Surface Mount Technology Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component, By End-User Industry, By Region & Competition, 2021-2031F

The Global Surface Mount Technology Market is anticipated to expand from USD 8.14 Billion in 2025 to USD 13.03 Billion by 2031, registering a CAGR of 8.16%. Defined as a manufacturing technique where electronic components are affixed directly onto printed circuit board surfaces, SMT facilitates high connection density and efficient automated assembly. This global market is largely propelled by the functional requirement for miniaturization in handheld consumer devices and the essential integration of control systems within the electric vehicle industry, creating a lasting demand for high-precision assembly lines that extends beyond temporary technological fads.

Conversely, the industry faces a substantial hurdle involving the immense capital expenditure needed for sophisticated placement and inspection equipment, which hinders the scalability of smaller manufacturing entities. This financial constraint is especially severe considering the increasing volume of components requiring processing. As reported by the Semiconductor Industry Association, global monthly semiconductor sales hit 56.9 billion dollars in October 2024, a statistic that highlights the intense throughput pressure on surface mount facilities to sustain capacity despite escalating equipment costs.

Market Driver

The rapid electrification of the automotive sector is fundamentally transforming the surface mount technology landscape, redirecting focus from standard consumer boards toward the high-reliability, high-density interconnects essential for electric vehicles (EVs). Modern EVs depend heavily on intricate printed circuit board assemblies (PCBAs) for battery management systems, advanced driver-assistance systems (ADAS), and power inverters, all requiring the precise placement of miniaturized components capable of surviving harsh environments. This shift demands SMT equipment that can manage heavier substrates and guarantee zero-defect soldering for safety-critical uses; according to the International Energy Agency's May 2024 'Global EV Outlook 2024', global electric car sales are expected to reach 17 million units in 2024, a figure that directly fuels a surge in demand for automotive-grade electronic assembly lines.

Simultaneously, the growth of 5G and telecommunication infrastructure acts as a catalyst, requiring the production of densely packed circuit boards operable at higher frequencies. This drives the market toward advanced placement systems adept at handling smaller component packages, such as 0201 and 01005 chips, which are crucial for the massive MIMO arrays in base stations and 5G-enabled mobile devices. The magnitude of this infrastructure expansion generates significant recurring demand for SMT assembly capacity; per the June 2024 'Ericsson Mobility Report', nearly 600 million new 5G subscriptions are anticipated in 2024, driving continuous needs for network hardware and device manufacturing. This sector-specific expansion aids a broader manufacturing rise, with World Semiconductor Trade Statistics projecting a 16.0 percent growth for the global semiconductor market in 2024, signaling a strong volume trajectory for SMT providers.

Market Challenge

The prohibitive capital investment necessary for advanced placement and inspection machinery represents a critical obstacle impeding the expansion of the Global Surface Mount Technology Market. While the industry encounters pressure to manufacture increasingly miniaturized and intricate electronic assemblies, the requirement for high-precision, automated equipment is non-negotiable. However, the significant expenses linked to procuring and sustaining this state-of-the-art machinery establish a severe financial bottleneck, particularly for small-to-medium-sized manufacturers who often lack the liquidity to modernize their production lines, thereby inhibiting their ability to scale operations to satisfy the growing volume demands of sectors such as consumer electronics and electric vehicles.

This deficiency in scalability restricts the market's aggregate throughput capacity, resulting in production delays and limiting the industry's capacity to leverage rising demand. The consequences of these financial and operational restrictions are visible in recent output data, which reveals a contraction in delivery volumes despite strong order intakes. According to IPC, North American PCB shipments fell by 24.1 percent in September 2024 compared to the same month the prior year. This substantial decline in shipments underscores how the inability to affordably scale production infrastructure directly hinders the market's progress, transforming potential growth opportunities into an unfulfilled backlog.

Market Trends

The integration of Industry 4.0 and smart factory architectures is revolutionizing surface mount technology by embedding data-driven intelligence into production workflows. Manufacturers are progressively shifting from isolated machines to fully interconnected ecosystems where equipment communicates in real-time to maximize throughput, involving the use of digital twins and advanced analytics to simulate production scenarios and forecast operational bottlenecks proactively. The extent of this digital evolution is clear in the strategic focus of major industrial entities; according to Siemens' May 2024 report 'Digitalization Gains: Manufacturers Forge Ahead with Digital Transformation', digitalization is either currently operational or being implemented by approximately 80 percent of survey participants for supply chain optimization and production efficiency.

Concurrently, the widespread adoption of 3D Automated Optical Inspection (AOI) has become a crucial standard for guaranteeing quality in complex electronic assemblies. As component densities rise, conventional 2D inspection techniques fail to reliably identify volumetric defects like lifted leads or coplanarity issues, necessitating the depth perception offered by 3D systems. This technology is now essential for upholding zero-defect rates in high-reliability sectors, prompting significant investment in advanced verification hardware. This trend is mirrored in the financial results of key equipment suppliers; according to Viscom AG's 'Annual Report 2023' from March 2024, revenue from inspection systems rose significantly by 12.6 percent to 118.8 million euros, highlighting the persistent demand for precision quality control solutions.

Key Market Players

• Samsung Electronics Co., Ltd.
• Murata Manufacturing Co., Ltd.
• Taiyo Yuden Co., Ltd.
• Yageo Corporation
• Vishay Intertechnology, Inc.
• KYOCERA AVX Components Corporation
• TE Connectivity Ltd.
• Intel Corporation
• Texas Instruments Incorporated
• Analog Devices, Inc.
• ROHM Co., Ltd
• Panasonic Corporation

Report Scope

In this report, the Global Surface Mount Technology Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Surface Mount Technology Market, By Component

• Passive Components
• Active Components

Surface Mount Technology Market, By End-User Industry

• Consumer Electronics
• Automotive
• Industrial Electronics
• Aerospace & Defense
• Healthcare
• Other

Surface Mount Technology Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Surface Mount Technology Market.

Available Customizations:

Global Surface Mount Technology Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).