MarketandMarkets™ has released a report stating that the Surface Mount Technology (SMT) market is expected to grow from USD 5.8 billion in 2023 to USD 8.4 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. SMART is one of the significant opportunities in the SMT market. The report also suggests that placement equipment is expected to have the second-highest CAGR during the forecast period, with high-speed placement equipment being particularly popular in the Asia Pacific due to the high demand for SMT-based electronic devices in the region. Additionally, China is expected to have the highest growth rate in terms of country in the SMT market, given the significant manufacturing hub of semiconductor and automotive manufacturers. MarketandMarkets™ is a growth consulting and program management company that leverages its man-machine offering to drive supernormal growth for progressive organizations in the B2B space. The company works with clients on growth programs and aims to help them monetize the $25 trillion opportunity through their Market Intelligence Cloud, The KnowledgeStore™.
Surface Mount Technology (SMT) Market to Exceed USD 8.4 billion with 7.8% CAGR
According to a recent report by MarketsandMarkets, the global Surface Mount Technology (SMT) market is expected to grow from USD 5.8 billion in 2023 to USD 8.4 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period.
One of the significant opportunities in the SMT market is the advent of Self-Monitoring, Analysis, and Reporting Technology (SMART).
Key Players and Strategies
The market’s key players are using acquisition and partnership as strategies to grab opportunities. Other companies in the market focus on product development and expansion to improve their position in the market.
Equipment and Demand
Placement equipment is expected to have the second-highest CAGR during the forecast period. High-speed placement equipment is particularly popular in the Asia Pacific, given the high demand for SMT-based electronic devices in the region.
Companies providing high-speed placement equipment include Shenzhen Jaguar Automation Equipment (China), Juki Corporation (Japan), Yamaha Motor (Japan), Panasonic Corporation (Japan), and Fuji Corporation (Japan), among others.
Growth Rate by Country
China is expected to have the highest growth rate in terms of country in the surface mount technology (SMT) market. China is a significant manufacturing hub of semiconductor and automotive manufacturers, making it one of the fastest-growing economies in the world.
Due to the high market for automobiles in China, the pollution and greenhouse effect are also very high. Industrial automation adoption is increasing at a rapid pace due to the flourishing industrial sector and rising per capita income. Consequently, advanced manufacturing technologies like SMT equipment are experiencing increased adoption.
The report indicates the SMT market is growing at a remarkable rate, and companies are seeking opportunities to grab the market share.
MarketandMarkets™ is a growth consulting and program management company that aims to drive extraordinary growth for progressive organizations in the B2B space. They specialize in co-creating supernormal growth for clients using their vast knowledge on emerging technologies. MarketandMarkets™ works with clients to help them monetize the $25 trillion opportunity through their service lines. Their Market Intelligence Cloud, The KnowledgeStore™, integrates research, facilitates an analysis of interconnections through a set of applications, helping clients understand the revenue shifts happening in their industry. Visit their website to find out more about their services or follow them on Twitter, LinkedIn, and Facebook.
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