As per the recent report by Transparency Market Research, the global surface mount technology equipment market is expected to grow a substantial growth in the forecast period of 2018 to 2026. According to the report the factors that are driving this growth for the market include, growing application of consumer electronics, trend of miniaturization, and evolving manufacturing industry. Due to these factors the global surface mount technology equipment market is expected to witness 4.5% CAGR during the projected time frame. With this projection, the market is projected to register a whopping US$ 8.01 bn revenue by the end of 2026, says the report.
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Growing Use of Flex Circuit Drives the Growth
Consumers demand flexibility these days. They are looking for devices that can come in handy in multiple applications. Hence, the electronic device manufacturers are inclining towards flexible electronics or flex electronics. They are designing flex circuits that can allow the devices to be useful in variety of use-cases to cater to the demand for the flexible device. Based on this growth in the use of flex circuits, the growth of global surface mount technology equipment market.
For instance, the LCD manufacturers are now using thin metal foils as a substrate to make the circuit flexible instead of glass based substrate. This allows the manufacturers to effectively reduce the cost of production while improving the efficiency of the final product. This also makes the LCDs resistant to frequent voltage fluctuations making them last longer than before. Based on such applications by various electronic gadgets and device manufacturers, the global surface mount technology equipment market is witnessing the projected growth.
Emerging Players to Offer Quality Products at Lower Price
Currently the global surface mount technology equipment market is highly competitive and predominantly fragmented. This is because of the presence of several players that dominated the dynamics of global surface mount technology equipment market. These players also control the pricing of surface mount technology equipment, which makes them highly expensive for the end users.
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Taking the price constraint as an opportunity, new players are developing under-budget quality products. This allows the new players to enter and establish themselves in the global surface mount technology equipment market. Also, for establishment and a sustainable future, these players are also focusing on strategies such as mergers and partnerships. These strategies allow the players to gather essential resources that can come in handy to establish their brand in the surface mount technology equipment market.
On the other hand, the already established players are adopting the strategies of acquisition and research and development. This allow the businesses to enhance their production capacity and distribution network along with bringing new products in the market. Using these strategies, the players can acquire a competitive edge over their rivals and boost their profit quotient in global surface mount technology equipment market.
For example, in 2016, Juki Corporation, launched an innovative Long Board SMT Placement Machine, known as JX-350. This machine speeds the production of LCDs by autonomously placing the components on their precise place. With this machine the company was able to hold a significant share in the global surface mount technology equipment market in 2016.
Asia Pacific to Grab the Top Spot
On geographical front, the surface mount technology equipment market has a global presence. However, Asia Pacific is expected to grow substantially in the forecast period. This rapid growth of the region is attributed to rising demand for consumer electronics in India and China. Moreover, the availability of resources in these countries is easy and cost effective, this further attracts businesses to enter the region and boost the growth of Asia Pacific in the global surface mount technology equipment market during the estimated time frame.
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