SMT Equipment Market: Introduction
Transparency Market Research delivers key insights on the global SMT equipment market. In terms of revenue, the global SMT equipment market is estimated to expand at a CAGR of 4.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global SMT equipment market.
The global SMT equipment market is broadly affected by several factors, including low maintenance design that offers longer service life, rise in demand for PCBs in the consumer electronics sector, and demand from medical and defense fields.
SMT Equipment Market: Market Trends
Across the globe, various application segments, which include computing, telecommunications, and consumer electronics, are using printed circuit boards, which is a vital component of the universal integrated chip technology present in virtually all electronic devices. Thus, PCB manufacturers are now focusing on installation of SMT equipment in their product line, which is the primary factor anticipated to trigger the demand for SMT equipment during the forecast period from 2020 to 2030. North America and Asia Pacific regions comprise major emerging markets of PCB manufacturers. The U.S, China, Japan, and Taiwan, among others, are the leading contributors to the market in the region. Considering these factors, the demand for SMT equipment is expected to become high (from medium) during the forecast period.
The SMT equipment market is witnessing innovation at an accelerated rate. This innovation is combined with sophistication in technology and shrinking size of electronic gadgets. Companies operating in the SMT equipment market are adopting better innovation strategies to enhance their production due to the rising demand for complex printed circuit boards and assemblies. Surface mount equipment undergo non-stop technical advancements due to increase in demand from worldwide manufacturers, specifically in Asia Pacific and Europe. Improved flexibility, higher software integration, and environment-friendly machineries to restrict production of hazardous substances have become latest trends driving the demand in the market.
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Current technology improvements, which are boosting expansion include increased functioning pace, superior component placement capabilities, and enhanced flexibility. However, other important factors influencing the SMT equipment market are a global increase in manufacturing facilities and more easily accessible funding for new SMT equipment. Surface mount technology equipment manufacturers are planning production capacity additions to accommodate the increasing demand from consumer and commercial electronics sectors due to all the factors mentioned above. This is anticipated to trigger the demand for SMT equipment in the market during the forecast period.
However, increase in price-based competition is expected to hinder the growth of the SMT market. Local players in developing countries are penetrating developed countries by providing affordable and efficient SMT equipment. As a result, international players are reducing the price of their SMT equipment products in order to sustain in the global SMT equipment market.
SMT Equipment Market: Prominent Regions
The U.S. holds leading share of the North America SMT equipment market. The market in the country is expected to expand at a moderate rate during the forecast period. The U.S. has extensive availability of technologically advanced products. The demand for SMT equipment systems in the U.S. is increasing rapidly due to various requirements in different industries. India is projected to be a moderately growing economy in the Asia Pacific region over the next few years. India is focusing considerably on consumer electronics, telecommunication, and aerospace & defense, wherein SMT equipment are used. EU5, which comprises the U.K., Germany, France, Italy, and Spain holds maximum share of the Europe SMT equipment market, owing to the usage of SMT equipment systems in automotive, medical, industrial, and energy & power systems in these countries.
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