The global surface mount technology market size was worth around USD 5.69 billion in 2022 and is predicted to grow to around USD 9.88 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.14% between 2023 and 2030.
Automation in electronics has led to the development of surface mount technology (SMT). This technology makes it feasible to attach tiny electronic components on the printed circuit board, or PCB, surface.
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Overview of the Surface Mount Technology Market
This approach completely differs from the conventional way of assembly, which calls for inserting the components through holes. The SMT technique has increased automation to a point where it is now simple to produce and manufacture complicated electronic circuits. This process is further enhanced by opening up the possibility of producing ever-smaller assemblies without sacrificing high repeatability or quality. Conversely, surface mount devices (SMDs) are electronic components utilized in the surface assembly mount process that are readily available in a variety of packages in various sizes and forms. Numerous end-user verticals, such as medical devices, automotive electronics, industrial electronics, renewable energy, telecommunications, aerospace & military, and many more, utilise surface mount technology. Throughout the projected period, a steady growth rate is anticipated in the SMT business.
• According to our research analyst’s analysis, during the course of the forecast period (2023–2030), the global surface mount technology market is expected to grow yearly at a CAGR of about 7.14%.
• The global surface mount technology market is expected to reach USD 9.88 billion by 2030, with a sales valuation of approximately USD 5.69 billion in 2022.
• Since the demand for smaller consumer electronics is growing, the surface mount technology industry is expected to expand significantly.
➤ Miniaturized consumer electronics are becoming more and more popular, which will fuel industry expansion
Because of the rising demand for and consumption of smaller consumer electronics, the surface mount technology industry is anticipated to expand globally. A growing number of people are moving around the country for personal or professional reasons, which has increased demand for small, lightweight gadgets with cutting-edge capabilities like smartphones, tablets, and laptops. Compact TVs and other entertainment devices have also seen an increase in sales as a result of their increasing use in a variety of outdoor activities, including sports and recreation and healthcare.
➤ Increased susceptibility of SMT to external factors may limit market growth
Alternative technologies including through-silicon vias (TSVs) and through-hole technology (THT) are known to be less sensitive to temperature and humidity in the external environment than surface mount technology. This characteristic has made it necessary to think about spending money on temperature and high-frequency control in devices made with SMT, and it could cause more issues while the product is being built. Also, a significant portion of the semiconductor industry’s players continue to employ older assembly techniques because they have the advantage of experience and knowledge in these more traditional yet efficient methods. This means that the surface mount technology market revenue is further segmented by the expanding applications of substitute technologies like THTs and TSVs.
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➤ The semiconductor industry is diversifying regionally to propel market conductor
The demand for surface mount technology is indirectly influenced by the semiconductor sector because SMT is a commonly utilized method of assembling semiconductor devices. The semiconductor business used to be very restricted, with several regions controlling the majority of the global market share. But recently, a number of new countries—particularly rising ones with significant resources—have set their sights on the semiconductor market, creating fresh chances for foreign investors to participate in the developing regional semiconductor industry. The Indian government declared in July 2023 that it intended to establish a comprehensive, operational ecosystem for the country’s semiconductor industry.
➤ Repairing or reworking SMT-based PCBs can be challenging, which could hinder market growth
Since the primary goal of SMT is to enable the creation of small devices with a restricted amount of free space, it is quite challenging to repair the parts in the event that the PCB created using SMT malfunctions. Conventional soldering procedures might not work well on these pieces, and in these cases, more sophisticated approaches are needed. But it’s important to remember that there is a big shortage of qualified specialists, particularly in developing nations or those with weak technological foundations. Furthermore, the need for specialist manpower and equipment greatly influences the initial expense associated with establishing SMT units. Additionally, the technique could not work well for low production requirements because it might be challenging to achieve economies of scale.
The Global Surface Mount Technology Market is segmented based on product, application and region
Global Surface Mount Technology Market: Product Segment Analysis
Global Surface Mount Technology Market: Application Segment Analysis
● Consumer Electronics
● Pharmaceutical & Medical Devices
● Aerospace & Defence
The global surface mount technology market is led by players like:
● Panasonic Corporation
● ASM Assembly Systems (ASMPT)
● Mycronic AB (formerly MYDATA automation)
● Juki Corporation
● Koh Young Technology Inc.
● Fuji Machine Manufacturing Co. Ltd.
● Nordson DAGE
● Yamaha Motor Co. Ltd.
● Nordson ASYMTEK
● Nordson Corporation
● PVA TePla AG
● Mydata Automation AB
● Saki Corporation
● Universal Instruments Corporation
● Test Research Inc. (TRI)
➤ Asia-Pacific is expected to increase at the fastest rate over the forecast period
The Asia-Pacific region is anticipated to have the fastest growth in the global surface mount technology market. Over 31.5% of the world’s revenue share was controlled by the area in 2022. The main reason for the high regional growth rate is the existence of a strong electronics sector in China, Japan, Taiwan, and India. A wide range of manufacturers, designers, suppliers, and corporate entities involved in SMT and PCB assembly lines are based in these nations.
Furthermore, the growth of the local consumer electronics sector and the increasing demand for reasonably priced, cutting-edge, and portable electronics like tablets and smartphones may support the trend of regional expansion in the years to come. The governments of the Asia-Pacific area have not stopped promoting and supporting the local PCB and SMT industries due to the enormous potential of the SMT market in this region. Since there are numerous end customers of the final components in North America, the region is expected to grow at a high rate. Among the fastest-growing regional markets are the automotive and medical industries, both of which have applications in the regional SMT sector.
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