Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The global printed circuit board market size is expected to witness growth during the forecast period. Robust demand for advanced consumer electronic devices is expected to bolster market growth. Fortune Business Insights™ shares this information in its report titled "Printed Circuit Board Market, 2023-2030."
A printed circuit board is a type of board that provides excellent mechanical support to connect LEDs, resistors, inductors, capacitors, batteries, and others. It is also known as printed wiring cards (PWC) and printed wiring board (PWB). They are made up of composite epoxy, fiberglass, and other materials. It is available in rigid-flex PCB and flex circuits. It is used extensively in several consumer electronics because of its excellent performance and electrical conductivity. It is used to eliminate errors in electric circuits and improve performance drastically. It is used extensively in smart devices and electronics because of its performance and benefits. The rising demand for digital devices is expected to boost market growth during the upcoming years.
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Drivers and Restraints:
Rapid Digitization to Foster Market Growth
The rapid adoption of digitization and increasing adoption of 5G infrastructures is expected to boost the demand for the printed circuit board. Increasing dependence upon the internet-of-things (IoT) and rising demand for advanced electronics are expected to boost printed circuit board's adoption. Several businesses utilize high-speed internet services and advanced electronic devices to improve their operational efficiency. The rising adoption of the circuit board in healthcare devices is increasing rapidly because of the rising demand for advanced and high-quality healthcare devices. The prevalence of several disorders and increased medical spending are expected to fuel demand for superior quality components. It is used in the automotive sector to provide advanced navigation devices to consumers. These factors are likely to drive the printed circuit board market growth.
However, fluctuating raw material prices are expected to hamper the market growth during the upcoming years.
Impact of COVID-19:
Increasing Smartphone and Consumer Electronics Sales to Foster Market Growth
This market is expected to be positively impacted during the COVID-19 pandemic because of the rising adoption of electronic devices such as laptops, smartphones, PC, and others. The rising demand for electronics is expected to nurture the demand for circuit boards. Lockdown relaxations have led to the resumption of activities. Manufacturers operate at reduced capacities and adopt technologically advanced production machinery to boost their production activities. The adoption of work-from-home culture is expected to increase the adoption of smart electronic devices.
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Highlights of the Report:
- The report highlights the leading segments and the latest trends.
- It comprehensively discusses the impact of COVID-19 and the driving and restraining factors.
- Examines regional insights and strategies devised by the prominent companies operating in the market.
Segmentation:
By type, the market is segmented into HDI (High-Density Interconnect), multi-layer, double-sided, single-ended, and others. Based on substrate, it is classified into rigid-flex, flexible, and rigid. As per end-user, it is categorized into aerospace & defense, automotive, industrial electronics, consumer electronics, IT & Telecommunication. Geographically, it is clubbed into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Regional Insights:
Rising Demand for Advanced Devices from Automotive Sector to Boost Market Growth in North America
North America is expected to dominate the printed circuit board market share because of the rising demand for circuit boards from the automotive sector. The adoption of advanced sensors and navigational features in an automobile is expected to boost the demand for the product. Rapid digitization and adoption of smart devices are expected to increase the demand for the product drastically. Manufacturers set up their manufacturing facilities in the region to expand their reach. For example, TTM Technologies, Inc. opened an Engineering Center in New York in December 2019 to increase its reach.
Asia Pacific is the second-largest shareholder because of the presence of major electronic component manufacturers in China. Additionally, the rising demand for smartphones and consumer electronics is expected to facilitate demand for high-quality products. These factors can propel market growth.
In Europe, rapid urbanization and the emergence of several manufacturing industries are expected to boost printed circuit boards' demand. These factors are likely to foster market growth.
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Competitive Landscape:
Prominent Companies Launch Innovative Products to Enhance Brand Image
The prominent companies operating in the market launch innovative products to improve their brand image drastically. For example, Panasonic launched a novel range of household electronics for Indian and Japanese markets in February 2020. This strategy can enhance their brand image in the region. Further, the launch of novel products is expected to increase companies' market reach. For example, Samsung and LG announced their micro-LED TV for commercial and residential applications. Additionally, the companies invest heavily in research and development to improve their product quality.
Industry Development:
- February 2020: Indian Government announced a new scheme to support domestic electronic manufacturers and boost demand from the electronics industry.
The Report Lists the Main Companies in the Printed Circuit Board Market:
- Sumitomo Electric Industries
- Nippon Mektron Ltd.
- Compeq Manufacturing Co. Ltd.
- Amphenol
- ZD Tech
- TTM Technologies, Inc.
- TE Connectivity
- Unimicron Technology Corporation
- Molex
- AT&S
- Hon Hai Precision Industry Co., Ltd.
- Sumitomo Denko
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Printed Circuit Board Market Segmentation:
By Type:
- Single-Sided
- Double-Sided
- Multi-Layer
- HDI (High-Density Interconnect)
- Others
By Substrate:
- Rigid
- Flexible
- Rigid-Flex
By End-User:
- IT & Telecommunication
- Consumer Electronics
- Industrial Electronics
- Automotive
- Aerospace and Defence
- Others
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