The Surface Mount Technology (SMT) Equipment market is expected to grow at a compound annual growth rate (CAGR) of 5.67% from US$11.50 billion in 2025 to US$15.16 billion in 2030.
Surface-mount technology, or SMT, is a type of component assembly technology mounted on the surface of the PCB or printed circuit board. The SMT offers maximum flexibility and improved reliability and performance. It also increases automation utilization and can integrate multiple components into smaller units. A major factor boosting the global SMT equipment market forward is the increasing demand for smartphones and telecommunication products worldwide. SMTs offer lighter and smaller footprints, which helps increase the performance of the devices. These systems also help in increasing the reliability of the smartphones. With the growing ownership of smartphones globally, the demand for SMTs in the telecommunication sector will increase significantly.
The GSM Association, in its report, stated that as of October 2023, about 54% of the global population, which is about 4.3 billion, owns smartphones. Similarly, mobile phone ownership also increased significantly. The International Telecommunication Union, in its report, stated that in 2023, the total ownership of mobile phones was recorded at 78%. In the global mobile phone ownership, the European region accounts for 93%, followed by 88% in the Americas region. The Arab States and Asia-Pacific region accounted for 82% and 75%, respectively.
With the growing demand for smartphones, manufacturers are increasingly resorting to SMT technology to create smaller, more efficient devices that match customer performance and portability standards. This tendency is accelerated by technological improvements such as 5G, which necessitate complex electronic components capable of managing faster data speeds and improved communication.
Furthermore, to offer devices with better cameras, longer battery life and robust processing capabilities, to meet the needs of consumers is essential for manufacturers to offer them at a reasonable price; hence, SMT technology becomes necessary. To satisfy the demand for increasingly smart devices and IoT, it also requires compact assemblies that SMT can successfully offer.
The increasing global demand for electric vehicles is boosting the demand for SMT equipment during the forecasted timeline. Inelectric vehicles, the SMTs are integrated into the electronic devices, to enhance the reliability and performance of the devices.
The International Energy Agency, in its report, stated that the global sales of electric vehicles witnessed significant growth over the past few years. The agency stated that in 2021, the total sales of battery electric vehicles were recorded at 4.7 million, which increased to 7.3 million in 2022. In 2023, the total sales were 9.5 million.
Electric vehicles have a higher number of electronic components than typical combustion engines, which increases demand for printed circuit boards (PCBs) and SMT machinery. The car industry is increasingly reliant on modern electronic systems, such as battery management systems, infotainment systems, and advanced driver assistance systems (ADAS), all of which use SMT technology for efficient assembly.
Furthermore, automotive electronics manufacturers strive to comply with high-quality and safety standards, so they seek sophisticated SMT solutions that guarantee precision and reliability. Vehicle electrification pushes further not only the demand for more electronic components but also innovative SMT equipment, and therefore automation and AI are integrated to improve production efficiency.
Moreover, the market in the United States is changing as a result of the incorporation of cutting-edge technologies like artificial intelligence, the Internet of Things, and data analytics. These technologies put tech-driven businesses at the forefront by enabling increased product efficiency, customization, and user experience. In addition to enhancing competitive advantage, this emphasis on innovation opens up new growth prospects by satisfying a tech-savvy clientele.
Further, the demand for surface mount technology equipment is expected to increase during the forecast period due to the United States' significant share of the semiconductor industry and high R&D costs. For instance, the total R&D investment made by the semiconductor industry in the United States in 2023 was $59.3 billion. Spending on research and development increased by 0.9% in 2023 compared to 2022.
Moreover, key market players are pursuing several strategic initiatives, including mergers and acquisitions and new product launches, to strengthen their market position, capture a significant share, and improve profitability as a whole. For instance, in September 2023, Hyve Solutions Corporation, a prominent supplier of hyperscale digital infrastructures and a fully owned subsidiary of TD SYNNEX Corporation, introduced new Surface Mount Technology (SMT) lines that increase its capacity for manufacturing in the United States. Hyve's continued dedication to offering clients a Secure Supply Chain through locally optimized efficiencies and lead time reductions is strengthened by this expansion.
As competition heats up in the SMT equipment market, companies are focussing on sustainability initiatives to attract to environmentally concerned customers. This trend towards more sustainable manufacturing processes is likely to affect industry advancements in the future. Firms that engage in environmentally friendly technologies and procedures can not only increase their market appeal but also contribute positively to global sustainability initiatives.
Surface-mount technology, or SMT, is a type of component assembly technology mounted on the surface of the PCB or printed circuit board. The SMT offers maximum flexibility and improved reliability and performance. It also increases automation utilization and can integrate multiple components into smaller units. A major factor boosting the global SMT equipment market forward is the increasing demand for smartphones and telecommunication products worldwide. SMTs offer lighter and smaller footprints, which helps increase the performance of the devices. These systems also help in increasing the reliability of the smartphones. With the growing ownership of smartphones globally, the demand for SMTs in the telecommunication sector will increase significantly.
The GSM Association, in its report, stated that as of October 2023, about 54% of the global population, which is about 4.3 billion, owns smartphones. Similarly, mobile phone ownership also increased significantly. The International Telecommunication Union, in its report, stated that in 2023, the total ownership of mobile phones was recorded at 78%. In the global mobile phone ownership, the European region accounts for 93%, followed by 88% in the Americas region. The Arab States and Asia-Pacific region accounted for 82% and 75%, respectively.
With the growing demand for smartphones, manufacturers are increasingly resorting to SMT technology to create smaller, more efficient devices that match customer performance and portability standards. This tendency is accelerated by technological improvements such as 5G, which necessitate complex electronic components capable of managing faster data speeds and improved communication.
Furthermore, to offer devices with better cameras, longer battery life and robust processing capabilities, to meet the needs of consumers is essential for manufacturers to offer them at a reasonable price; hence, SMT technology becomes necessary. To satisfy the demand for increasingly smart devices and IoT, it also requires compact assemblies that SMT can successfully offer.
Surface Mount Technology (SMT) Equipment market drivers
Increasing demand for electric vehicles is projected to propel the Surface Mount Technology (SMT) Equipment market expansion.The increasing global demand for electric vehicles is boosting the demand for SMT equipment during the forecasted timeline. Inelectric vehicles, the SMTs are integrated into the electronic devices, to enhance the reliability and performance of the devices.
The International Energy Agency, in its report, stated that the global sales of electric vehicles witnessed significant growth over the past few years. The agency stated that in 2021, the total sales of battery electric vehicles were recorded at 4.7 million, which increased to 7.3 million in 2022. In 2023, the total sales were 9.5 million.
Electric vehicles have a higher number of electronic components than typical combustion engines, which increases demand for printed circuit boards (PCBs) and SMT machinery. The car industry is increasingly reliant on modern electronic systems, such as battery management systems, infotainment systems, and advanced driver assistance systems (ADAS), all of which use SMT technology for efficient assembly.
Furthermore, automotive electronics manufacturers strive to comply with high-quality and safety standards, so they seek sophisticated SMT solutions that guarantee precision and reliability. Vehicle electrification pushes further not only the demand for more electronic components but also innovative SMT equipment, and therefore automation and AI are integrated to improve production efficiency.
Surface Mount Technology (SMT) Equipment market geographical outlook
Based on geography, the Surface Mount Technology (SMT) Equipment market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia-Pacific.North America is anticipated to hold a substantial market share. The region's strong manufacturing base, highly qualified workforce, and pro-business government policies draw in multinational firms and encourage the expansion of regional electronics industries. The increasing demand for tablets, smartphones, and other electronic devices means that surface mount technology must be able to produce them efficiently and in large quantities.Moreover, the market in the United States is changing as a result of the incorporation of cutting-edge technologies like artificial intelligence, the Internet of Things, and data analytics. These technologies put tech-driven businesses at the forefront by enabling increased product efficiency, customization, and user experience. In addition to enhancing competitive advantage, this emphasis on innovation opens up new growth prospects by satisfying a tech-savvy clientele.
Further, the demand for surface mount technology equipment is expected to increase during the forecast period due to the United States' significant share of the semiconductor industry and high R&D costs. For instance, the total R&D investment made by the semiconductor industry in the United States in 2023 was $59.3 billion. Spending on research and development increased by 0.9% in 2023 compared to 2022.
Moreover, key market players are pursuing several strategic initiatives, including mergers and acquisitions and new product launches, to strengthen their market position, capture a significant share, and improve profitability as a whole. For instance, in September 2023, Hyve Solutions Corporation, a prominent supplier of hyperscale digital infrastructures and a fully owned subsidiary of TD SYNNEX Corporation, introduced new Surface Mount Technology (SMT) lines that increase its capacity for manufacturing in the United States. Hyve's continued dedication to offering clients a Secure Supply Chain through locally optimized efficiencies and lead time reductions is strengthened by this expansion.
As competition heats up in the SMT equipment market, companies are focussing on sustainability initiatives to attract to environmentally concerned customers. This trend towards more sustainable manufacturing processes is likely to affect industry advancements in the future. Firms that engage in environmentally friendly technologies and procedures can not only increase their market appeal but also contribute positively to global sustainability initiatives.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The Surface Mount Technology (SMT) Equipment market is analyzed into the following segments:
By Type
- Screen Print Equipment
- Automatic
- Semi-Automatic & Manual
- Soldering Equipment
- Reflow
- Wave
- Inspection Equipment
- SPI
- AOI
- Placement Equipment
- Sequential
- Parallel
- Cleaning Equipment
- Repair and Rework Equipment
By Industry
- Telecommunication
- Consumer Electronics
- Automotive
- Healthcare
- Others
By Geography
- North America
- South America
- Europe
- Middle East and Africa
- Asia-Pacific
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. SURFACE MOUNT TECHNOLOGY (SMT) EQUIPMENT MARKET BY TYPE
6. SURFACE MOUNT TECHNOLOGY (SMT) EQUIPMENT MARKET BY INDUSTRY
7. SURFACE MOUNT TECHNOLOGY (SMT) EQUIPMENT MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
- Fuji Corporation
- Hitachi
- Juki Corporation
- Viscom AG
- Nordson Corporation
- Panasonic Corporation
- Yamaha Motor Co., Ltd.
- Delta Electronics
- Saki Corporation
- ASM Pacific Technology Limited
- Mycronic
- OEL
- Esko Casting and Electronics Pvt Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 158 |
| Published | December 2024 |
| Forecast Period | 2025 - 2030 |
| Estimated Market Value ( USD | $ 11.5 Billion |
| Forecasted Market Value ( USD | $ 15.16 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
