Market Overview —
According to the exhaustive study conducted by Market Research Future (MRFR), the global surface mount technology equipment market has been estimated to witness increasing growth and is likely to attain USD 4 bn by the conclusion of the forecast period of 2016-2022.
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The market has been experiencing robust growth on account of the surging demand for smart gadgets coupled with the need for miniaturization of products offering higher accuracy. Gradual replacement of the conventional through-hole procedure followed by surface mount technology has been a developing trend in several countries. The trend is fueling the market growth substantially. Surface mount technology equipment finds wide application across different industry verticals which encompass the consumer electronics, automotive, aerospace, healthcare, and other industries. This advancement of the market is likely to drive the demand for surface mount technology to a large extent. The automotive industry is one of the vital end users of the surface mount technology equipment. Electric cars usually have a high number of electric elements as compared to traditional vehicles and surface mount technology equipment are very effective in handling the complicated electronics parts without any instances of malfunction. Therefore, the increasing automotive industry and spurring production of electric vehicles accelerate the growth of the surface mount technology market. Increased application of surface mount technology in consumer electronics for meeting the need for miniaturization and expansion in the electronics sector drives the market growth exponentially. Increasing need for printed circuit boards in smartphones and the smart card industry impacts the growth of the market positively. On the other hand, the surging cost of surface mount technology equipment is likely to restrict the market growth. Additionally, surface mount technology equipment is not appropriate for high voltage or high-power parts such as power circuit which too serves as a restraining factor for the market growth. All of these factors collectively is expected to help the market expand at 8% CAGR throughout the assessment period.
Global surface mount technology market is dominated by key players such as CyberOptics Corporation (U.S.), Mycronic AB (Sweden), Fuji Machine Manufacturing Co., Ltd.(Japan), Orbotech Ltd. (Israel), Nordson Corporation (U.S.), Hitachi High-Technologies Corporation (Japan), and Assembly Systems (Germany).
The leading Swedish company Mycronic that is known for supplying production equipment with high flexibility and precision to the electronics sector, is drawing increasing attention from customers owing to its new MYPro Line. It is an exhaustive SMT assembly solution designed for smart factory connectivity. It comprises 3D SPI, state-of-the-art jet printing, 3D AOI, intelligent storage solutions, and pick-and-place. With the introduction of MYPro line, users can achieve more profitable and flexible electronics production.
The global surface mount technology market is segmented based on end user industries, components, and equipment. Based on end use industries, the market is segmented into consumer electronics, telecommunication, medical, and automotive. Based on components, the market is segmented into transistor & diodes, integrated circuits, and passive surface mount devices. Based on equipment, the market is segmented into coating equipment, pick and place, cleaning agents, solder equipment, and repair and rework equipment.
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Based on geography, the global surface mount technology equipment market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Asia Pacific holds the highest share of the global market. Economies such as India, Japan, and China are leading the market on account of the availability of skilled labor in the region and the increasing penetration of high-tech devices which has a demand for miniaturization. Additionally, increasing demand for consumer electronics from the largely populated countries of China and India are also likely to fuel the market growth.
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