Northbrook, IL 60062 -- (SBWIRE) -- 03/28/2023 -- The surface mount technology (SMT) market is projected to grow from USD 5.8 billion in 2023 to reach USD 8.4 billion by 2028; it is expected to grow at a CAGR of 7.8% during the forecast period according to a new report by MarketsandMarkets™. Some of the major driving factors for the growth of this market include the increased demand for miniaturized consumer electronics products and the increasing adoption of electric vehicles.
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Placement equipment is expected to have the largest market size during the forecast period.
The placement equipment forms one of the most important parts of surface mount technology (SMT) manufacturing since it places the components reliably and accurately enough to meet the output requirements in an optimized manner. The surface mount technology (SMT) placement equipment with full component feeders accounts for about 50% of the total capital investment required for a medium-volume surface mount technology (SMT) manufacturing line. The need for higher accuracy, product miniaturization, improved speed, and flexibility drives the surface mount technology (SMT) placement equipment market.
Consumer Electronics is expected to have the highest CAGR during the forecast period.
The surface mount technology (SMT) market for consumer electronics applications is expected to grow with the highest CAGR during the forecast period. The main development responsible for the reduced size and weight of consumer electronics devices is the inclusion of surface mount technology in these applications. Surface-mounted components are smaller, thinner, and lighter than through-hole packages, which consume more space and power and contribute considerably to the total weight of the product.
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Asia Pacific to have the largest market size during the forecast period.
Asia Pacific is the largest market for surface mount technology is expected to have the largest market size during the forecast period. The constantly developing wireless communication standards and the rising demand for 5G networks are boosting the demand for surface mount technology (SMT) in the telecommunications sector in this region. China is one of the fastest-growing economies in the world, and its market for surface mount technology (SMT) is expected to grow primarily because of the vast number of SMT manufacturing companies. The growth of the surface mount technology (SMT) market is also driven by the growth of electric vehicles in the automotive sector in Asia Pacific.
The report profiles key players in the surface mount technology (SMT) market and analyzes their market shares. Players profiled in this report are Fuji Corporation (Japan), Mycronic AB (Sweden), Nordson Corporation (US), Viscom AG (Germany), KLA Corporation (US), Juki Corporation (Japan), Hitachi High-Technologies Corporation (Japan), ASM Assembly Systems (Germany), Yamaha Motor (Japan), and Saki Corporation (Japan) are some major players.