Surface Mount Technology Market is projected to grow at a CAGR 6.81%

surface mount technology market

The stratospheric demand for consumer electronics necessitating utilization of flexible equipment on PCBs and the need for enhanced product integrity with higher component density are the factors, among others, anticipated to drive the growth of this market.

According to the report, Surface Mount Technology is expected to grow at a CAGR of 6.81% over the forecast period.

The growth of surface mount technology market is dependent on several factors as mentioned below:

An evident increase in the demand for smartphones, tablets, GPS navigation systems, and other electronic products collectively known as consumer electronics around the world has necessitated the use of printed circuit boards that are made of flexible materials coupled with the miniaturization of the electronic component, and the need for reduced manufacturing cost as well as to facilitate simpler concomitantly swifter automation are the prime factors that are driving the growth of the market. The technologies pertaining to placement and soldering equipment which are an integral part of the consumer electronics manufacturing industry has an increased application scope of surface mount technology equipment. Further, the use of inspection equipment is also increased due to the need for facilitating swift inspection of double-sided solder joints and non-visible solder joints with exact traceability.  Additionally, the growing investment of the flex circuit board that forms the key component in wearable devices is also responsible for the surge in Surface Mount Technology market growth. Besides, the endues application consumer electronics, the sectors of defense, automotive, and healthcare too would lead to a substantial increase in the growth of the market.  

Applications in healthcare are witnessing a meteoric rise leading to the growth in surface mount technology that is being facilitated by the increasing role of PCBs fundamental criticality in the field. The progression of functions like diagnostic, treatment, and research strategies have been automated in recent times. Besides continues research and development in bringing out enhancements in equipment like pacemakers as far as the cardiovascular field is concerned, medical imaging applications like that of MRIs as well as more recently the stratospheric rise in ventilators to combat CoVID 19. Further monitoring devices too, require PCBs as it is the case with implantable devices. Now that surface mount technology (SMT) being the technique the involves the manufacturing of electric circuits whereby the parts are placed directly on the flat surface of PCB resulting in the finished product called Surface Mount Device (SMD) makes ample room of automation which was earlier not possible with the requirement of soldering tiny leads through tine apertures rendering the entire erstwhile process time-consuming.

Another growing driver simultaneously an opportunity of the SMT market is that of LED. Both stem from the demand for consumer electronics. Delving into the aspect of demand earlier LED  were essentially diced from the epitaxial wafer and subsequently placed in surface-mount packages which were then wire bonded and later encapsulated with epoxy and silicon known as SMD top LED. Through the means of adhesive on board (AOB) the LEDs are assembled on PCBs. However, the opportunity arises form the endeavor to reduce cost but allow relatively smaller pixel pitches, which have been reportedly described as SMD chip LED among others. This so-called emerging micro-LEDs that are smaller than 10 μm are hands-in-gloves for the virtual-reality and augmented-reality (VR/AR) glasses, projectors head-up displays (HUDs).

Further TV brands like Samsung expanded its microLED-based displays know as “The Wall” which is expected to be marketed in 2020. Along with the aforementioned development, lucrative government policies are incentivizing the players in the field to expand their operations to emerging economies as exemplified by the Government of India’s scheme for the Large Scale Electronics Manufacturing scheme called the Production Linked Incentive Scheme (PLI) brought about by the Ministry of Electronics and Information technology under the ambit of National Policy on Electronics 2019 (NPE 2019) with aim transition India into a global hub to facilitate the Electronics System Design and Manufacturing (ESDM). Therefore, the demand for high-quality equipment pertaining to SMT by both contract and original equipment manufacturers are skyrocketing around the globe. Nevertheless, the high investment involved in equipment pertaining to SMT is a factor that is expected to restrain the growth of the market.

As a part of the report, the major players operating in the surface mount technology, which have been covered are Fuji Machine MFG, Co., Hitachi, Juki Corporation, CyberOptics Corporation, Viscom AG, Nordson Corporation, Panasonic Corporation, Allen Integrated Assemblies, and Universal Instruments Corporation.

View a sample of the report or purchase the complete study at

This report segmented the surface mount technology market on the basis following terms:

  • By Equipment
    • Screen Print Equipment
      • Automatic
      • Semi-Automatic & Manual
    • Soldering Equipment
      • Reflow
      • Flow
    • Inspection Equipment
      • SPI
      • AOI
    • Placement Equipment
      • Sequential
      • Parallel
    • Cleaning Equipment
    • Repair & Rework Equipment
  • By Industry Vertical
    • Telecommunication
    • Consumer Electronics
    • Automotive
    • Healthcare
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • Indonesia
      • Thailand
      • Taiwan
      • South Korea
      • Others