The Asia Pacific Surface Mount Technology Market would witness market growth of 8.3% CAGR during the forecast period (2022-2028).
Surface mount technology is being used to generate all mass-produced electronic devices. Digital entertainment is becoming more widely adopted and used. The growth of the electronic goods business was also aided by consumer goods like digital cameras, portable music players, gaming systems, etc. Additionally, the technology's demand in the aerospace and defense sectors is primarily driven by miniaturization, functional improvement, and greater efficiency.
The electronic sector has grown significantly due to the most recent advancements in personal computers, particularly desktops and laptops. In addition, the growth of the automotive industry is being fueled by the rising use of technological gadgets such as improved GPS (global positioning systems), parking systems, in-car entertainment, and driving assistants.
With new technologies and innovations continually emerging to provide consumers with more advanced capabilities, like fingerprint sensors in mobile devices as well as smart televisions, among others, the consumer electronics business is always changing. The creation of smaller electrical components that take up fewer space results from the growing demand for miniaturized devices. This is conceivable only when the hardware parts of the devices, like the PCB, are tiny in size and have a smooth operation, even when combining multiple components.
China is adamant about reducing car exhaust pollution due to rising auto sales and growing urbanization. As a result of the nation's intentions to reduce its reliance on oil imports, demand for and purchases of electric vehicles are expected to increase. Furthermore, several important provinces and towns are enforcing more stringent regulations. As a result, a positive outlook for market expansion is expected during the forecast period due to expanding government laws promoting the adoption of electric vehicles. Hence, in the coming years, the rising demand for EVs and automobiles, in general, will boost the demand for the expansion of the surface mount technology market.
The China market dominated the Asia Pacific Surface Mount Technology Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $972.8 million by 2028. The Japan market is exhibiting a CAGR of 7.6% during (2022 - 2028). Additionally, The India market would display a CAGR of 9% during (2022 - 2028).
Based on Industry, the market is segmented into Consumer Electronics, Telecommunication, Aerospace & Defense, Industrial, Medical, Automotive and Energy & Power Systems. Based on Equipment, the market is segmented into Placement Equipment, Inspection Equipment, Soldering Equipment, Screen Printing Equipment, Cleaning Equipment and Repair & Rework Equipment. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Surface Mount Technology Market is Projected to reach USD 8.6 Billion by 2028, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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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