Printed Circuit Board (PCB) Assembly Market Size, By type of PCB (Rigid PCB, Flexible PCB, Metal Core PCB), By component (Active, Passive), By technology, By soldering process (Wave Soldering, Manual Soldering, Reflow Soldering), By volume, By Assembly, By vertical, Forecast 2024 - 2032

Printed Circuit Board Assembly Market Size

Printed Circuit Board Assembly Market was valued at over USD 90 billion in 2023 and is anticipated to grow at a CAGR of around 5% between 2023 and 2032.
 

Printed circuit board (PCB) assembly is the process of populating a bare board with electronic components to create a functional circuit. It involves soldering components including resistors, capacitors, and Integrated Circuits (ICs) on the board following a layout design. This assembly process typically employs automated machinery for precise placement and soldering, ensuring proper connections for electronic devices and systems. The increased demand for electronic devices, such as smartphones, wearables, and IoT gadgets, directly fuels the growth of the printed circuit board assembly market.
 

As consumer preferences shift toward advanced electronics, there is a corresponding need for smaller, more efficient, and technologically superior PCBs. This surge in demand encourages manufacturers to innovate and produce high-density & high-performance PCBs, supporting the evolving landscape of electronic devices. For instance, in January 2022, Panasonic developed a MEGTRON 8 multi-layer circuit board material featuring low transmission loss for high-speed communication networking equipment.
 

The increasing complexity of PCBs poses challenges in assembly due to denser component integration and intricate designs. Miniaturization demands precise handling of tiny components and intricate routing, making assembly more intricate. This complexity elevates manufacturing costs, challenges quality control, and necessitates specialized machinery & skilled labor. Managing thermal considerations and ensuring signal integrity amidst tighter layouts further complicate PCB assembly processes.
 

COVID-19 Impact

Printed circuit board assembly industry is evolving with a focus on miniaturization, demanding intricate designs for compact electronics. Advanced assembly techniques are pivotal to meet these demands. Simultaneously, the surge in high-speed applications, such as 5G, necessitates PCBs capable of handling elevated frequencies and data rates. This evolution propels the development of specialized high-frequency PCBs to support the rapid advancements in technology and connectivity needs.

The PCB industry is embracing innovative materials including flexible PCBs and advanced substrates including ceramics & composites, catering to precise performance needs and ensuring enhanced reliability. Simultaneously, the pervasive rise of IoT and edge computing solutions is fueling the demand for specialized PCBs. These boards are engineered to support seamless connectivity, efficient sensor integration, and optimized power consumption, aligning with the unique requirements of IoT devices & edge computing systems in a rapidly evolving technological landscape.
 

Printed Circuit Board Assembly Market Trends

The printed circuit board (PCB) assembly market is evolving with a focus on miniaturization, demanding intricate designs for compact electronics. Advanced assembly techniques are pivotal to meet these demands. Simultaneously, the surge in high-speed applications, such as 5G, necessitates PCBs capable of handling elevated frequencies and data rates. This evolution propels the development of specialized high-frequency PCBs to support the rapid advancements in technology and connectivity needs.
 

The PCB industry is embracing innovative materials including flexible PCBs and advanced substrates including ceramics & composites, catering to precise performance needs and ensuring enhanced reliability. Simultaneously, the pervasive rise of IoT and edge computing solutions is fueling the demand for specialized PCBs. These boards are engineered to support seamless connectivity, efficient sensor integration, and optimized power consumption, aligning with the unique requirements of IoT devices & edge computing systems in a rapidly evolving technological landscape.
 

Printed Circuit Board Assembly Market Analysis

Based on technology, the market is segmented into surface mount assembly (SMT), through-hole assembly, ball grid array (BGA) assembly, mixed technology (SMT/through-hole), and rigid-flex assembly. The surface mount technology (SMT) segment dominated the global market with a share of over 30% in 2022.
 

• Surface mount technology (SMT) is anticipated to continue driving growth in the PCB assembly market due to its numerous advantages. SMT offers smaller component sizes, increased component density, and enhanced electrical performance compared to traditional through-hole assembly methods. As technology evolves, devices are becoming smaller, more complex & efficient, demanding compact yet powerful PCB designs. SMT enables the assembly of these intricate boards, fostering innovation in industries such as consumer electronics, automotive, and healthcare devices.
   
• The rise of IoT and wearable technology further amplifies the need for compact, high-performance PCBs, solidifying SMT's pivotal role in the future of PCB assembly with forecasts pointing toward sustained growth driven by technological advancements and the increasing demand for smaller, more efficient electronics.

Based on type of PCB, the market is divided into rigid PCB, flexible PCB, and metal core PCB. The rigid PCB segment is anticipated to register a CAGR of over 6% by 2032.
 

• Rigid PCBs are poised for significant growth in the PCB assembly market due to several key factors including the demand for more sophisticated & compact electronic devices across various industries such as consumer electronics, automotive, aerospace, and healthcare. Rigid PCBs offer durability, stability, and consistent performance, making them essential in complex electronic systems.
   
• Advancements in technology, such as increased automation in manufacturing processes, miniaturization, and the advent of new materials, are further propelling the growth of rigid PCB assembly. With the continuous innovation and expansion of IoT devices, 5G technology & smart infrastructure, the demand for rigid PCBs is projected to experience robust growth in the foreseeable future.

Asia Pacific printed circuit board assembly market held a share of over 25% in 2023 and is expected to grow at a lucrative pace. Asia Pacific dominates PCB production globally with key manufacturing hubs in China, Japan, South Korea, and Taiwan. This growth is attributed to factors such as the rising consumer electronics demand, rapid industrialization, and the region's role as a manufacturing hub for a variety of industries. Furthermore, the emergence of innovative technologies, such as 5G, IoT, and automotive advancements, boosts the demand for sophisticated PCBs. Furthermore, favorable government initiatives, skilled labor availability, and infrastructure development support the PCB assembly market in the region. As global demand for electronic devices rises, Asia Pacific remains at the forefront of PCB manufacturing, significantly contributing to market growth & innovation.
 

Printed Circuit Board Assembly Market Share

Players operating in the printed circuit board (PCB) assembly market focus on implementing different growth strategies to strengthen their offerings and expand their market reach. These strategies involve new product development & launches, partnerships & collaborations, mergers & acquisitions, and customer retention. Players also heavily invest in R&D to introduce innovative and technologically advanced solutions.
 

Printed Circuit Board Assembly Market Companies

The major players operating in this industry are:

• Benchmark Electronics, Inc.
• Eurocircuits
• PCBWay
• Seeed Technology Co., Ltd.
• Tempo
• Vexos
• WellPCB Technology Co., Ltd.
   

Printed Circuit Board Assembly Industry News

• In November 2022, Jabil Inc. opened a new design center in Wroclaw, Poland, to develop leading-edge technologies for multiple industries including automotive and healthcare. Jabil’s design center in Wroclaw has a range of capabilities comprising electronic power design, industrialization support, mechanical design, printed circuit board design, project management, and value addition/value engineering.
   
• In June 2022, NEO Battery Materials Ltd. signed a strategic Memorandum of Understanding (MOU) with Automobile & PCB Inc. (A&P). The MOU established a strategic investment and cooperation between NEO and A&P to develop the Korean mass production facility of NEO’s silicon anode materials for Electric Vehicle (EV) lithium-ion batteries.
   

The printed circuit board assembly market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032 for the following segments:

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Market, By Type of PCB

• Rigid PCB
• Flexible PCB
• Metal Core PCB

Market, By Component

• Active
  • Resistors
  • Capacitors
  • Inductors 
• Passive
  • Integrated Circuits (ICS)
  • Microprocessors
  • Microcontrollers

Market, By Technology

• Surface mount assembly (SMT)
• Plated through-hole technology (PTH)
• Electro-mechanical assembly
• Mixed technology (SMT / Through hole)

Market, By Soldering Process

• Wave Soldering
• Manual Soldering
• Reflow Soldering

Market, By Volume

• Low (1 - 100 units)
• Medium (100 - 10,000 Units)
• High (More than 10,000 Units)

Market, By Assembly

• In-house
• Outsourced/Contract

Market, By Vertical

• Consumer Electronics
• Automotive
• Healthcare
• IT & Telecom
• Industrial
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Taiwan
  • Thailand
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA