The North America Surface Mount Technology Market would witness market growth of 7.3% CAGR during the forecast period (2022-2028).
The advantages of switching to surface mount technology are increased speed, cost efficiency, and reliability. These benefits are helpful throughout the assembly process since the production processes are simpler and the execution is less difficult. In addition, SMT is a considerable upgrade from the traditional leaded components used in electronics. Traditional leaded components on printed circuit boards can be replaced by surface-mount technology components, which are faster, more lightweight, and more dependable.
Because of surface-mount technology components in printed circuit boards (PCBs), businesses that produce and design goods have been empowered to cut costs considerably. Growing demand for electric vehicles has led to increased sales and manufacturing of electric cars. This market, therefore, has significant potential for growth. The vast majority of the electronic systems that go into electric vehicles are produced with surface-mount technology. This method provides higher mechanical efficiency when subjected to stress and vibration.
The market will expand as a result of several growth factors, including an increase in one-person households, an emergence in the popularity of smart homes, and an increase in the population of millennials. Innovations are a major driver of the Canadian home appliances market's growth. The preference for energy-efficient items that use less electricity and water is increasing among the younger populace. In addition, consumers are giving more weight and wide acclaim to products with smart features and multi-utility that seem straightforward yet attractive. Therefore, the surface mount technology market in the region is propelled by all these factors.
The US market dominated the North America Surface Mount Technology Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,762.3 million by 2028. The Canada market is poised to grow at a CAGR of 9.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 8.8% 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 U.S., Mexico, Canada, and Rest of North America.
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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