Surface Mount Technologies Market Size, Share, Growth, and Industry Analysis by Type (Placement, Inspection, Soldering, Screen Printing, Cleaning, Repair & Rework), By Application (Consumer Electronics, Automotive, Aerospace & Defence), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Surface Mount Technologies Market REPORT OVERVIEW

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The global surface mount technologies market size was USD 35110 million in 2021 and market is projected to touch USD 90607 million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.7% during the forecast period. In the market study, our analysts have considered surface mount technologies players such as Assembleon (U.S.), Nordson (U.S.), Fuji Machine (Japan), ASMPT (Singapore) and Juki (Japan)

An electrical component can now be mounted or fastened directly to the surface of a printed circuit board using surface mount technologies. Electrical components were traditionally installed utilizing the through-hole technology building approach. However, as time went on, surface mount technologies started to take the place of through-hole technology because it enables more manufacturing automation, which improves quality and lowers prices.

The majority of electronic hardware components are now produced using surface mount technology. Due to surface mount technology's numerous benefits, including smaller components, better component density, superior mechanical performance, and simple and quicker automated assembly, industries are quickly moving away from through-hole technology. Surface mount method drastically lowers total production costs and enables more components to fit on a given area of board.

COVID-19 Impact: Instability in Sales Causes Market Distortion

The COVID-19 outbreak caused unstable markets, a drop in consumer confidence, and problems with import and export commerce for producers of services. Markets were shuttered as a result of the lockdown, and many people stayed inside. Supply chain breaches, stock market inefficiencies, and vendor instability are results of this evolution. The market as a whole was impacted by the shutdown of the services industry. Because there was no longer a market for the product, surface mount technologies became obsolete as those markets closed. In order to maintain stability amidst the disruptions, organizations were forced to redesign their entire operational structures as a result of the pandemic. The financial imbalance brought on by the closure of numerous stores and significant sectors was the primary factor that distorted the entire market. In addition, the outbreak has a negative impact on the business operations of the enterprises, which affects the services market as a whole. The surface mount technologies market has been somewhat impacted by this.

LATEST TRENDS

"Increasing Demand for LED Lighting to Boost the Market Growth"

LEDs are becoming a viable substitute for traditional incandescent and fluorescent lamps. LED lighting has a far longer lifespan and higher electrical efficiency than incandescent bulbs, and it is also more efficient than fluorescent lighting. The electronics manufacturing sector is benefiting from the characteristics of LEDs, such as their compact size and low power consumption, and this is the key trend that is assisting the market's expansion. LED components offer high brightness, high power efficiency, and minimal carbon emissions as compared to conventional lighting technologies, which is strengthening the market as a whole. These reasons have led to the adoption of LED lighting by many government agencies for installation in public spaces and government buildings. Thus, a key trend that is opening up potential for the industry to grow is increasing demand for LED lighting. These new developments are mostly to blame for the market's overall growth.

Surface Mount Technologies Market SEGMENTATION

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• By Types 

Based on type, the market is classified into Placement, Inspection, Soldering, Screen Printing, Cleaning, Repair & Rework.

• By Application

Based on the market is categorized into Consumer Electronics, Automotive, Aerospace & Defence.

DRIVING FACTORS

"Electronic Industry that Gives the Market Extra Boost  "

One of the largest and fastest-growing industries in the world, the electronics sector significantly impacts the world economy. There is now such a high demand for electronic products due to factors like population growth, rising disposable income, and growing urbanization that it is impossible to provide it without adopting sophisticated mass manufacturing techniques. Due to its effectiveness, higher efficiency, and quicker cost, surface mount technologies are currently the most widely utilized method for assembling and manufacturing electronic components. It employs somewhat different soldering tools and techniques that enable higher electrical conductivity and dependability. The electronics sector is seeing increased use of parts including integrated circuits, transistors, and passive surface mount technologies devices. As a result, the growth and the electronic industry to boost the market will contribute to the expansion of the services industry and it will improve the overall surface mount technologies market growth.  

"Miniaturized Consumer Electronics to Encourage Market Expansion"

In order to provide customers with more cutting-edge features, such as fingerprint sensors in mobile phones and smart televisions, among others, the consumer electronics sector is continually evolving. Smaller electrical components that take up less space have been developed in response to the increased need for downsized devices. This is only achievable if the device's hardware components, like the PCB, are compact and have a high level of reliability while combining numerous components. Surface mount technologies makes it possible to use and put together considerably smaller components, which makes it possible to create electronic devices that are more compact, portable, and lightweight. As a result, during the projected period, the market for services is anticipated to rise rapidly.

RESTRAINING FACTORS

"High Frequency and Thermal Management to Impede Market Expansion"

High-frequency applications, thermal management, and stress on the PCB because of a mismatched coefficient of thermal expansion (CTE) are some of the aspects that must be taken into account when developing the device. The CTE makes it easier to comprehend how a change in temperature would affect an object's size. Managing the temperature requirements of surface mount electronic circuits with their growing chip power in the system's constrained interior poses a difficulty. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Surface Mount Technologies Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for surface mount technologies in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the surface mount technologies market share is the growing demand of product in consumer electronics, automotive, aerospace & defense industry is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Assembleon (U.S.)
• Nordson (U.S.)
• Fuji Machine (Japan)
• ASMPT (Singapore)
• Juki (Japan)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost surface mount technologies market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.