Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Surface Mount Technology (SMT) Equipment Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Significant Market Growth Fueled by Technological Innovations and Demand Across Industries
The surface mount technology (SMT) equipment market has demonstrated a robust growth trajectory, with projections indicating a rise from $5.33 billion recorded in 2023 to an astounding $8.32 billion by 2028. This expansion can be attributed to a compound annual growth rate (CAGR) of 9.3%, propelled by technological advancements and intensifying demand within the electronic device sector.
Rising Demand in Electronic Circuits Manufacturing to Boost SMT Equipment Sales
Advancements in mainstream electronic technologies are a primary catalyst for the escalating surface mount technology equipment market. The proliferation of sophisticated electronic components and smart devices, coupled with a surging interest in high-performance computing and medical device production, underscores the necessity for high-quality SMT equipment in producing complex circuit boards needed in consumer electronics, aerospace, healthcare, and more.
Continued Innovation by Market Leaders To Enhance Future Growth
Leading SMT equipment manufacturers are fueling market expansion through strategic growth and novel, intelligent advancements in automated electronics assembly processes. New introductions to the market, such as Panasonic Holdings Corporation's state-of-the-art NPM-G Series in India, highlight the commitment to improving productivity and precision in the sector. Moreover, recent acquisitions, such as that of Essemtec AG by Nano Dimension Ltd., signify a growing market consolidation aimed at enriching offerings in PCB prototyping and production.
Asia-Pacific Dominates the Market with Europe Poised for Rapid Growth
Asia-Pacific has emerged as the preeminent leader in the global SMT equipment market, with Europe identified as the fastest-growing region through the forecast period. This geographic expansion marks an impressive scale of adoption and integration of SMT technologies across an array of developing and established industries worldwide.
Extensive Applications and End User Industries Propel SMT Equipment Demand
The penetration of surface mount technology into various industry verticals reflects the indispensable nature of SMT equipment in today’s technological landscape. From telecommunications and automotive to aerospace and consumer electronics, this widespread integration is contributing significantly to the overall market growth. The market dynamics illustrate not only the economic vitality of the SMT equipment sector but also its critical role in the modernisation of manufacturing practices. In conclusion, the surface mount technology equipment market is swiftly advancing with a clear trajectory of growth. The remarkable strides being made by industry leaders undoubtedly fortify the pivotal position of SMT in the global manufacturing domain.
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