Albany, NY -- (SBWIRE) -- 09/13/2017 -- Surface mount technology (SMT) started becoming widely used in the late 1980's with the increased global demand for electronic circuits in a number of applications across industries such as consumer electronics, telecommunication, automotive, aeronautics, and healthcare.

In the intensely competitive electronic circuit board manufacturing industry, companies have benefitted significantly from the easily modular, efficient, and adaptable SMT solutions in their way to becoming market leaders. The field of surface mount technology equipment has witnessed innovation at a rapid pace over the years, leading to the development of equipment with a high level of innovation, enabling vast sophistication in technology and reduced size of electronic gadgets.

Transparency Market Research estimates that the market will exhibit a promising 4.4% CAGR from 2017 to 2025, rising from a valuation of US$4845.7 mn in 2016 to US$7075.8 mn by 2025.

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In terms of equipment type, the surface mount technology equipment market is segmented in the report into placement equipment, inspection equipment, soldering equipment and cleaning equipment. Of these, the global market for surface mount technology equipment earns a massive chunk of its overall revenue from sales of placement equipment. The segment accounted for a massive 35.7% of the global market and is expected to gain around 2% more in its share in the global market by the end of the forecast period.

The rising global demand for printed circuit boards in products such as smartphones and other popular varieties of smart computing devices and wearables is expected to remain key to the strong demand observed for SMT placement equipment over the said period.

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In terms of geography, Asia Pacific dominated the global SMT equipment market in 2016, accounting for a nearly 42% of the market in 2016. The presence of some of the leading SMT equipment manufacturers as well as of several leading consumer electronics companies in the region have provided vast growth opportunities to the regional market in the past few years and are expected to continue to drive the market.

North America acquired the second leading position in the global surface mount technology equipment market, accounting for more than 25% in 2016, in terms of revenue.

Some of the leading companies operating in the global surface mount technology equipment market are Mycronic AB (Sweden), Nordson Corporation (The U.S), Viscom AG (Germany), Fuji Machine Mfg. Co., Ltd. (Japan), ASML Holding, N.V. (Netherlands), KLA-Tencor Corporation (The U.S),Juki Corporation (Japan), Panasonic Corporation (Japan), Hitachi, Ltd. (Japan), and Orbotech Ltd. (Israel)