Surface Mount Technology Market
Surface Mount Technology Market
As per the report published by Polaris Market Research, the global surface mount technology market was valued at USD 5.84 billion in 2024. It is estimated to grow to USD 10.24 billion by 2034, registering a CAGR of 5.8% from 2025 to 2034.
Market Description
Surface mount technology (SMT) is a procedure that permits electronic components to be pasted and soldered instantly onto the surface of the circuit boards utilizing automated production lines. Unlike through-hole technology, SMT enables components to be scaled on both sides of the circuit boards, discarding the requirement for drilling holes. This pick-and-place machine not only saves space but also increases the density of the components, making it perfect for small devices such as smartphones and medical equipment.
The automation of the SMT (Surface-Mount Technology) process allows for a higher density of component placement. This means a greater number of components and connections can be placed on smaller circuit boards. This permits much sizeable productivity within the manufacturing procedure of smaller PCB assembling.
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Key Drivers
• Growing Demand for Consumer Electronics: The demand for consumer electronics such as tablets, smartphones, wearables, and smart home appliances has been speedily growing. As per Apple’s yearly report, smartphone sales surged from USD 191,973 million in 2021 to USD 205,489 million in 2022, portraying the growing demand for consumer electronics. These commodities require efficient, small, and dependable electronic components, pushing the surface mount technology market sales ahead.
• Rising Usage in Modern Vehicles: Modern vehicles depend on electronic systems involved in advanced driver assistance systems (ADAS), car entertainment, and electric vehicle constituents. These systems demand high-density, dependable, and small electronic components. SMT is appropriate to encounter this requirement as it sanctions the usage of compact, dependable components competent for managing the intricacies of automotive electronics.
Leading Market Players
The market is fragmented and is anticipated to observe increased competition due to several players’ presence. Some of the companies which are currently dominating the market are:
• ASM Pacific Technology
• Cognex Corporation
• Fuji Machine Manufacturing
• Kulicke & Soffa Industries
• Mycronic
• Neoden SMT
• Nordson Corporation
• Panasonic
• Seika Corporation
• Teradyne
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Market Segmentation
The research offers a detailed analysis that focuses on the segmentation of the global surface mount technology market based on equipment, service, application, and region.
On the basis of equipment, the placement equipment segment is projected to witness significant growth, driven by a growing demand for accurate and efficient placement equipment, propelling the demand for compact and more intricate electronic devices to escalate.
On the basis of service, the designing segment held the largest share in 2024 as designing plays a crucial role in choosing the appropriate components.
Surface Mount Technology Industry Developments
• January 2025: JUKI introduced the Fast Smart Modular Mounter RS-2, setting a new industry benchmark with a placement speed of 50,000 components per hour (CPH). This advancement significantly boosts component placement efficiency in PCB assembly processes.
• September 2023: Panasonic Smart Factory Solutions launched the NPM-G Series SMT machines in India, featuring the NPM-GH modular mounter and NPM-GP screen printing machines. These solutions are designed to support highly automated and efficient production lines.
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Regional Analysis
Regional analysis provides an examination of the key variables, including social, physical, and economic, in a regional context. It helps companies understand the needs and wants of their customers in target markets. Thus, stakeholders can make informed decisions about their products or service offerings. Also, regional analysis assists businesses in identifying regions with high growth potential and where they should focus their efforts. Furthermore, it can help stakeholders understand local conditions to analyze policy related to global change.
The key regions and sub-regions of the Surface Mount Technology Market covered in the research report are:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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