USD 5.73 Billion
Surface Mount Technology Market Size, Share, and Growth Analysis
Surface Mount Technology Market By Equipment (Inspection Equipment, Placement Equipment), By Service (Designing, Supply Chain Services), By Application (Consumer Electronics, IT & Telecommunication), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG45K2071 |
Region:
Global |
Published Date: December, 2024
Pages:
197
|Tables:
64
|Figures:
75
Format -
Surface Mount Technology Market Insights
Surface Mount Technology Market size was valued at USD 5.73 Billion in 2023 and is poised to grow from USD 6.39 Billion in 2024 to USD 15.26 Billion by 2032, growing at a CAGR of 11.5% during the forecast period (2025-2032).
In recent times, the popularity of miniaturization of electronic devices has increased immensely, which is one of the main factors that is boosting the surface mount technology market growth. The rising popularity of smaller and portable electronic devices is increasing the demand for miniature components, which is produced by utilizing surface mount technology (SMT). Miniaturization also means downsizing the size of the resistors, capacitors and other transistors and fitting them into tiny circuit boards that are densely packed. This is usually accomplished using SMT, which makes it possible to position smaller components more closely on a circuit board and reduce the size of the whole device, which is contributing to the surface mount technology market growth.
As passive and active electronic components can be mounted on the surface of PCBs, SMT is most suitable for the manufacture of electrical circuit boards. In this regard, modern surface mount technology has contributed greatly to the high speed of mass production of electronic devices by simplifying the processes of assembling PCB boards. Furthermore, the rapid growth of automation in various industry verticals like automotive, logistics, and e-commerce, is also boosting the growth of the surface mount technology market. Moreover, the advancement of automation and robotics in the manufacturing sector has also made SMT more efficient and affordable because machines can place components with greater precision and speed. Technological advancements such as AI and ML, have automated SMT machines making it easier to carry out tasks, which has resulted in a reduction of human effort and improved considerably the quality and the uniformity of the components made.
US Surface Mount Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Designing
Fastest Growth
Supply Chain Services
Growth Rate
11.5% CAGR
Global Surface Mount Technology Market ($ Bn)
Country Share for North America Region (%)
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Surface Mount Technology Market Segments Analysis
Global Surface Mount Technology Market is segmented by Equipment, Component, Service, End-user Industry, and Region. Based on Equipment, the market is segmented into Inspection equipment, Placement equipment, Soldering equipment, Screen printing equipment, Cleaning equipment, and Repair & rework equipment. Based on Component, the market is segmented into Passive Components, and Active Components. Based on Service, the market is segmented into Designing, Test And Prototype, Supply Chain Services, Manufacturing, and Aftermarket Services. Based on End-user Industry, the market is segmented into Consumer electronics, Telecommunications, Aerospace & defense, Automotive, Medical, Industrial, and Energy and power systems. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Equipment
Based on equipment, the placement equipment segment is dominating the market with the largest surface mount technology market share. Placement equipment is dominating the market because of the growing necessity to enhance product technology, dependability, responsiveness, and inspection quality. Furthermore, the increasing requirement for this equipment in telecommunications, automotive, consumer electronics, computing, and storage is also fueling the growth of the segment. Placement equipment is a vital component in the surface mount technology SMT market because these machines can precisely and efficiently place electronic components onto printed circuit boards (PCBs). There are various categories of placement tools available in the market such as placing machines, screen printers, solder paste inspection machines, and dispensing machines. Moreover, placement equipment contributes to the manufacturing stage in the SMT process as it establishes the quality and efficiency of PCB assembling.
The inspection equipment segment is expected to grow at a significant CAGR during the forecast period. Inspection equipment is primarily utilized for inspecting and detecting faults in the manufacturing procedure, like misplaced or missing components, solder defects, and other defects that can impact the functions of a device. In addition, companies are implementing automated inspection devices to boost production, cut costs, and increase uniformity. AI and ML have been embedded into inspection devices allowing the machines to self-tune and operate better, which improved their accuracy and speed. During manufacture, inspection equipment also assesses the quality and reliability of electronic components and computer printed boards (PCB). Automated optical inspection (AOI) machines, x-ray inspection machines and solder paste inspection machines are some of the inspection equipment which are available in the market.
Analysis by Service
Based on service, the designing segment is dominating the surface mount technology market. The designing segment is growing rapidly because of the increasing demand for PCB design, electronic circuit design, and design for manufacturing (DFM) services for consumer electronics. Moreover, designing services providers are also helping manufacturers to enhance their designs, minimizing the overall expense of manufacturing and increasing profitability. Furthermore, designing consists of the development of layout and design of printed circuit boards (PCBs) that are utilized in an electronic device. As it determines the quality and effectiveness of the product, PCB design is an integral part of the SMT process. The design phase consists of selection of all the accurate components and their layout on the PCB. This requires a better knowledge about the electrical characteristics of the components and the way they work, hence aiding expansion of the segment.
As per surface mount technology market analysis, the supply chain service segment is experiencing tremendous growth in recent years. The supply chain services consist of different services, like sourcing & procurement, inventory management, logistics & transportation, and warehousing & distribution. The supply chain process begins with component sourcing which includes finding the appropriate components within manufacturers and distributors. It consists of determining the right components based on demand, quality, and cost effectiveness. Once the components have been sourced the procurement process follows. This procedure consists of placing orders, negotiating prices, and managing inventory levels to make sure that the necessary components are available when needed. The process also makes sure that the components fulfill the required quality standards. The delivery process is the last part of the supply chain, which ensures the components are delivered on time and in the correct quantity to the manufacturing facility. Supply chain services may also consist logistics and distribution management, like customs clearance and transportation.
Global Surface Mount Technology Market Analysis by Service
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Surface Mount Technology Market Regional Insights
North America is dominating with the largest surface mount technology market share. Some of the world's largest technology and research organizations are located in North America. Moreover, these organizations have continuously contributed towards modernization and improvements in various components of technology including surface mount technology. With this being said, businesses associated with North America have pioneered in creating ultra-modern equipment, materials, and processes related to SMT. As a result, this development has made possible for the manufacturers in the region to produce advanced SMT products and make it globally competitive. Considering the aerospace, defense, automotive, and consumer electronics industries, North America features a well-developed manufacturing base. The regional manufacturing infrastructure is also well-developed and represents a large potential market for suppliers of SMT. The increased focus on such manufacturing activities is increasing the demand for surface mount technology solutions, leading to the growth of the market in the region.
Over the course of the projected period, it is anticipated that the surface mount technology market in Asia Pacific would expand with the highest growth rate. China and Japan are some of the major countries contributing toward the growth of the surface mount technology market in this region. This surface mount technology market in these countries is growing rapidly because there is an increase in manufacturing activities along with the emergence as a cost-efficient production. With several new electronics manufacturing projects planned in the region, Asia Pacific is expected to remain a high-growth market for SMT equipment. The increasing demand for 5G networks as well as the rise in wireless communication standards enhances the popularity of SMT in the telecommunication sector thereby expanding the market in this region. Moreover, many government policies are also aiding in the growth of the market.
Global Surface Mount Technology Market By Geography
- Largest
- Fastest
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Surface Mount Technology Market Dynamics
Drivers
Emergence of Miniaturization of Devices
-
The growing demand for SMT could be caused by the rising trend of miniaturization and increased power within electronic devices. Surface-mounted technology components are significantly smaller and lighter than through-hole components, thus allowing manufacturers to accommodate more functionality within the same confined area. This surface mount technology market trend is especially visible in mobile phones, wearables, and other consumer electronics, where size and portability are vital selling points. For instance, the new iPhone models are smaller and lighter than the first-generation iPhone, this is possible because of surface mount technology.
Improved Efficiency and Automation
-
SMT simplifies the procedures by automating the placement and the bonding of the component. This reduces the time required for production, improves the accuracy of the assembly, and reduces cost of labor, when compared to through-hole technology. As efficiencies and cost efficiencies are sought by manufacturers, SMT is becoming a widely favorable option.
Restraints
High Initial Investments
-
Incorporating SMT production lines requires a considerable upfront investment in specialized equipment and machinery. This can be a problem for smaller manufacturers or those moving from conventional through-hole technology (THT). Furthermore, the miniaturization of electronic components and growing chip power densities requires efficient thermal management solutions within the SMT assemblies. This ensures that proper heat is dissipated within compact spaces due to which careful design considerations and potentially additional components are necessary, increasing the overall production expense.
Difficulties in Repair and Rework
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SMT components are generally smaller and more delicate compared to their THT counterparts. This poses extremely high burdens in the rework or repair operations especially for high density populated printed circuit boards (PCBs). Disassembly and reinstallation of SMT components require certain skills and equipment and can take longer than expected timelines. Additionally, these procedures involve intense heat, which can scald adjacent components, raising yields of scrap and postponing production time.
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Surface Mount Technology Market Competitive Landscape
The surface mount technology industry is growing rapidly because prominent market players are investing heavily in research and development to expand their product lines. Market participants are also engaging in different strategic activities for expanding their global footprint, with important market developments. Companies are investing in new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in this competitive and growing market structure the surface mount technology equipment industry must provide cost-efficient items. Manufacturing locally to reduce operational expense is one of the key business strategies manufacturers are using to benefit clients and increase the market growth.
Top Players in Surface Mount Technology Market
- Fuji Corporation
- Nordson Corporation
- Yamaha Motors
- KLA Corporation
- Viscom AG
- Juki Corporation
- Hitachi High-Technologies Corporation
- ASM Assembly Systems
- Saki Corporation
- Europlacer
- Neoden
- Panasonic Corporation
- Kasdon Electronics
- Ohmite Manufacturing
- KBC Electronics
- DDM Novastar
- ThermOmegaTech
- ABL Circuits
- Mirtec
- Machine Vision Products
- Cirexx
Surface Mount Technology Market Recent Developments
- In February 2023, Yamaha Motors unveiled the YRM20DL; a dual-lane conveyor surface mounter with high rigidity that cuts between unit transportation losses. The Mounter is modular yelling premium which increases the overall efficiency and coverage productivity of the system.
- In December 2022, Mycronic AB received an order from an existing customer in Asia for the Prexision 800 Evo mask writer for display applications. The delivery of the system was planned for delivery on Q2 2024.
- In April 2024, TVS electronics revealed their plan to increase the production of their SMT line to cater formal plans of entering the EMS market concentrating on railway and defense industries.
Surface Mount Technology Key Market Trends
- Incorporation of Automation and Industry 4.0: The implementation of automation and Industry 4.0 is changing the landscape of the surface mount technology market. SMT machine assembly lines are being increasingly adopted by manufacturers to improve productivity, reduce cost of labor, and enhance the quality of the product being manufactured. These automated lines consist of robotic component placement, solder paste application as well as inspection systems. Principles of Industry 4.0 are also finding application in SMT manufacturing enhancing the ability of the manufacturer to do real-time data collection and analysis of the manufacturing process to optimize it. Automated quality control is helping manufacturers to keep an eye on machines, control the quality of production, and schedule repairs.
- Growing Demand for High Frequency and RF Application: The increasing demand for high-frequency and radio frequency (RF) applications is boosting innovation in the surface mount technology market. Many industries like telecommunications, aerospace, and automotive need SMT solutions that can manage high-frequency signals with less signal loss. SMT equipment and procedures are changing so that it can accommodate the placement of RF components such as surface-mount RF connectors, filters, and antennas. These components need accurate placement and soldering for maintaining signal integrity.
Surface Mount Technology Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the surface mount technology industry is experiencing substantial expansion because of the growing demand in various sectors like consumer electronics. The surface mount technology placement equipment is playing a crucial part in the growth of the market by allowing the mounting of electronic components directly onto circuit boards. The devices are using solder paste which aids in less requirement of conventional through holes technology. This progress is resulting in the advent of elegant, compact and efficient electronic devices. Moreover, biggest contribution is made by the SMT placement equipment in the production of vital parts used in most smart televisions and consumer electronics such as USB ports, HDMI connectors, fingerprint sensors, which in turn expands the development of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.73 Billion |
| Market size value in 2032 | USD 15.26 Billion |
| Growth Rate | 11.5% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Surface Mount Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Surface Mount Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Surface Mount Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Surface Mount Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Surface Mount Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Surface Mount Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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