Dublin, July 09, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Surface Mount Technology Market, By Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Surface Mount Technology Market was valued at USD 352.10 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.12% through 2029
Surface Mount Technology (SMT) refers to a crucial segment of the electronics manufacturing industry where electronic components are mounted or soldered directly onto the surface of printed circuit boards (PCBs). This innovative technology has revolutionized the production of electronic devices by replacing traditional through-hole components with smaller, more compact, and highly efficient surface-mounted components. 
In the SMT market, the primary focus is on optimizing the assembly and manufacturing processes of various electronic products, including consumer electronics, automotive components, medical devices, and more. SMT offers several advantages, such as reduced PCB size, improved electrical performance, and enhanced production efficiency, which have made it the preferred choice for modern electronic manufacturing.
The SMT market encompasses a wide range of equipment, materials, and services, including soldering machines, pick-and-place machines, solder paste, and inspection systems. It plays a pivotal role in meeting the demands of today's fast-paced and technologically advanced electronics industry. As consumer preferences and industry standards evolve, the SMT market continues to adapt and innovate, driving progress in the world of electronics manufacturing.
Saudi Vision 2030 - Technology and Innovation
Saudi Vision 2030 is the overarching blueprint for the Kingdom's transformation. At its core, the Vision seeks to diversify the Saudi economy and reduce its reliance on oil revenue. A critical component of this Vision is the development of a robust technology and innovation sector. This policy focuses on the promotion of technology-driven industries, including SMT. Saudi Vision 2030 encourages investment in research and development, technological advancements, and fostering an environment conducive to innovation.
Under this policy, the Saudi government has set specific goals to increase the contribution of the technology and electronics manufacturing sector to the national GDP. Initiatives include the establishment of technology parks and innovation hubs, as well as financial incentives for companies engaged in technology-driven manufacturing. These measures not only support the SMT market but also attract foreign investment and expertise.
Adoption of Advanced Surface Mount Technology (SMT) Equipment
In recent years, the Saudi Arabia Surface Mount Technology (SMT) market has witnessed a significant trend towards the adoption of advanced SMT equipment. This trend is driven by several factors, including the demand for higher efficiency, increased production capacity, and the pursuit of enhanced product quality in various industries such as electronics, automotive, and telecommunications.
key drivers behind the adoption of advanced SMT equipment is the relentless pursuit of miniaturization and higher component density in electronic devices. With consumer preferences shifting towards smaller, sleeker gadgets, manufacturers are under pressure to produce electronics that are not only compact but also feature-packed. Advanced SMT equipment, equipped with state-of-the-art technology such as high-speed placement systems, precise soldering techniques, and advanced inspection capabilities, enables manufacturers to achieve tighter component placement and finer pitch sizes, thereby facilitating the production of smaller and more sophisticated electronic devices.
The automotive industry in Saudi Arabia is experiencing rapid growth, driven by government initiatives, increasing consumer purchasing power, and rising demand for vehicles. As automotive electronics become more complex with the integration of advanced safety, infotainment, and connectivity features, there is a growing need for advanced SMT equipment capable of handling the intricate assembly requirements of modern automotive electronic systems.
The Kingdom's ambitious Vision 2030 agenda, aimed at diversifying the economy and fostering innovation, is expected to drive investments in sectors such as information technology, renewable energy, and smart infrastructure. These investments are likely to fuel the demand for advanced SMT equipment, as companies strive to stay ahead of the curve and leverage cutting-edge technology to gain a competitive edge in the market.
The adoption of advanced SMT equipment is a prominent trend in the Saudi Arabia Surface Mount Technology market, driven by the pursuit of higher efficiency, increased production capacity, and enhanced product quality across various industries. As the Kingdom continues to embrace technological innovation and diversify its economy, the demand for advanced SMT equipment is expected to remain robust, presenting lucrative opportunities for market players.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 87 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $352.1 Million |
| Forecasted Market Value (USD) by 2029 | $536.76 Million |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Saudi Arabia |
Report Scope:
Key Market Players
- Fuji Corporation
- Yamaha Motor Co. Ltd
- Mycronic AB
- ASM Assembly Systems GmbH & Co. KG
- Panasonic Corporation
- Nordson Corporation
- Juki Corporation
- Hanwha Corporation
- Zhejiang Neoden Technology Co. Ltd
- Electronic Manufacturing Services Group Inc.
Saudi Arabia Surface Mount Technology Market, By Type:
- Coating Equipment
- Inspection
- Pick and Place
- Solder Equipment
- Cleaning Agents
- Rework
- Repair Equipment
Saudi Arabia Surface Mount Technology Market, By Application:
- Telecommunication
- Consumer Electronics
- Automotive
- Aerospace & Defense
- Healthcare
Saudi Arabia Surface Mount Technology Market, By Region:
- Northern & Central Region
- Western Region
- Eastern Region
- Southern Region
For more information about this report visit https://www.researchandmarkets.com/r/1mszv5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
