The SMT Equipment market size is expected to reach US$ 10.19 billion by 2031 from US$ 6.38 billion in 2023. The market is estimated to record a CAGR of 6.0% from 2023 to 2031. The evolution of 3D packaging and Through Silicon Via (TSV) Technologies is likely to remain a key market trend in the coming years.
Electronic devices are getting smaller and more complicated, with ever-shrinking components. SMT equipment is required to handle these tiny components with high precision and speed during assembly processes. The growing consumer electronic industry and miniaturization of electronic products are driving the market. Increasing need for environment-friendly electronic components and growing industrial automation are expected to create growth opportunities for the market.
Surface mount technology (SMT) equipment are used for inspection equipment, placement equipment, soldering equipment, screen printing equipment, cleaning equipment, and other tasks. SMT is a method for mounting electrical components on the surface of a printed circuit board (PCB). This technology has grown in popularity over time due to its several benefits, including reduced component sizes, higher component density, and increased manufacturing efficiency. It improves electrical performance by shortening the connection routes between components. This results in lower parasitic capacitance and inductance, which improves signal integrity and overall system reliability.
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SMT Equipment Market: Strategic Insights
Surface mount technology (SMT) has revolutionized electronic assembly, enabling the development of compact designs with higher assembly density, improved performance, and reduced costs. SMT's automated assembly processes reduce labor costs and increase production efficiency. The smaller form factor reduces material costs, making consumer electronics such as televisions and gaming consoles more affordable and accessible. Further, consumers globally are increasingly seeking more powerful and feature-laden devices. Consumer electronics such as smartphones, laptops, tablets, cameras, wearables, and home automation are adopted globally. Smartphones have become an integral part of the lifestyle. With the rising adoption of smartphones, there is a rise in smartphone penetration across the globe. According to the GSMA report, by the end of 2021, smartphones accounted for 83% of mobile connections in North America, with 30 million new smartphone connections expected by 2025.
Smart electronic devices have also gained popularity. For instance, in February 2023, in the Indian market, the shipping of wearable devices, such as fitness-tracking bands, smartwatches, and true-wireless earbuds, achieved a significant milestone by surpassing 100 million devices in a single calendar year. This accomplishment was accompanied by an impressive year-on-year shipment growth rate of 46.2% for the segment. PCBs are widely used in consumer electronics and other electronics; they connect electronic components and are an integral part of the electronics. The growing demand for consumer electronics needs surface mount technology (SMT) equipment where electronic components are directly applied to the surface of a printed circuit board (PCB). This method enables automated production to conduct a more extensive assembly, creating a fully functional circuit board. Thus, the growing consumer electronics industry drives the SMT equipment market
One of the most significant environmental initiatives in SMT assembly is the transition to lead-free soldering. Traditional solder alloys containing lead pose significant health and environmental risks due to their toxicity. To mitigate these risks, the electronics industry has widely adopted lead-free solder alloys, such as tin-silver-copper (SAC) and tin-copper (SnCu), which are more environmentally friendly and comply with various global regulations. There are various government laws and regulations regarding restricting the use of certain hazardous substances in electrical and electronic equipment. For example, the RoHS directive by the European Union restricts the use of ten substances: lead, mercury, cadmium, hexavalent chromium, polybrominated biphenyls (PBB) and polybrominated diphenyl ethers (PBDE), butyl benzyl phthalate (BBP), bis(2-ethylhexyl) phthalate (DEHP), dibutyl phthalate (DBP), and diisobutyl phthalate (DIBP).
Key segments that contributed to the derivation of the SMT Equipment market analysis are component, equipment type, and end user.
The regional trends and factors influencing the SMT Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses SMT Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.38 Billion |
| Market Size by 2031 | US$ 10.19 Billion |
| Global CAGR (2023 - 2031) | 6.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The SMT Equipment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the SMT Equipment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The SMT equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the SMT equipment market are listed below:
(Source: Saki Corporation, Press Release, January 2023)
(Source: KLA Corporation, Press Release, May 2023)
The "SMT Equipment Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - SMT Equipment Market
Evolution of 3D packaging and Through Silicon Via (TSV) technologies is the future trends of the SMT equipment market.
The key players, holding majority shares, in SMT equipment market includes ASMPT LTD, Yamaha Motor Co., Ltd., FUJI CORPORATION, Nordson Corporation, and KLA Corporation.
The SMT equipment market was valued at US$ 6.38 billion in 2023 and is projected to reach US$ 10.18 billion by 2031; it is expected to grow at a CAGR of 6.0% during 2023–2031.
Growing consumer electronics industry and increasing miniaturization of electronic products are the driving factors impacting the SMT equipment market.
The Asia Pacific held the largest market share in 2023, followed by North America and Europe.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period 2024-2031.