The surface mount technology (SMT) market is expected to grow at a compound annual growth rate (CAGR) of 7.8% from USD 5.8 billion in 2023 to USD 8.4 billion by 2028. The advent of self-monitoring, analysis, and reporting technology (SMART) is one of the major opportunities in the market. The report identified China as the country with the highest growth rate in the SMT market due to being a manufacturing hub for semiconductor and automotive manufacturers. Placement equipment is projected to grow with the second highest CAGR during the forecast period. High-speed placement equipment is particularly in demand in the Asia Pacific region, which has a huge market for consumer electronics and automobiles, creating a high demand for SMT-based electronic devices. The companies providing high-speed placement equipment include Shenzhen Jaguar Automation Equipment, Juki Corporation, Yamaha Motor, Panasonic Corporation, and Fuji Corporation, among others. The report provides insights into the growth opportunities, trends, and challenges in the SMT market.
Surface Mount Technology (SMT) Market to Grow at a 7.8% CAGR, Reaching USD 8.4 Billion by 2028
The global surface mount technology (SMT) market is expected to expand at a compound annual growth rate (CAGR) of 7.8% from USD 5.8 billion in 2023 to USD 8.4 billion by 2028, according to a report by MarketsandMarkets. The report identified the advent of self-monitoring, analysis, and reporting technology (SMART) as a major opportunity for growth in the market.
The report also found that key players in the SMT market are engaging in partnerships and acquisitions, as well as product development and expansions, to strengthen their market position. Placement equipment is projected to grow with the second highest CAGR during the forecast period. High-speed placement equipment is particularly in demand in the Asia Pacific region, which has a huge market for consumer electronics and automobiles, creating a high demand for SMT-based electronic devices.
The report identifies China as the country with the highest growth rate in the SMT market. As one of the fastest-growing economies in the world, China is also a manufacturing hub for semiconductor and automotive manufacturers. This presents a significant opportunity for the growth of the SMT market in China. Additionally, the adoption of industrial automation is increasing rapidly due to the flourishing industrial sector and rising per capita income, leading to increased adoption of advanced manufacturing technologies and a consequent requirement for SMT equipment.
The 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.
The report provides insights into the growth opportunities, trends, and challenges in the SMT market. It is expected to be useful for stakeholders such as SMT equipment manufacturers, distributors, and resellers, as well as end-users in various industries such as automotive, consumer electronics, and aerospace & defense.
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