According to a new report, published by KBV research, The Global Surface Mount Technology Market size is expected to reach $8.6 billion by 2028, rising at a market growth of 8.0% CAGR during the forecast period.
The Telecommunication segment is showcasing a CAGR of 8.7% during (2022 - 2028). The segment's growth is attributed to the expanding telecommunication sector, which utilizes numerous components made with SMT. Surface mount technology (SMT) is required for quick network operation and high levels of precision due to the growing need for wireless networks in many high-performance telecommunications and computing applications. As a result, several market participants are developing products for the telecommunication industry with SMT devices as these facilitate fast manufacturing.
The Placement Equipment segment acquired maximum revenue share in the Global Surface Mount Technology Market by Equipment in 2021 thereby, achieving a market value of $2.9 billion by 2028. Increasing demand for smartphones' printed circuit boards (PCB) is responsible for the segment's rise. Components are positioned on the assembled printed circuit boards using placement machinery. Depending on the demands of the SMT equipment industry, it may be either manually or automatically operated.
The Asia Pacific market dominated the Global Surface Mount Technology Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.5 billion by 2028. The Europe market is exhibiting a CAGR of 7.8% during (2022 - 2028). Additionally, The North America market would display a CAGR of 7.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/surface-mount-technology-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Nordson Corporation, KLA Corporation, Yamaha Motor Co., Ltd., Juki Corporation, Viscom AG, Hitachi High-Tech Corporation (Hitachi, Ltd.), Saki Corporation, Electro Scientific Industries (MKS Instruments, Inc. ), Fuji Machinery Co., Ltd. and Mycronic AB.
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