Surface Mount Technology (SMT) Market Size, Share & Trends Analysis Report By Equipment (Inspection Equipment, Placement Equipment, Soldering Equipment, Screen Printing Equipment, Cleaning Equipment, Repair & Rework Equipment), By Service (Designing, Test & Prototyping, Supply Chain Services, Manufacturing, Aftermarket Services), By Application (Consumer Electronics, IT & telecommunication, Automotive, Industrial, Aerospace & Defense, Healthcare, Others) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America), Global Economy Insights, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast Till 2031. The report offers the value (in USD Billion) for the above segments.

Market Overview:

Global Surface Mount Tekchnology (SMT) Market was valued at approximately USD 5530.4 Million in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 5.8%, reaching a value of USD 8606.51 Million by 2031.

Global electronic device miniaturization is anticipated to propel market expansion. Demand for smaller components—which can only be produced via SMT—has increased as a result of the trend toward more compact and portable electronic gadgets. Reducing the dimensions of different electronic parts, such transistors, resistors, and capacitors, and incorporating them into more compact, tightly assembled circuit boards is known as miniaturization. This is commonly accomplished by using SM, which enables the placement of smaller components near to one another on the board's surface, resulting in a smaller device overall.

Electrical circuit boards are the only products made with SMT. With the use of automated machinery for positioning and inspection, PCBs are built without the need for human intervention during assembly. Electronic components can be placed directly onto PCB surfaces using SMT, both passive and active. It is crucial to the PCB assembly process as a result. By streamlining PCB assembly processes, SMT has significantly aided in the mass production of electronic devices. Transistors, diodes, integrated circuits, and microprocessors are examples of active electronic components that may regulate the flow of electrical currents.

The market is also expanding due in large part to the growing automation in many industrial verticals, including e-commerce, logistics, and the automotive sector. Furthermore, because machines are able to position components more quickly and precisely, SMT has become cheaper and more effective as automation and robotics have grown in the manufacturing industry. Furthermore, improvements in automation technologies, like as machine learning (ML) and artificial intelligence (AI), have increased the accuracy and efficiency of SMT machines, decreasing the need for manual labor and enhancing the general quality and uniformity of electronic components. To fulfill the rising demand for electronic products, automation also enables manufacturers to make electronic components in greater quantities at a lower cost.

The marketplace restrictions may arise from factors including the costly initial investment, the equipment required to set up manufacturing units, the high frequency, and the requirement for temperature control. The introduction of new assembly techniques, such 3D printing and incorporated elements, as well as worries about reliability, rework, and maintenance for SMT-manufactured PCBs provide barriers to the market's growth. Furthermore, as the need for more ecologically friendly electronic components rises, the SMT market has a chance to supply lead-free, RoHS-compliant, and environmentally acceptable components.

Market Dynamics:

Market Drivers-

Miniaturization and Component Density

• The continued development of electronic device downsizing and higher component density is known as the Surface Mount Technology (SMT) Market. There is an increasing need for more compact, lighter, and more functional electronic items as consumer electronics, automobile electronics, healthcare devices, & manufacturing machinery continue to advance. With surface mount technology, solder paste, reflow soldering, and automated pick-and-place equipment can be used to insert electronic parts directly onto the surface of printed circuit boards (PCBs). Surfaces mount technology offers substantial advantages in terms of manufacturing efficiency, electrical performance, and space savings as opposed to through-hole technology, and requires for components to be put into holes drilled through the PCB. SMT makes it possible to design and produce high-density, multi-layer PCBs with smaller form factors and more functionality by doing away with the requirement for large, leaded components and allowing for tighter constituent spacing and routing. The use of SMT in the production of next-generation electronic devices is also fueled by developments in SMT tools, materials, and assembly methods, such as sophisticated solder paste compositions, ultra-fine pitch component positioning, and high-speed assembly lines.

Rapid Technological Advancements in Electronic Manufacturing​

• The market for Surface Mount Technology (SMT) is driven by the swift progress made in electronic manufacturing methods, materials, and equipment. Moore's Law, which states that the number of transistors on integrated circuits increases roughly every two years, propels exponential growth in computing power and functionality, is one of the factors that drive the electronics industry's constant innovation and technological advancement. The makers need to use assembly technologies and modern manufacturing techniques to achieve improved productivity, quality, and reliability in electronic production in order to meet changing consumer expectations and keep up with increasing technological trends. For complicated electronic assemblies such as printed circuit boards (PCBs), microelectronics, & electronic modules to be assembled effectively and economically, surface mount technology is essential. The electronic assembly operations are now able to be conducted at faster production speeds, greater productivity, and with tighter process control thanks to innovations in SMT equipment, like high-speed pick-and-place machines, accuracy stencil printers, automatic optical inspection (AOI) systems, as well as vapor phase reflow soldering systems.

Market Trends-

Advancements in Miniaturization and Component Integration

• The SMT Market is the result of continuous improvements in component integration and miniaturization, which are fueled by consumer demand for more compact, lighter, and smaller electronic gadgets. The makers are under demand to design and produce electronic items with smaller form forms and more functionality as buyer tastes shift toward sleeker, more compact devices. As a result of this trend, ultra-small surface mount components with footprints as small as fractions of a millimeter are being developed. Furthermore, the size and complexity of electronic assemblies are further reduced by the integration of various functions and functionalities into single-chip solutions made possible by developments in packaging techniques, including chip-scale packaging (CSP) and wafer-level packaging (WLP). As a result, in order to successfully meet the shrinking trend, the SMT Market is seeing an increase of demand for a high level of, multi-layer PCBs with fine pitch components & sophisticated assembly methods. The producers are making investments in cutting-edge SMT tools, materials, and procedures that can handle minuscule components and accomplish accurate soldering and placement in intricate PCB designs. ​

Shift towards High-Speed and High-Frequency Applications

• The demand for high-speed as well as high-frequency applications is driving the SMT Market, which is being driven by the expansion of data-intensive technology including 5G wireless networking, the Internet of Things (IoT) devices, the high-performance computer systems. ​ Electronic parts and PCB assemblies that can function at high frequencies and send data quickly without experiencing signal loss or degradation are needed for these applications. Due to these applications have strict performance requirements, there is a larger demand for specialist surface mount components such as high-speed connections, RF filters, & high-frequency integrated circuits (ICs). Furthermore, advances in materials research, such as high-frequency laminates & low-loss dielectrics, enable the construction of PCB substrates with improved signal integrity and reduced electromagnetic interference (EMI) at higher frequencies. Advanced SMT procedures, like differential pair routing, controlled impedance routing, and signal integrity analysis, are being adopted by manufacturers to maximize the electrical efficiency of PCB assemblies intended for high-speed applications.

Market Restraining Factors-

Technical Challenges with Miniaturization and High-Density Assembly

• The technological difficulties involved with high-density assembly and downsizing of electronic components are what drive the SMT market. Manufacturers have growing challenges in managing ultra-small surface mount components & attaining accurate placement & soldering on highly populated printed circuit boards (PCBs) as electronic devices grow smaller and more intricate. Finer pitch sizes & tighter component spacing result from component miniaturization, which can make it difficult for pick-and-place machines & soldering equipment to attach and position components precisely without creating flaws like solder bridging or misalignment. Furthermore, it might be difficult to guarantee sufficient heat dissipation, solder connection stability, and electrical connectivity due to the high component density on PCBs, especially in applications that require a lot of power or operate in harsh environments. Large expenditures in cutting-edge SMT tools, materials, and procedure optimization strategies are needed to meet these technological obstacles. Sophisticated workers with knowledge of high-density packaging and fine-pitch assembly are also needed.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Surface Mount Technology (SMT) Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Market Players Analysis:

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

Key Industry Developments:

• In July 2023, GJD made a commitment to purchase a brand-new, top-tier Hanwha Techwin SM482 + Surface Mount Technology (SMT) equipment. The new machine will not only boost efficiency and the financial impact of GJD's carbon footprint, but it will also enable high-speed robotics throughout the electronic assembly process.

Market Segmentation Analysis:

By Equipment

• Inspection Equipment
• Placement Equipment
• Soldering Equipment
• Screen Printing Equipment
• Cleaning Equipment
• Repair & Rework Equipment

By Application

• Consumer Electronics
• IT & telecommunication
• Automotive
• Industrial
• Aerospace & Defense
• Healthcare
• Others

By Service

• Designinig
• Test & Prototype
• Supply Chain Services
• Manufacturing
• Aftermarket Services

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

The report also helps in understanding Global Surface Mount Technology (SMT) Market dynamics, structure by analyzing the market segments, and project the Global Surface Mount Technology (SMT) Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Surface Mount Technology (SMT) Market make the report investor’s guide.

Market Segmentation Insights:

The market is divided into segments based on By Equipment, By Service, By Application.

By Service

Based on the Service of the market is segmented into Designing, Test & Prototyping, Supply Chain Services, Manufacturing, Aftermarket Services.

The designing segment led the industry overall in 2022, accounting for 35.1% of the market. The segment's growth is due to the growing demand for PCB layout, electrical circuit design, & design for manufacturing (DFM) solutions for consumer electronics. Design service providers can also help manufacturers reduce their overall manufacturing expenses and boost their profitability by assisting them in cost-optimization of their designs. Creating the layout and design of printed circuit boards (PCBs) for electrical devices is another aspect of designing. Due to it directly impacts the end product's quality and usefulness, PCB design is an essential step in the SMT process. Designing include deciding which components to use and where to put them on the PCB. This necessitates an intimate understanding of each component's electrical characteristics and interactions with others.

The supply chain solutions segment is anticipated to expand at its highest rate 6.8% during the projection period. Inventory management, distribution and warehousing, logistics and transportation, and purchasing and sourcing are the services that comprise supply chain services. The initial step in the supply chain process is locating the right parts from producers and distributors. This means selecting the right parts based on specifications, cost, and quality. As soon as the components are sourced, the procurement process begins. To ensure that the required parts are available when needed, ordering, negotiating prices, and managing inventory levels are all essential. It also means confirming that the parts meet the relevant quality standards.

By Application

Based on the Application of the market is categorised into Consumer Electronics, IT & telecommunication, Automotive, Industrial, Aerospace & Defense, Healthcare, Others.

In 2022, the consumer devices category held the highest market share, accounting for 32.5% of the total market. SMT is widely used in the fabrication of consumer electronics because of its benefits over traditional through-hole technology, which include smaller form factors, quicker production schedules, & higher efficiency. Additionally, SMT is used extensively in the manufacturing of smart wearables, TVs, gaming consoles, and household appliances. Compact form factor of SMT components allows manufacturers to make lighter, more portable devices. SMT is very efficient, allowing for the rapid and extensive production of consumer electronics. Automated assembly lines have the capacity to handle vast quantities of PCBs, enabling manufacturers to assemble consumer electronics on a massive scale. Additionally, SMT makes it possible to integrate several components onto a single PCB, which reduces the total weight and size of the devices. Users may now carry and use consumer devices more conveniently as a result.

The industrial segment had the quickest CAGR of 7.7% during the projection period. SMT technology is used to create power electronics, automation devices, medical devices, and photovoltaic systems including robots and control systems. SMT components' small size and superior performance make them ideal for usage in these kinds of applications. High-performance electronics are also becoming more and more necessary for a variety of industrial applications, including sensors, control systems, and communication devices.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.  In 2022, the North American region had a notable increase in its market share, accounting for 24.3% of the total market. This is explained by the existence of well-known surface mount technology suppliers in North America, such as Teradyne, Inc., CyberOptics, and Naprotek, LLC. Principal actors concentrate on achieving strategic expansion via new product launches and mergers & acquisitions. For example, GJD agreed to buy a brand-new, top-of-the-line Hanwha Techwin SM482 with SMT equipment in July 2022. All along the electronic assembly process, the new machinery will offer high-speed automation, boosting productivity and lowering GJD's carbon impact.

Asia Pacific is predicted to grow at the fastest CAGR of 6.4% during the course of the projected period. The emergence of wireless communication technologies and the requirement for 5G networks, both of which are driving forces behind the region's growth, have increased demand for SMT in the telecommunications sector in this area. Good measures from the government are also helping the sector to grow. The goal of Japan's "Society 5.0" plan is to promote the use of cutting-edge technology in a variety of sectors, including the electronics manufacturing industry.

Surface Mount Technology (SMT) Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Surface Mount Technology (SMT) Market valued?
• Which region has the largest share in 2024 for the global Surface Mount Technology (SMT) Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Surface Mount Technology (SMT) Market:

• Historic year: 2018-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million