Global Surface Mount Technology Market Insights Forecasts to 2033

• The Global Surface Mount Technology Market Size was estimated at USD 5.7 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 7.67% from 2023 to 2033
• The Worldwide Surface Mount Technology Market Size is Expected to Reach USD 11.93 Billion by 2033
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Surface Mount Technology market size was worth around USD 5.7 Billion in 2023 and is predicted to grow to around USD 11.93 Billion by 2033 with a compound annual growth rate (CAGR) of 7.67% between 2023 and 2033. The market's growth is expected to be driven by the miniaturization of electronic devices across the globe. 

Market Overview

The surface mount technology market is the continued development of electronic device downsizing and higher component density. SMT allows the direct mounting of passive and active electronic components on the surface of PCBs. SMT has contributed to mass manufacturing of electronic devices by making PCB assembly procedures simple. Active components are those that can control the flow of electrical currents. Such electronic components include transistors, diodes, integrated circuits, and microprocessors. Besides, active components are used in the mass production of electronic devices, like smartphones, tablets, laptops, wearables, and IoT devices. In addition, the implementation of AI/ML, along with other automation technologies, has made SMT machines more efficient and precise in terms of accuracy, which in turn reduces manual labor and improves the quality and consistency of electronic components. The manufacturers also can produce electronic components in larger quantities and at a lower cost due to automation, which assists in fulfilling the ever-increasing demand for electronic devices.

Report Coverage

This research report categorizes the global surface mount technology market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global surface mount technology market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global surface mount technology market.

Driving Factors

The growth of the market is the increasing automation across the industry verticals of automotive, logistics, e-commerce, and more. The development of automation and robotics in manufacturing has also helped SMT in becoming more efficient and cost-effective as machines place components with a higher degree of precision and at a faster pace.

Restraining Factors

The SMT components are normally smaller and fragile compared to the THT components. This places extremely heavy burdens on the rework or repair operations especially for high density populated printed circuit boards.

Market Segmentation

The global surface mount technology market share is classified into equipment, service, and application.

• The placement equipment segment accounted for the largest share in 2023 and is projected to grow at a significant CAGR during the forecast period.

In terms of equipment, the global surface mount technology market is divided into inspection equipment, placement equipment, and others. Among these, the placement equipment segment accounted for the largest share in 2023 and is projected to grow at a significant CAGR during the forecast period. The rising need for improving product technology, reliability, responsiveness, and inspection quality is likely to be the key driver of this segment. The rising need for this equipment in telecommunications, automotive, consumer electronics, computing, and storage is also expected to fuel the growth of the segment over the forecast period.

• The designing segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

In terms of service, the global surface mount technology market is divided into designing, test and prototyping, supply chain services, manufacturing, and aftermarket services. Among these, the designing segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth in the segment is due to rising demand for PCB design, electronic circuit design, and DFM services for consumer electronics. Further, designing services providers can aid manufacturers in the optimization of designs in terms of cost, thereby decreasing the overall manufacturing cost and raising profitability.

• The consumer electronics segment accounted for the largest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.

In terms of application, the global surface mount technology market is divided into consumer electronics, IT and telecommunication, automotive, industrial, aerospace and defense, healthcare, and others. Among these, the consumer electronics segment accounted for the largest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. SMT is widely used in consumer electronics manufacturing due to the advantages it holds over traditional through-hole technology. These include a smaller form factor, faster production times, and increased efficiency. SMT is also extensively used in manufacturing mobile devices, smart wearables, television, gaming consoles, and home appliances.

Regional Segment Analysis of the Global Surface Mount Technology Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global surface mount technology market over the predicted timeframe.

North America is anticipated to hold the largest share of the global surface mount technology market over the predicted timeframe. Some of the largest technology and research organizations are in North America. Additionally, these organizations have continued contributing to the modernization and improvement of different components of technology, such as surface mount technology. Consequently, this development has enabled the manufacturers in that region to produce advanced SMT products and make it competitive worldwide.

Asia Pacific is expected to grow at the fastest CAGR in the global surface mount technology market during the forecast period. Several Asia-Pacific SMT growth trends are contributing to regional dominance. Asia hosts the largest electronics manufacturing countries in China, Japan, South Korea, and Taiwan. The significant consumer electronics, automotive electronics, and telecommunication equipment manufacturers present in these countries accelerate the SMT market growth. In addition, the electronics ecosystem is extremely robust, supply chains are broad and deep, and skilled labor in this space also helps maintain this regional dominance.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global surface mount technology market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

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

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In December 2024, UKI Corporation recently launched the JM-E01, a multitask platform that integrates the insertion of large, irregular-shaped components and automated screw-fastening processes. This platform addresses post-surface mounting needs and enhances production efficiency.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global surface mount technology market based on the below-mentioned segments: 

Global Surface Mount Technology Market, By Equipment

• Inspection Equipment
• Placement Equipment
• Others

Global Surface Mount Technology Market, By Service

• Designing
• Test and Prototyping
• Supply Chain Services
• Manufacturing
• Aftermarket Services

Global Surface Mount Technology Market, By Application

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

Global Surface Mount Technology Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East and Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East and Africa