New York , Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global surface mount technology market size is slated to expand at 8% CAGR between 2024-2036. The market is poised to garner a revenue of USD 16 billion by the end of 2036, up from a revenue of USD 6 billion in the year 2023. Industries are moving away from through-hole technology in favor of surface mount technology due to its many benefits, including its lower component count, higher component density, superior mechanical performance, and simpler, quicker automated assembly. Thus, it is anticipated that surface mount technology will become more popular. Additionally, it is projected that most electronics will become more compact and smaller, and there is an increase in demand for these tiny components, which is made possible by SMT.
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New devices have a substantially higher component density and more connections per component, although they are smaller than older ones. This suggests that electronic devices with the smallest possible form factors, such as smartphones, wearables, and IoT, can be more advanced and efficient than before. Between 2019 and 2022, the number of wearable gadgets globally expanded dramatically. From 929 million the year before to approximately 1.1 billion in 2022, this number grew worldwide.
Surface Mount Technology Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The inspection segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Number of Internet of Things (IoT) Devices across the Globe to Boost Market Growth
The development of wearable technology and IoT devices is increasing demand for SMT in a number of ways. To enhance the user experience, IoT technologies and devices that are portable and small can be easily incorporated into a number of products. There are well over 13 billion linked IoT devices across the globe. IoT devices are projected to reach 25.4 billion by 2030. In the consumer electronics industry, new technologies and innovators are always developing, providing consumers with access to cutting-edge features like fingerprint sensors in smartphones and smart televisions. Around the globe now, 6.8 billion people use smartphones. This equates to a smartphone penetration rate of more than 80% given that there are 8 billion people on the earth. In response to the rising demand for smaller, more compact devices, electronic components have been made smaller and more compact. Self-monitoring, analysis, and reporting technology (SMART) has revolutionized the technological landscape. SMART is rapidly becoming more and more widely used, from smart devices like smartwatches, and laptops to even more extensive uses in smart homes and factories. The necessity to quickly and properly install and inspect each component has fueled the need for SMT equipment. 216.43 million people used smartwatches in 2022, and an estimated USD 43.39 billion in revenue was generated.
Surface Mount Technology Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Thriving Consumer Electronics Industry to Drive the Market Growth in Asia Pacific Region
The surface mount technology market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The market in the Asia Pacific region is witnessing unprecedented growth, primarily driven by the thriving consumer electronics and automotive industries, industrial automation, IoT proliferation, government support, and the expansion of semiconductor manufacturing. These key growth drivers, supported by statistical data, emphasize the region's pivotal role in the global SMT market and its promising future. The Asia Pacific region has witnessed a surge in consumer electronics demand, including smartphones, tablets, and wearable devices. SMT plays a pivotal role in the assembly of these products, and its growth is intrinsically tied to the expansion of this industry. According to the Asia Electronic Industry Alliance (AEIA), the Asia Pacific region accounted for over 60% of the global consumer electronics production in 2021. The automotive sector in the Asia Pacific region has shown remarkable growth, driven by increasing demand for electric vehicles (EVs) and advanced in-car technology. SMT technology is essential for producing sophisticated electronic components within these vehicles, further stimulating the SMT market's growth.
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Thriving Aerospace and Defense Sector to Propel the Growth in the North America Region
The North America surface mount technology market is estimated to garner the highest CAGR by the end of 2035. North America is home to a vibrant aerospace and defense sector, with a high demand for advanced electronics and miniaturized components. SMT technology is critical for manufacturing the electronics used in this industry, and its growth is intrinsically tied to the expansion of the aerospace and defense sector. According to the Aerospace Industries Association (AIA), the North American aerospace and defense industry contributed USD 397 billion to the U.S. economy in 2020. The healthcare and medical devices industry in North America is experiencing remarkable growth, driven by technological advancements and an aging population. SMT plays a crucial role in manufacturing compact and highly reliable medical devices, contributing to the growth of the SMT market in the region. The rapid expansion of 5G networks and the increasing demand for faster and more reliable telecommunications services require cutting-edge electronics. SMT is pivotal in producing components for the telecommunications sector, making it a key driver for the SMT market's growth in North America.
Surface Mount Technology Segmentation by Equipment
- Placement
- Inspection
- Soldering
- Screen Printing Equipment
- Cleaning Equipment
- Repair & Rework Equipment
surface mount technology market from the inspection segment is anticipated to hold the largest share over the forecast period. Ensuring high product quality is paramount for manufacturers. The increasing cost of poor-quality drives demand for sophisticated inspection technologies that can identify and rectify defects in real time, reducing costly rework and product recalls. The American Society for Quality (ASQ) reported that poor quality costs the U.S. economy up to USD 3 trillion annually in the year 2021. The advent of Industry 4.0, characterized by data-driven decision-making and smart factories, necessitates advanced inspection technologies. These technologies enable real-time monitoring and data analytics, enhancing the overall efficiency and quality of production processes. In highly regulated industries like pharmaceuticals and food production, stringent quality and safety standards necessitate rigorous inspection processes. Non-compliance can result in fines, recalls, and damage to a brand's reputation. Modern products, from electronics to automotive components, are becoming increasingly complex. As these products incorporate more advanced features and functionalities, the inspection segment is required to keep pace by offering precise and adaptable inspection tools.
Surface Mount Technology Segmentation by End-User Industry
- Consumer Electronics
- Automotive
- Industrial Electronics
- Aerospace & Defense
- Healthcare
- Telecommunication
Surface mount technology market from the telecommunication segment is anticipated to hold a significant share during the forecast period. The Internet of Things (IoT) is experiencing remarkable growth, with applications spanning from smart cities and industrial automation to connected healthcare devices. Telecommunication networks are the backbone of these IoT solutions, creating a surge in demand for connectivity services. According to a report, the number of IoT-connected devices is projected to surpass 75 billion worldwide by 2025. The COVID-19 pandemic accelerated the adoption of remote work and digital transformation. This shift drove the need for robust telecommunication infrastructure, including high-speed broadband and virtual private networks (VPNs), to support remote work and online collaboration. Telecommunication networks are integral to the cloud computing and edge computing ecosystems. These technologies enable faster data processing and storage, fostering innovation in areas such as autonomous vehicles, smart cities, and real-time analytics.
Surface Mount Technology Segmentation by Component
- Passive
- Active
- Electrochemical
Few of the well-known market leaders in the global surface mount technology market that are profiled by Research Nester are Keystone Electronics, Orbotech Ltd, Cicor Group, Linx Technologies, CyberOptics Corporation, Nordson Corporation, Assembly Systems, Electro Scientific Industries Inc., and Viscom AG, and other key market players.
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Recent Development in the Surface Mount Technology Market
Mycronic AB received an order for a Prexision 800 Evo mask writer for display applications from an existing customer in Asia. Delivery of the system is planned for the second quarter of 2024.
- Keystone Electronics expanded its product portfolio of ultra-flat surface mount thread inserts with the launch of metric and inch-threaded versions. The surface mount inserts are now available in metric thread (M2.5, M3, M4) or inch thread (2-56, 4-40, 6-32). The special packaging and design make it quick and easy to add tin-coated steel thread inserts to printed circuit boards.
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