Global Surface Mount Technology Market Size, Share, Growth Analysis, By Type(Placement Equipment, Inspection Equipment and Soldering Equipment.), By Application(Consumer Electronics, Automotive) - Industry Forecast 2023-2030

Global Surface Mount Technology Market size was valued at USD 4.6 Billion in 2021 and is poised to grow from USD 5.14 billion in 2022 to USD 12.55 Billion by 2030, at a CAGR of 11.5% during the forecast period (2023-2030).

The global surface mount technology (SMT) market has witnessed substantial growth recently, propelled by the escalating demand for smaller, lighter, and more efficient electronic devices across diverse industries. SMT, a pivotal assembly technology in the production of printed circuit boards (PCBs), brings advantages like high-speed assembly, enhanced reliability, and cost-effectiveness. A key driver for the global SMT market is the increasing adoption of consumer electronics and the prevailing trend of miniaturization. As technology continually advances, consumer electronic devices such as smartphones, tablets, wearables, and smart home appliances are undergoing size reduction, a demand met by SMT, which allows the placement of smaller and more densely packed components on PCBs. Furthermore, the automotive industry significantly contributes to the SMT market's growth, with modern vehicles incorporating advanced electronic systems like infotainment, navigation, driver assistance, and autonomous driving technologies. SMT facilitates the efficient assembly of these intricate electronic systems, offering heightened reliability, enhanced functionality, and reduced space requirements within vehicles.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Surface mount technology Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global 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.

Drivers of the Global Surface mount technology Market

The worldwide embrace of surface mount technology (SMT) is driven by its capacity to streamline the manufacturing of compact and lightweight electronic devices. Sectors such as automotive, aerospace, and medical devices, which increasingly favor smaller and lighter designs, are contributing to this surge in adoption. SMT's effectiveness in accommodating intricate circuits within confined spaces positions it as the preferred choice across diverse industries.

Restraints in the Global Surface mount technology Market

The complexity of SMT assembly processes, involving fine-pitch components, precise soldering techniques, and the operation of advanced machinery, demands skilled operators and technicians for effective implementation. The intricacies associated with these processes require a high level of expertise. Nevertheless, challenges arise in the form of a shortage of skilled labor and the continuous demand for training and development, hindering the widespread adoption of SMT.

Market Trends of the Global Surface mount technology Market

The application of Surface Mount Technology (SMT) facilitates the assembly of diminutive passive components, fostering the creation of compact and lightweight electrical devices. The current emphasis on downsizing primarily targets passive elements like resistors and capacitors, with a focus on component sizes such as 01005 and 0201 (metric) with dimensions of 400 x 200 mm and 300 x 150 mm to meet these evolving requirements. This trend has sparked an increasing need for research and development efforts to assist the industry in seamlessly integrating these miniature components into their product designs.