Wilmington, Delaware, United States, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global SMT equipment market stood at US$ 5.75 billion in 2023, and the global market is projected to reach US$ 9.1 billion in 2031. The global SMT equipment market is anticipated to expand at a CAGR of 5.9% between 2023 and 2031.
The global SMT equipment market is experiencing significant growth due to various factors. Technological advancements, especially in industrial automation, have played a pivotal role in driving market expansion. As consumer preferences continue to evolve towards smaller, lighter, and more efficient electronic devices, the demand for high-speed and high-precision assembly of electronic components onto PCBs has surged.
The growth of emerging markets has created new opportunities for the SMT equipment market as these regions experience increased industrialization and demand for electronic products. High-speed placement equipment, such as pick and place machines, has become essential to meet the requirements of large-scale electronic product manufacturing.
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Manufacturers are responding to these trends by developing advanced SMT equipment that can efficiently assemble small, intricate components quickly and precisely. This addresses current market demands and enables rapid prototyping and quicker product development cycles, providing significant growth potential for market players.
Overall, the SMT equipment market is poised for expansion as it aligns with the evolving needs of the electronics manufacturing industry, driven by technological innovation, consumer preferences, and the increasing automation of industrial processes.
SMT Equipment Market: Key Players
- Juki Corporation introduced the high-speed LX-8 advanced flexible mounter, a versatile machine suitable for various applications. It is designed to handle multiple components, from the tiniest parts to larger ones.
- FUJI CORPORATION has entered into a collaboration as an SMT assembly system partner for Saki Corporation's job data conversion function. This partnership enables a seamless and direct data link for component information exchange between FUJI's mounters and Saki's 3D-AOI (Automated Optical Inspection) systems.
Key Takeaways of Market Report
- Global SMT equipment market to generate absolute dollar opportunity worth US$ 9.1 billion until 2031.
- Global SMT equipment market is valued at US$ 5.7 billion in 2022.
- The market value of the global SMT equipment market management from 2018 to 2022 is 5%.
- Asia Pacific is projected to hold a market share of 42.8%.
- North America is expected to have a value share of 26.2%.
SMT Equipment Market: Growth Drivers
- The Internet of Things (IoT) has emerged as a significant driver, creating new opportunities for manufacturers in the consumer electronics sector. IoT has given rise to innovative products like wearable devices, such as smartwatches, which incorporate microchips and flexible sensors. Advances in these devices' design and manufacturing technologies are poised to substantially impact the PCB market.
- The adoption of SMT inspection equipment offers several key advantages, including eliminating rework, process improvement, reduced associated costs, higher yield, and increased profit margins.
- By automating the LED placement process, SMT equipment helps mitigate variations in output and inconsistencies previously caused by human error when these intricate tasks were performed manually. This transition to automated manufacturing not only enhances production efficiency but also ensures the production of high-quality LED products.
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SMT Equipment Market: Regional Landscape
- Asia Pacific secured the largest market share of 42.8%, primarily driven by the region's leadership in the trend toward miniaturization and high component density in electronic devices.
- SMT equipment is tailored to handle the challenges of assembling tiny, densely packed components, enabling the development of smaller, lighter electronic products. Consequently, the demand for SMT equipment has increased in the region.
- North America, accounting for 26.2% of the global market in 2022, is anticipated to maintain its dominance in the SMT equipment market throughout the forecast period. This is primarily attributed to the increasing demand for highly reliable electronic components in critical applications, particularly in the aerospace and defense sectors.
- SMT equipment plays a pivotal role in producing these components, meeting the growing need for advanced avionics, communication systems, and military electronics, thereby driving the market's growth in the region.
SMT Equipment Market: Segmentation
- Equipment Type
- Inspection Equipment
- Placement Equipment
- Soldering Equipment
- Screen Printing Equipment
- Cleaning Equipment
- Others
- Component
- Passive Surface-mount Devices
- Transistor & Diodes
- Integrated Circuits
- Application
- Consumer Electronics
- Telecommunication
- Aerospace & Defense
- Automotive
- Medical
- Industrial
- Energy & Power Systems
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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