Surface Mount Technology Market Size, Share, Growth Analysis, By Type(Placement Equipment, Inspection Equipment and Soldering Equipment.), By Application(Consumer Electronics, Automotive) - Industry Forecast 2024-2031

Surface Mount Technology Market size was valued at USD 5.14  Billion in 2022 and is poised to grow from USD 5.73 billion in 2023 to USD 13.69 Billion by 2031, at a CAGR of 11.5% during the forecast period (2024-2031).

The surface mount technology (SMT) market is highly competitive, characterized by the presence of several key players. SMT is a vital process in the electronics manufacturing industry, enabling the assembly of electronic components directly onto the surface of printed circuit boards (PCBs). This technology offers various advantages, including smaller form factors, higher component density, and improved manufacturing efficiency. The competitive landscape of the SMT market is shaped by factors such as technological advancements, product innovations, and customer preferences. Companies in this market constantly strive to enhance their product offerings and develop cutting-edge SMT equipment to meet the evolving demands of the electronics industry. The SMT market is characterized by the presence of both established multinational corporations and smaller regional players. While larger companies enjoy the advantage of a wider customer base and extensive resources, smaller players often focus on niche markets, specialized solutions, and personalized customer service. The market's competitive dynamics are influenced by factors such as market consolidation, pricing strategies, and regional market conditions. 'ASM Pacific Technology Ltd. (Hong Kong)', 'Juki Corporation (Japan)', 'Fuji Machine Manufacturing Co., Ltd. (Japan)', 'Panasonic Corporation (Japan)', 'Mycronic AB (Sweden)', 'Nordson Corporation (US)', 'Universal Instruments Corporation (US)', 'Hitachi High-Technologies Corporation (Japan)', 'Koh Young Technology Inc. (South Korea)', 'Yamaha Motor Co., Ltd. (Japan)', 'ASML Holding N.V. (Netherlands)', 'Evest Corporation (Taiwan)', 'Hanwha Corporation (South Korea)', 'Omron Corporation (Japan)', 'Nordson DAGE (UK)', 'ITW EAE (US)', 'Viscom AG (Germany)', 'Europlacer Ltd. (UK)', 'Saki Corporation (Japan)', 'CyberOptics Corporation (US)'

The adoption of surface mount technology (SMT) has been fueled by its ability to facilitate the production of compact and lightweight electronic devices. Industries like automotive, aerospace, and medical devices have a growing demand for smaller and lighter designs. SMT's capability to accommodate complex circuits within limited space has made it a preferred choice across various sectors.

The utilization of Surface Mount Technology (SMT) enables the creation of smaller passive component assemblies, leading to the development of portable and lightweight electrical devices. The ongoing trend of downsizing predominantly focuses on passive components such as resistors and capacitors. Component sizes like 01005 and 0201 (metric) with dimensions of 400 x 200 mm and 300 x 150 mm are being addressed to meet these requirements. Consequently, there is a growing demand for research and development to support the industry in effectively incorporating these miniature components into their product designs.

Among the different regions, Asia Pacific has emerged as the most dominant region in the surface mount technology market. This can be attributed to several factors. First and foremost, Asia Pacific is home to some of the largest electronics manufacturing countries, including China, Japan, South Korea, and Taiwan. These countries have a strong presence in consumer electronics, automotive electronics, and telecommunication equipment manufacturing. The robust electronics ecosystem, extensive supply chain networks, and availability of skilled labor have contributed to the dominance of Asia Pacific in the SMT market.