USD 5.14 Billion
Surface Mount Technology Market Size, Share, Growth Analysis, By Type(Placement Equipment, Inspection Equipment and Soldering Equipment.), By Application(Consumer Electronics, Automotive, Healthcare, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2071 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
64
|Figures:
75
Surface Mount Technology Market Insights
Global Surface Mount Technology Market size was valued at USD 5.14 Billion in 2022 and is poised to grow from USD 5.73 billion in 2023 to USD 13.69 Billion by 2031, at a CAGR of 11.5% during the forecast period (2024-2031).
The global surface mount technology (SMT) market has experienced significant growth in recent years, driven by the increasing demand for smaller, lighter, and more efficient electronic devices across various industries. SMT is a key assembly technology used in the production of printed circuit boards (PCBs) and offers advantages such as high-speed assembly, improved reliability, and cost-effectiveness. One of the primary drivers of the global SMT market is the growing adoption of consumer electronics and the rising trend of miniaturization. With the continuous advancements in technology, consumer electronics devices such as smartphones, tablets, wearables, and smart home appliances are becoming smaller and more compact. SMT enables the placement of smaller and more densely packed components on PCBs, thereby meeting the requirements of miniaturized electronic devices.
The automotive industry also plays a significant role in the growth of the SMT market. Modern automobiles are equipped with advanced electronic systems, including infotainment systems, navigation systems, driver assistance systems, and autonomous driving technologies. SMT allows the efficient assembly of these complex electronic systems, offering higher reliability, improved functionality, and reduced space requirements within the vehicle.
US Surface Mount Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Placement Equiment
Fastest Growth
Growth Rate
11.5% CAGR
Global Surface Mount Technology Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Surface Mount Technology Market Segmental Analysis
The global surface mount technology market is segmented on the basis of type, application, and region. By type, the market is segmented into Placement Equipment, Inspection Equipment, and Soldering Equipment . By application, the market is segmented into Consumer Electronics, Automotive, Healthcare, Industrial, Aerospace & Defense. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Surface Mount Technology Market Analysis By Type
Placement Equipment, which includes pick-and-place machines used to accurately position electronic components onto printed circuit boards (PCBs), holds the dominant position in the market. This is due to the crucial role it plays in the surface mount technology process, ensuring precise and efficient placement of components. Placement Equipment enables high-speed assembly and enhances production efficiency, making it a vital component in the manufacturing of electronic devices.
On the other hand, Inspection Equipment is the fastest growing, Inspection Equipment is used to ensure the quality and integrity of the solder joints and components on the PCB. It aids in detecting defects such as solder bridging, insufficient solder, or misalignment. Although crucial for quality control, the growth of Inspection Equipment is relatively slower compared to Placement Equipment, primarily due to the mature nature of the market and the relatively longer replacement cycles for inspection machinery.
Surface Mount Technology Market Analysis By Application
Consumer electronics is the dominant application segment in the global surface mount technology market. The rapid advancements in electronic devices, such as smartphones, tablets, laptops, and gaming consoles, have fueled the demand for compact, lightweight, and high-performance electronic components. Surface mount technology plays a crucial role in the manufacturing of these consumer electronic products due to its ability to provide smaller form factors, higher component density, and improved reliability. The consumer electronics sector is characterized by continuous innovation and shorter product life cycles, driving the need for efficient surface mount technology solutions.
The fastest-growing application segment in the global surface mount technology market is automotive. The automotive industry is experiencing a significant transformation driven by the increasing adoption of advanced driver-assistance systems (ADAS), electric vehicles (EVs), and connectivity features. Surface mount technology enables the integration of various electronic components, such as sensors, microcontrollers, and communication modules, into automotive systems. The automotive sector demands surface mount technology solutions that can withstand harsh operating conditions, provide high-level performance, and offer miniaturization for space-constrained vehicle designs. As automotive manufacturers strive to enhance vehicle safety, efficiency, and connectivity, the demand for surface mount technology in the automotive sector is expected to witness substantial growth.
Global Surface Mount Technology Market By Type
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Surface Mount Technology Market Regional Insights
Among the different regions, Asia Pacific has emerged as the most dominant region in the global surface mount technology market. This can be attributed to several factors. First and foremost, Asia Pacific is home to some of the largest electronics manufacturing countries, including China, Japan, South Korea, and Taiwan. These countries have a strong presence in consumer electronics, automotive electronics, and telecommunication equipment manufacturing. The robust electronics ecosystem, extensive supply chain networks, and availability of skilled labor have contributed to the dominance of Asia Pacific in the SMT market.
In terms of the fastest-growing region, North America is witnessing rapid growth in the SMT market. The region has a strong presence of major semiconductor companies, electronic component manufacturers, and aerospace and defense industries. The increasing adoption of advanced technologies such as 5G, Internet of Things (IoT), artificial intelligence (AI), and autonomous vehicles is driving the demand for high-performance electronic devices, thus boosting the SMT market in North America.
Global Surface Mount Technology Market By Geography
- Largest
- Fastest
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Surface Mount Technology Market Dynamics
Surface Mount Technology Market Drivers
Miniaturization and Lightweight Designs
- The global adoption of surface mount technology (SMT) has been fueled by its ability to facilitate the production of compact and lightweight electronic devices. Industries like automotive, aerospace, and medical devices have a growing demand for smaller and lighter designs. SMT's capability to accommodate complex circuits within limited space has made it a preferred choice across various sectors.
Surface Mount Technology Market Restraints
Complexity and Skill Requirements
- The implementation of SMT assembly processes requires skilled operators and technicians due to their inherent complexity. Fine-pitch components, precise soldering techniques, and the handling of advanced machinery necessitate a high level of expertise. However, the shortage of skilled labor and the constant need for training and development pose challenges to the widespread adoption of SMT.
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Surface Mount Technology Market Competitive Landscape
The global surface mount technology (SMT) market is highly competitive, characterized by the presence of several key players. SMT is a vital process in the electronics manufacturing industry, enabling the assembly of electronic components directly onto the surface of printed circuit boards (PCBs). This technology offers various advantages, including smaller form factors, higher component density, and improved manufacturing efficiency. The competitive landscape of the global SMT market is shaped by factors such as technological advancements, product innovations, and customer preferences. Companies in this market constantly strive to enhance their product offerings and develop cutting-edge SMT equipment to meet the evolving demands of the electronics industry. The global SMT market is characterized by the presence of both established multinational corporations and smaller regional players. While larger companies enjoy the advantage of a wider customer base and extensive resources, smaller players often focus on niche markets, specialized solutions, and personalized customer service. The market's competitive dynamics are influenced by factors such as market consolidation, pricing strategies, and regional market conditions.
Surface Mount Technology Market Top Player’s Company Profile
- ASM Pacific Technology Ltd. (Hong Kong)
- Juki Corporation (Japan)
- Fuji Machine Manufacturing Co., Ltd. (Japan)
- Panasonic Corporation (Japan)
- Mycronic AB (Sweden)
- Nordson Corporation (US)
- Universal Instruments Corporation (US)
- Hitachi High-Technologies Corporation (Japan)
- Koh Young Technology Inc. (South Korea)
- Yamaha Motor Co., Ltd. (Japan)
- ASML Holding N.V. (Netherlands)
- Evest Corporation (Taiwan)
- Hanwha Corporation (South Korea)
- Omron Corporation (Japan)
- Nordson DAGE (UK)
- ITW EAE (US)
- Viscom AG (Germany)
- Europlacer Ltd. (UK)
- Saki Corporation (Japan)
- CyberOptics Corporation (US)
Surface Mount Technology Market Recent Developments
- Anuvega Technologies Pvt Ltd. revealed its new manufacturing facility in February 2023, with a primary focus on SMT machinery for turnkey production.
- In February 2023 Yamaha Motors made a significant advancement with the launch of their YRM20DL surface mounter. This high-efficiency modular equipment enhances actual and per-unit-area productivity through the incorporation of a high-rigidity dual-lane conveyor, resulting in reduced transport losses. The YRM20DL surface mounter from Yamaha Motors exemplifies their commitment to delivering improved productivity and performance to meet the evolving demands of the SMT market.
- In December 2022, Linx Technologies, now a part of TE Connectivity, a renowned developer and manufacturer of antennas and connectors, introduced an expansion to their Splatch antennas series. They unveiled a new surface-mount embedded global navigation satellite system (GNSS) antenna capable of supporting multiple satellite systems such as GPS, Galileo, GLONASS, Beidou, and QZSS, specifically in the L1/E1/B1 bands. This addition to Linx's embedded PCB antenna portfolio complements their existing popular models like the uSP410, SP610, and nSP250, offering customers a comprehensive GNSS solution.
Surface Mount Technology Key Market Trends
- The utilization of Surface Mount Technology (SMT) enables the creation of smaller passive component assemblies, leading to the development of portable and lightweight electrical devices. The ongoing trend of downsizing predominantly focuses on passive components such as resistors and capacitors. Component sizes like 01005 and 0201 (metric) with dimensions of 400 x 200 mm and 300 x 150 mm are being addressed to meet these requirements. Consequently, there is a growing demand for research and development to support the industry in effectively incorporating these miniature components into their product designs.
Surface Mount Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global surface mount technology (SMT) market analysis it is experiencing significant growth and is poised to expand further in the coming years. SMT has revolutionized the electronics manufacturing industry by enabling the assembly of electronic components directly onto the surface of printed circuit boards (PCBs). This report provides a comprehensive analysis of the market, highlighting key trends, growth drivers, challenges, and opportunities. The report identifies the growing demand for smaller, lighter, and more efficient electronic devices as a key driver for the SMT market. The increasing adoption of smartphones, tablets, wearables, and IoT devices has led to a surge in demand for SMT solutions. SMT offers advantages such as high component density, improved electrical performance, and cost-effectiveness, making it the preferred choice for electronic manufacturing.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.14 Billion |
| Market size value in 2031 | USD 13.69 Billion |
| Growth Rate | 11.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Surface Mount Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Surface Mount Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Surface Mount Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Surface Mount Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Surface Mount Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Surface Mount Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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