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Surface Mount Technology Market Trends

Report ID: GMI6028
Published Date: Jun 2023
Report Format: PDF

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Surface Mount Technology Market Trends

The proliferation of IoT devices and wearable technology is driving the demand for SMT in various ways. IoT devices & technologies with lightweight & compact designs can be easily integrated into various products, offering a greater user experience. SMT places small & lightweight components directly on the PCB surface, thereby increasing space efficiency and reducing overall equipment consumption. IoT devices & wearables often require the integration of many sensors, microcontrollers, wireless communication modules, and other components on a single PCB. SMT allows for high-density integration, enabling manufacturers to fit more work into smaller packages. The demand for IoT devices and wearable technology is expected to continue growing owing to technological advancements, rising consumer adoption, and industry-specific applications. As a result, the reliance on SMT for efficient & compact PCB assembly will remain a significant market trend.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The Market size for surface mount technology was valued at over USD 5.8 billion in 2022 and will grow at a CAGR of over 8% between 2023 and 2032 owing to the expanding industrial and manufacturing sectors, along with increasing demand for smaller & lighter electronic devices.

The SMT market share from automotive segment is expected to register a CAGR of 11% through 2032, backed by the rising integration of electronics into automotives for increased safety, connectivity, and infotainment systems, as well as preference for electric vehicles.

Asia Pacific held over 35% share in the global Surface Mount Technology (SMT) market in 2022. The strong presence of electronics manufacturers in the region, along with high demand for smartphones, tablets, TVs, game consoles, and other electronic devices is favoring the regional industry growth.

ASM Assembly Systems GmbH & Co. KG, Fuji Machine Manufacturing Co., Ltd., Panasonic Corporation, Juki Corporation, Nordson Corporation, Evest Corporation, EKRA Automatisierungssysteme GmbH, Essemtec AG, NeoDen Technology Co., Ltd., and GKG Precision Machine Co., Ltd. among others.