The SMT placement equipment market is forecast to grow by USD 627.46 (EUR 595.74) million between 2020 and 2025, according to the latest report by market research and advisory company Technavio. The „SMT Placement Equipment Market by End User and Geography – Forecast and Analysis 2021-2025“ report predicts the market will witness an accelerating growth momentum at a CAGR of 6.04% during the projected period. The surge in demand for PCBs is notably driving the SMT placement equipment market growth. However, the high cost of deployment may impede market growth, the market analysis said.
The market report is segmented by End User (consumer electronics, automotive, telecom, and others) and Geography (APAC, Europe, North America, MEA, and South America).
The consumer electronics end-user segment held the largest SMT placement equipment market share in 2020. The segment will continue to account for the highest market share throughout the forecast period. The segment is expected to gain traction due to improvements in technologies involved in the manufacturing of consumer electronics, light-emitting diode (LED) and compact fluorescent lamp (CFL) lighting, and liquid crystal display (LCD)/LED monitors and televisions.
According to the report, the Asia-Pacific (APAC) will be the leading region with 48% of the market’s growth during the forecast period. China and Japan are the key markets for SMT placement equipment market in APAC. Market growth in this region will be faster than the growth of the market in regions. The surge in demand for PCBs will facilitate the SMT placement equipment market growth in APAC over the forecast period.
