The global surface mount technology market size is expected to reach USD 8,222.0 million by 2030, expanding at a CAGR of 5.8%, according to a new report by Grand View Research, Inc. Surface mount technology (SMT) is a method of electronic component assembly used to build electronic circuits on printed circuit boards (PCBs). In SMT, electronic components such as resistors, capacitors, and integrated circuits (ICs) are mounted directly onto the surface of the PCB rather than being inserted through holes in the board (as in through-hole technology).In SMT, the components are typically much smaller and more compact than through-hole components, which allows for a greater degree of miniaturization in electronic devices. SMT also allows for higher component density on PCBs, meaning that more complex electronic circuits can be designed and manufactured in smaller, more efficient packages. The market's growth is expected to be driven by the miniaturization of electronic devices across the globe. The trend towards smaller and more portable electronic devices has increased demand for smaller components, which can only be manufactured using SMT. Miniaturization involves reducing the size of various electronic components, such as resistors, capacitors, and transistors, and integrating them into smaller, more densely packed circuit boards. This is typically achieved through the use of surface mount technology (SMT), which allows for smaller components to be placed closer together on the circuit board, making the overall device smaller.

Moreover, the increasing adoption of electric vehicles (EVs) across the globe is another major factor driving the market's growth. This is because EVs require various electronic components, including power electronics, batteries, and sensors. These are typically smaller and more compact than components used in traditional combustion engine vehicles. SMT components are more suitable for EV use due to their smaller size and higher component density. This has increased demand for SMT components and equipment in the automotive industry. Furthermore, as EVs are designed to be more energy efficient than traditional vehicles, every component in an EV needs to be optimized for efficiency. SMT components are known for their high efficiency and reliability, making them ideal for use in EVs.

Gather more insights about the market drivers, restrains and growth of the Global Surface Mount Technology Market

The COVID-19 pandemic has significantly impacted the global economy, and the surface-mount technology market has not been immune to its effects. The pandemic caused disruptions in global supply chains, leading to delays in delivering components and equipment for SMT manufacturing. Owing to this, manufacturers of SMT equipment have faced challenges in meeting production targets, which has affected the growth of the SMT market. Moreover, the pandemic has caused a shift in consumer behavior, resulting in a surge in demand for electronic devices, such as laptops, smartphones, and gaming consoles. This has led to an increase in demand for SMT services, as these devices require a high degree of electronic component integration.

Surface Mount Technology Market Report Highlights

• The market's growth is expected to be driven by the miniaturization of electronic devices across the globe. The trend towards smaller and more portable electronic devices has led to an increased demand for smaller components, which can only be manufactured using surface mount technology (SMT)

• The increasing automation across the industry verticals such as automotive, logistics, e-commerce, and among others is another major factor driving the growth of the market. Additionally, the growth of automation and robotics in manufacturing sector has made SMT more efficient and cost-effective, as machines can place components with greater precision and speed

• The placement equipment segment dominated the overall market in 2022. This dominance can be attributed to the rising need for improving product technology, reliability, responsiveness, and inspection quality

• The supply chain services segment is anticipated to register the fastest CAGR over the forecast period. The supply chain services comprises a range of services, including sourcing & procurement, inventory management, logistics & transportation, and warehousing & distribution

• The consumer electronics segment dominated the market in 2022 and accounted for a market share of 32.5%. Surface mount technology (SMT) is widely used in consumer electronics manufacturing owing to its several advantages over traditional through-hole technology, such as the smaller form factors, faster production times, and increased efficiency

List of key players in the surface mount technology market

• ASM Pacific Technology
• Seika Corporation
• Panasonic
• Nordson Corporation
• Cognex Corporation
• Fuji Machine Manufacturing Co., Ltd.
• Teradyne Inc.
• Mycronic
• Kulicke & Soffa Industries, Inc.
• Neoden SMT

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