Solder Paste Inspection (SPI) System Market, Growth, Size, Share, and Industry Analysis, By Type (In-line SPI System, Off-line SPI System), By Application (Automotive Electronics, Consumer Electronics, Industrials, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Solder Paste Inspection (SPI) System Market REPORT OVERVIEW

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The global solder paste inspection (SPI) system market size was USD 280.4 million in 2021 and market is projected to touch USD 504.51 million by 2031, at a compound annual growth rate (CAGR) of 6.0% during the forecast period.

Solder paste inspection is primarily done to check solder paste deposits in the Printed Circuit Board, also known as the PCB manufacturing process. It is observed that most solder joint defects in a PCB procedure assembly are because of improper and inefficient solder paste printing. With the help of solder paste inspection systems, one can reduce the soldering defects by a considerable amount, thus saving resources and time. Thus, the demand for solder paste systems has been increasing rapidly.

The solder paste inspection system market is divided into type and application segments. The type segment consists of in-line and off-line SPI solder paste inspection systems. In contrast, the application segment consists of automotive and consumer electronics, industrial activities, and other sectors requiring manufacturing. The sudden, unprecedented spike in demand for the paste is due to the resumption of industrial activities and the need for mechanisms to monitor the process post the pandemic.

COVID-19 Impact: Closure of Industrial and Economic Activities Restrained Market Growth

The closure of industrial and manufacturing activities along with construction work during the pandemic impeded the market growth and share of the systems negatively. The need and demand for solder paste inspections were negligible as offices and construction sites were shut, and people stayed indoors. Lack of infrastructure, unavailability of resources, rising inflation, and decreasing disposable income are also factors that significantly result in solder paste inspection system market growth.

LATEST TRENDS

Rising Demand and Resumption of Manufacturing to Lead Market Growth 

The rising demand and the resumption of industrial and manufacturing activities will significantly increase solder paste inspection systems' market growth in developed regions. The post-pandemic production boom and the need for these systems to deliver efficient systems in the market will drive the market demand and share of paste systems during the forecasted period. Thus, investors and manufacturers will significantly witness rising the market prospects.

Solder Paste Inspection (SPI) System Market SEGMENTATION

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• By Type

The solder paste inspection system market is subcategorized into types and consists of in-line SPI systems and off-line SPI Systems.

• By Application

The market is subcategorized based on other applications into automotive electronics, consumer electronics, industrials, and others.

DRIVING FACTORS

"Effective and Innovative Features to Reduce Product Price"

The innovative technology and features entering the soldering market will significantly drive the solder paste inspection (SPI) system market growth. With developing countries and regions expanding their production capacities, the market will see an unprecedented boom in the manufacturing process of solder paste inspection systems. The resumption of industrial activities and decreasing inflation with rising consumer income in regions such as the Asia Pacific will lead the product market demand and share.

"Post-Pandemic Production Boom to Drive Market Demand and Share"

The post-pandemic production boom and market demand for soldering systems will lead the market share and growth of inspection systems significantly. The major market factors driving the need for the product during the forecast period are evolving technology, expansion of production capacities in developing countries, and the affordability of resources due to decreasing inflation. This will immensely benefit investors, leading players, and manufacturers in regions such as the Asia Pacific region. 

RESTRAINING FACTORS

"Lack of Trained Inspection Professionals to Hamper Market Growth"

The lack of inspection system professionals in the market will significantly impede the market growth of the product and solder paste inspection system. This can be attributed to the labor demand shooting up, thereby driving costs of resources and labor charges in developed countries and regions such as North America. The lack of employee training will significantly hinder the production and manufacturing process, thus leaving room for errors and inefficiency, leading to negative sales and revenue profits for investors and manufacturers.   

Solder Paste Inspection (SPI) System Market REGIONAL INSIGHTS

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"Asia Pacific to Lead Market Share Owing to Production Expansion"

The Asia Pacific region will lead the solder paste inspection (SPI) system market share owing to the expansion of production and manufacturing capacities in the area. Countries such as China, Korea, Taiwan, and Japan are housed with the major industrial players in the Pacific region. They will account for the significant consumer and industrial share of the product. With technological innovations in the region, these countries are expanding their services to the West, driving their market share and growth affordably in the area.

KEY INDUSTRIAL PLAYERS

"Developing Countries to Witness Massive Profits and Revenues with Innovations"

The report analyzes various leading market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical outcomes, and newly emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the industry. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change.

List of Market Players Profiled

• Koh Young (South Korea)
• Test Research, Inc (TRI) {Taiwan}
• CKD Corporation (Japan)
• CyberOptics Corporation (U.S.)
• MIRTEC CO., LTD. (South Korea)
• PARMI Corp (South Korea)
• Viscom AG (Germany)
• ViTrox (Malaysia)
• Mycronic (Vi TECHNOLOGY) {Sweden}
• MEK Marantz Electronics (U.S.)
• Pemtron (South Korea)
• SAKI Corporation (Japan)
• Caltex Scientific (U.S.)
• ASC International (U.S.)
• Jet Technology (U.S.)
• Sinic-Tek Vision Technology (China)
• Shenzhen ZhenHuaXing (China)
• Shenzhen JT Automation Equipment (China)
• JUTZE Intelligence Technology (China)
• Shenzhen Chonvo Intelligence (China)

INDUSTRY DEVELOPMENT

September 2022: Koh Young Technology, the leading industrial player in 3D measurement inspection solutions, has received the Mexico Technology Award for Process Control Software for its KPO Printer technology. Product miniaturization propels small apertures, fine soldiers, and complicated design systems, making the process a sophisticated development with significant yield impact. Therefore, with this honor, Koh Young is driven to establish an autonomous electronic manufacturing production using its AI-powered process optimization tools, driving the company's market share and growth.

REPORT COVERAGE

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecasted period. After thoroughly evaluating the market and industry factors, the report provides an extensive, comprehensive SWOT and PEST analysis. The information estimates all the factors mentioned, taken into consideration after thorough research and analysis. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the industry. The report lists the worldwide leading industrial players and the regions that will experience growth during the forecast period.