Surface Mount Technology Market | Industry Analysis and Market size Forecast to 2022

The surface mount technology market was valued at USD 3.24 billion in 2016 and is expected to reach USD 5.42 billion by 2022, at a CAGR of 8.9% between 2017 and 2022.

By equipment, the inspection equipment segment is expected to grow at the highest growth rate during the forecast period

The inspection equipment accounted for a share of ~28% of the overall surface mount technology market in 2016. The SMT inspection equipment market is driven by the improving product technology, responsiveness, reliability, and quality of inspection. The increasing need for this equipment in telecom, automotive, consumer electronics, and computing and storage are expected to drive its demand during the forecast period.

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By application, the consumer electronics application is expected to hold the largest share of the market

The consumer electronics application segment is expected to hold the largest market share during the forecast period. The main development responsible for the reduced size and weight of consumer electronics devices is the inclusion of the surface mount technology in these applications. Surface mounted components are smaller, thinner, and lighter than through-hole packages which consume more space and power and contribute considerably to the total weight of the product.

APAC to account for the largest market size and is also expected to grow at the highest rate during the forecast period.

The increasing wireless communication standards and the rising demand for 3G/4G networks are boosting the demand for SMT in the telecommunication sector in this region. China is one of the fastest-growing economies in the world and its market for SMT is expected to grow primarily because of the vast number of SMT manufacturing companies. The growth of the SMT market also is driven by the growth of electric vehicles in the automotive sector in APAC. Companies operating in the surface mount technology market employ several growth strategies such as new product launches and developments, agreements, partnerships, collaboration, and acquisitions to gain a competitive edge and expand their distribution networks.

The major players involved in the surface mount technology market are ASM Assembly Systems GmbH & Co. KG (Germany), CyberOptics Corporation (U.S.), Electro Scientific Industries Inc. (Oregon), Fuji Machine Manufacturing Co., Ltd.(Japan), Hitachi High-Technologies Corporation (Japan), Juki Corporation (Japan), Mycronic AB (Sweden), Nordson Corporation (U.S.), Orbotech Ltd. (Israel), and Viscom AG (Germany).

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