Increasing Miniaturization of Electronic Products to Fuel SMT Equipment Market Growth During Forecast Period
According to our latest study, "SMT Equipment Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Equipment Type, End User, and Geography," the market was valued at US$ 6.38 billion in 2023 and is expected to reach US$ 10.19 billion by 2031; it is estimated to record a CAGR of 6.0% from 2023 to 2031. The report includes growth prospects owing to the current SMT equipment market trends and their foreseeable impact during the forecast period.
SMT equipment offers maximum flexibility in building printed circuit boards, such as increased automation, improved reliability, and performance, reduced manual intervention for component placement, and nearly total elimination of hole drilling operations. Further, it helps with the manufacturing of electronics across consumer electronics, automotive, and medical industries. In consumer electronics, it is used for mobile phones, laptops, and TVs. In automotive electronics, it is used for engine control units and infotainment systems. In medical devices, it is used in imaging equipment and monitoring devices.
SMT Equipment Market Analysis — by Geography
SMT Equipment Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Passive Component and Active Component), Equipment Type (Inspection Equipment, Placement Equipment, Soldering Equipment, Screen Printing Equipment, Cleaning Equipment, and Others), End User (Consumer Electronics, Telecommunication, Aerospace and Defense, Automotive, Industrial, and Others), and Geography
SMT Equipment Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Source: The Insight Partners Analysis
Over the past few decades, the miniaturization of components has been one of the prime factors in the advancement of the electronics industry. Miniaturization has advanced through three technological achievements: the components, the means of interconnection (mainly PCBs), and the methods of assembly. The pursuit of miniaturization remains a driving force in SMT equipment. Component manufacturers are constantly pushing the limits of package sizes, introducing even smaller and more compact designs. Chip-scale packages (CSPs), wafer-level packaging (WLP), and emerging panel-level packaging technologies are enabling unprecedented levels of miniaturization, allowing for higher component densities and more advanced product designs. Further, smartphones, tablets, laptops, televisions, and wearable devices rely heavily on SMT equipment to achieve miniaturization, high component density, and advanced functionality. Various industries are also demanding a highly reliable and compact electronic system.
SMT equipment is widely used in the production of avionics, navigation systems, radar systems, and other critical aerospace electronics, where miniaturization, weight reduction, and durability are paramount. SMT equipment allows for integrating smaller and lighter components onto printed circuit boards (PCBs), enabling the development of compact electronic devices with reduced form factors. SMT-assembled printed circuit boards maximize the use of the space allotted on the surface. That means there is a higher density of key components covering the surface of the circuit board, with little to no space left empty. The maximized use of the circuit board's allotted space ties into the previously covered advantages, which are miniaturization, heightened responsiveness, and signal integrity. Thus, the increasing miniaturization of electronic products is propelling the SMT equipment market growth.
Hitachi High-Tech Corp, Juki Corporation, ASMPT Ltd, Yamaha Motor Co Ltd, Nordson Corp, KLA Corp, Viscom AG, Fuji Corporation, Saki Corporation, and Mycronic are among the key players profiled in the SMT equipment market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the SMT equipment market forecast by equipment type, component, end-user, and geography from 2021 to 2031. Based on component, the market is divided into passive component and active component. The active component segment held a larger SMT equipment market share in 2023. Diodes considered under the active segment are semiconductor devices that let the current flow in one direction while blocking it in the opposite direction. These devices are used in several applications, including voltage regulation, rectification, and signal processing. There are several types of SMT diodes, each with its own set of characteristics and applications. A rectifier diode is a common type that converts alternating current (AC) to direct current (DC) in power supplies. Rectifier diodes have a high current-carrying capacity and can withstand high reverse voltages. An LED is a type of diode that produces light when a current passes through it. SMT LEDs are used in a wide variety of applications, including indicator lights and display panels.
The geographic scope of the SMT equipment market report focuses on North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). Asia Pacific dominated the market in 2023, followed by North America and Europe.
Taiwan, South Korea, and China are prominent in semiconductor manufacturing across Asia Pacific. Various players worldwide are partnering with players in Asia Pacific to offer SMT equipment. For example, in December 2023, Essemtec, a provider of cutting-edge electronics assembly solutions, announced its strategic partnership with DKSH Holdings in Asia Pacific. DKSH will extend its sales, marketing, application support, and comprehensive after-sales services to cater to markets in China, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam.
The EU intends to reduce reliance on a few suppliers in East Asia to de-risk supply chains while encouraging design, testing, and production in Europe. Intel announced in 2022 that it would invest approximately US$ 85.75 billion in the EU's semiconductor value chain, with plans to invest an additional US$ 18.22 billion in cutting-edge semiconductor fabs in Germany, R&D design centers in France and R&D, manufacturing, and foundry services in Spain, Poland, Ireland, and Italy. The European CHIPS Act has brought US$ 98 billion in investment to the semiconductor industry. The European Commission has set aside US$ 16.08 billion for public and private semiconductor projects until 2030. The growing semiconductor industry creates the demand for SMT equipment.
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