Surface Mount Technology Market Analysis

Surface Mount Technology Market Analysis

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Based on component, the surface mount technology market is segmented into active, passive, and electrochemical. The passive component segment held a share of around 55% in 2022 and is expected to grow at a lucrative pace through 2032. Passive electronic components do not require an external power source to function and are essential for the proper functioning of electronic circuits. These components include resistors, capacitors, inductors, and filters. Inductors are passive devices that are used to store energy in a magnetic field. They are used in applications such as power conversion, filtering, and Electro-Magnetic Interference (EMI). Surface mount inductors offer compact size, high inductance, and low resistance for integration with PCBs.
 

Based on end use, the surface mount technology market is segmented into consumer electronics, automotive, pharmaceuticals & medical devices, telecommunication, aerospace & defense, and industrial. The automotive segment is expected to grow rapidly share is anticipated to register a CAGR of 11% till 2032. The rising integration of electronics into automotive applications can be attributed to the increased demand for safety, connectivity, infotainment systems, and electric vehicles. The product is equipped with an advanced infotainment system that combines navigation, multimedia, connectivity, and communication. SMT components including microprocessors, memory chips, display modules, audio amplifiers, and wireless modules are required for system assembly. The transition to electric vehicles has created a new market for SMT products. Automotive electronics, such as battery management systems, electric motors, engine controllers, and charging equipment, must have high-power & high-performance electronics. SMT assembly enables the integration of these components into complex EV systems.
 

Asia Pacific is the dominant region in the global surface mount technology market with a share of over 35% in 2022. The region is a significant market for Surface Mount Technology (SMT) due to its strong presence in the electronics manufacturing industry. Countries including China, Japan, South Korea, and Taiwan have become global powerhouses. These countries have a strong ecosystem of electronics companies, suppliers, and contractors that use SMT extensively for PCB assembly. The high demand for smartphones, tablets, TVs, game consoles, and other electronic devices can be attributed to the rising middle-class population and disposable incomes. SMT technology enables these electronic components to be produced efficiently & economically. Governments in the Asia Pacific region often provide support and incentives along with implementing preferential policies to stimulate the production of energy products. These plans encourage investments in SMT technology and support the overall SMT market growth.