Market Is Growing Due to The Increasing Need for LED Lighting
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Surface Mount Technology Equipment Market, By Equipment, By End-User Industries, By Components - Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 12.3 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.50% during the assessment timeframe.
Surface Mount Technology Equipment Market Leaders
Key players profiled in the global surface mount technology equipment market report include-
CyberOptics Corporation (U.S.)
Mycronic AB (Sweden)
Nordson Corporation (U.S.)
Orbotech Ltd. (Israel)
Fuji Machine Manufacturing Co., Ltd.(Japan)
Assembly Systems (Germany)
Hitachi High-Technologies Corporation (Japan)
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Revenue forecast in 2030
USD 12.3 Billion
CAGR of 9.50% from 2022 to 2030
Key Market Opportunities
Manufacturers of RPA are taking advantage of this to increase their R&D activities
Key Market Drivers
The banking and financial services industries are the leading market shareholders for robotic process automation
Increasing Need for LED Lighting to Boost 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 benefits of LEDs' characteristics, such as their compact size and low power consumption, are being reaped by the electronics manufacturing industry. LED lighting components offer excellent brightness, power efficiency, and reduced carbon emissions as compared to conventional lighting systems. These reasons have resulted to the adoption of LED lighting by many government agencies for installation in public spaces and government buildings. In the near future, the Surface Mount Technology Equipment Market is anticipated to expand as a result of the rising demand for LED lighting.
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Trend of Miniaturization of Devices to offer Robust Opportunities
The market for SMT equipment is expanding favorably as a result of the increasing production of medical devices, ventilators, and other vital equipment, as well as the current trend of miniaturizing products with greater performance and cheaper configuration costs.
Restraints and Challenges
High Cost to act as Market Restraint
The high surface mount technology equipment cost and high frequency & need for thermal management may act as market restraints over the forecast period.
Surface Mount Technology Equipment Market Segmentation
The surface mount technology equipment market is bifurcated based on components, end user, and equipment.
By equipment, rework & repair equipment will lead the market over the forecast period.
By end user, consumer electronics will dominate the market over the forecast period.
By components, the surface mount technology equipment market is segmented into integrated circuits and transistor & diodes.
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The global and national economies have been significantly impacted by the COVID-19 pandemic. The end-user industries that produce electronics are among those that have been impacted. Work on the factory floor, where employees are in close proximity and collaborate to increase productivity, makes up a significant portion of manufacturing. Circuit board building components are in scarce supply on the market. The capacity to have a good store of components on hand has been significantly diminished as many component manufacturers shut down or operate at limited capacity. Many PCB components needed for SMT assembly line functioning are transported on conventional commercial aircraft as cargo. Due to international travel restrictions, flights have been grounded, which has reduced shipment options and driven up shipping costs.
Surface Mount Technology Equipment Market Regional Analysis
APAC to Lead Surface Mount Technology Equipment Market
The surface mount technology equipment market is now the largest in the Asia-Pacific region. The next competitor in terms of market size is Latin America. China, India, and Japan are the countries in the Asia-Pacific region that dominate the rest of the area in terms of the size, share, and growth of the Surface Mount Technology Equipment market. The fundamental explanation for this is that businesses now have access to a larger pool of skilled employees. In Japan, this is especially true. In India, to some extent, it is accurate. The explosive growth in demand for high-tech products is another significant factor. This is particularly true in China and India, where even the lowest-skilled laborers purchase smartphones and other digital gadgets. The increased population in China and India is also driving up demand for cutting-edge consumer electronics. Due to the enormous number of consumers in the region, the Asia Pacific region dominated the market during 2020, and this trend is anticipated to continue during the projected period. During the projection period, the Asia Pacific area is anticipated to grow quickly due to increasing urbanization, industrialization, greater investment in smart and efficient technology, and rising per capita income, with the maximum contributions coming from India, China, & Japan. In terms of revenue share, Asia-Pacific commands the surface mount technology (SMT) equipment market. This is because electronic contract manufacturing is flourishing.
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The demand for SMT in the regional telecommunications industry is expanding as a result of increased 3G/4G network demand and rising wireless communication standards. China is one of the world's fastest-growing economies, and the country's SMT industry is anticipated to expand primarily as a result of the huge number of SMT manufacturing businesses there. The rise of electric vehicles in the APAC automotive industry is another factor driving the SMT market's expansion. In order to have a competitive edge and broaden their distribution networks, companies that operate in the surface mount technology industry use a variety of growth methods, including new product launches & developments, partnerships, agreements, collaboration, & acquisitions.
Due primarily to the presence of numerous PCB production facilities in the region, the market for surface mount technology is expanding significantly in the Asia-Pacific region. There are numerous PCB manufacturing facilities in China. The largest production facility for AT&S, which specializes in multi-layer PCB, is situated in Shanghai. This is as a result of the corporation focusing on high quantities for Chinese users of mobile communications. Asia-Pacific now has one of the largest mobile markets in the world because to rising smartphone usage rates. This is a result of urbanization and rising population. By 2025, smartphones will account for more than 4 out of 5 connections, predicts the GSM Association. The usage of surface mount technology among consumer electronics in the area is anticipated to rise as a result of this trend.
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