
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Recent Development
In December 2024, JUKI Corporation recently launched the JM-E01 multitask platform. This innovative platform integrates the insertion of large, irregular-shaped components and automated screw-fastening processes into a single unit3. It addresses post-surface mounting needs for electronic board manufacturing, enhancing quality and efficiency by eliminating manual handling.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global surface mount technology market based on the below-mentioned segments:
Global Surface Mount Technology Market, By Equipment
Inspection Equipment
Placement Equipment
Others
Global Surface Mount Technology Market, By Service
Designing
Test & Prototyping
Supply Chain Services
Manufacturing
Aftermarket Services
Global Surface Mount Technology Market, By Application
Consumer Electronics
IT & telecommunication
Automotive
Industrial
Aerospace & Defense
Healthcare
Others
Global Surface Mount Technology Market, Regional
North America
US
Canada
Mexico
Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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