- Summary
- Table Of Content
- Methodology
Surface Mount Technology Equipment Market Scope & Overview:
Surface mount technology (SMT) refers to the circuit board assembly process wherein components are mounted onto the surface of a PCB (Printed Circuit Board). Surface-mount technology equipment comprises three primary machines reflow oven, pick and place machine, and stencil printer. Further, surface technology is used for the structuring, modification, and coating of components and materials.
Additionally, the assembly process is automated using surface-mount technology to reduce production costs and time. Moreover, SMT equipment offers several advantages including manufacturing efficiency, flexibility in design, selective soldering, and others.
Surface Mount Technology Equipment Market Size:
Surface Mount Technology Equipment Market size is estimated to reach over USD 10,736.00 Million by 2032 from a value of USD 6,273.93 Million in 2024 and is projected to grow by USD 6,600.55 Million in 2025, growing at a CAGR of 7.6% from 2025 to 2032.
Surface Mount Technology Equipment Market Dynamics - (DRO) :
Key Drivers:
Rising demand for advanced consumer electronics propels the surface mount technology equipment market growth
In consumer electronics, the complexity of electronic products is increasing in terms of design, printed circuit board assembly, and miniaturization of components in different electronic products such as mobile phones, routers, laptops, and others.
Further, integrating surface mount technology equipment significantly reduces labor costs, improves production speed, enables inspection of smaller and denser circuits, and also facilitates the detection of solder defects. Additionally, production efficiency is improved as SMT offers reduced electromagnetic interference and shorter signal paths.
- For instance, in 2024, Tata Electronics invested USD 707 Million in setting up a manufacturing plant for Apple’s iPhone in Tamil Nadu, India. This is further increasing the adoption of surface mount equipment for inspection and placement in manufacturing plants, thereby, driving the market.
Thus, the rising advancements and investments in setting up consumer electronics manufacturing plants are increasing the adoption of surface mount equipment, in turn, driving the surface mount technology equipment market size.
Key Restraints :
High cost is restraining the surface mount technology equipment market growth.
The utilization of surface mount devices is usually associated with high cost. Moreover, surface mount technology equipment includes inspection machines, placement machines, printers, and others, which are usually associated with high costs, in turn limiting the market growth.
For instance, prices of printers typically range from USD 8,000 to USD 14,000, depending on the type of features and other related parameters. Similarly, the average cost of placement machines in a manufacturing facility ranges from USD 9,000 to USD 37,500, which is relatively very high.
Hence, the high cost associated with surface mount devices is hindering the surface mount technology equipment market expansion.
Future Opportunities :
Rising adoption in the automotive sector is expected to drive the surface mount technology equipment market opportunities.
In the automotive sector, surface mount technology equipment is particularly used during the assembly of PCBs utilized in automobile electronics systems including on-board vehicle control systems, infotainment systems, telematics systems, advanced driver assistance systems (ADAS), and others. Further, surface mount devices ensure materials and machinery comply with the set standards.
Additionally, electric vehicles are tending over combustion vehicles, and often require the integration of printed circuit boards for various applications such as engine control units, infotainment systems, and advanced drive assistance systems.
- For instance, according to the International Organization of Motor Vehicle Manufacturers, the total vehicles produced in China reached 30,160,966 units in 2023, depicting an increase of 12% as compared to 2022.
- This is further projected to drive the adoption of surface mount equipment, thereby, propelling the market in the Asia-Pacific region during the forecast period.
Thus, as per the surface mount technology equipment market analysis, rising investments in automotive production are driving the global surface mount technology equipment market opportunities.
Top Key Players and Market Share Insights:
The surface mount technology equipment market is highly competitive with major players providing services to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the global surface mount technology equipment market. Key players in the surface mount technology equipment industry include -
- Yamaha Motor (Japan)
- Juki Corporation (Japan)
- Saki Corporation (Japan)
- ASM Assembly Systems (Germany)
- Hitachi High-Technologies Corporation (Japan)
- Panasonic Corporation (Japan)
- Viscom AG (Germany)
- Fuji Corporation (Japan)
- Mycronic AB (Sweden)
- Nordson Corporation (US)
- KLA Corporation (US)
Surface Mount Technology Equipment Market Segmental Analysis :
By Equipment:
Based on equipment, the market is segmented into inspection equipment, placement equipment, printers, and others.
Trends in the Equipment:
- There is an increasing trend towards the adoption of inspection equipment due to its various benefits such as improved quality verification and accuracy.
- Rising trend towards the utilization of printing equipment for printing solder paste on a surface mount assembly.
Placement equipment accounted for the largest revenue share of the total surface mount technology equipment market share in 2024
- In placement equipment, components are picked up from one place such as a feeder using a nozzle, and transported to another position.
- Further, placement equipment refers to pick and place machines that are automated for increasing productivity.
- For instance, in May 2024, Europlacer launched pick and place machines ii-N1 (single head) and ii-N2 (double head), which are flexible for high-mix production.
- According to the analysis, the rising developments related to pick and place machines are driving the surface mount technology equipment market size.
Inspection equipment is anticipated to register the fastest CAGR during the forecast period.
- SMT inspection equipment enables the detection of defects in the components and PCBs.
- Further, required standards and specifications are inspected through inspection machines for maintaining quality checks.
- Additionally, electronic products may have various kinds of defects such as misalignments, incorrect polarity, missing components, electrical shorts, and soldering issues.
- For instance, in January 2024, Saki Corporation launched 3Di-LS3 (AOI), 3Si-LS2 (SPI), 3Xi-M110 (AXI), BF-Sirius (2D-AOI), and 3Di-LS2 (AOI) which are used for high-precision and high-speed automated inspection.
- According to the analysis, the rising developments related to inspection devices are driving the surface mount technology equipment market trends.
By End-User:
Based on the end-user, the market is segmented into automotive, consumer electronics, aerospace and defense, healthcare, and others.
Trends in the End-User:
- There is an increasing trend towards the adoption of surface mount devices in aerospace for various applications such as parts fabrication, modifications, and repairs.
- The increasing utilization of surface mount equipment in manufacturing cardiovascular devices.
The consumer electronics segment accounted for the largest revenue share of 39.66% of the total surface mount technology equipment market share in 2024.
- Surface mount equipment is used for assembling electronic components in consumer electronic products.
- Moreover, electronic devices are soldered on the surface of circuit boards of electronic products such as mobile phones, laptops, computers, and others.
- Additionally, surface mount devices such as pick and place are implemented in a manufacturing facility for moving electronic components from one place to another.
- For instance, in September 2023, Panasonic launched NPM-GH, which is a mounter, and an NPM-GP for screen printing, designed for real-time customer supply in manufacturing facilities.
- According to the analysis, the rising advancements in surface mount devices such as printers and mounters for application in consumer electronics manufacturing are driving the surface mount technology equipment market trends.
The automotive segment is anticipated to register the fastest CAGR during the forecast period.
- In the automotive sector, surface mount devices are implemented for the process of mounting electronic components on a PCB for handling and creating difficult designs.
- Additionally, surface mount devices enhance the assembly process of electronic systems in vehicles.
- Further, surface mount equipment is used for developing complex systems such as modern infotainment systems, cooling systems, and others.
- For instance, in November 2024, Tata Motors and Tata International launched Re.Wi.Re, a vehicle scrapping facility of registered vehicles that has an annual capacity of 21,000 vehicles.
- According to the analysis, the rising investments in the automotive industry are driving the surface mount technology equipment market.
Surface Mount Technology Equipment Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2019-2032 |
| Market Size in 2032 | USD 10,736.00 Million |
| CAGR (2025-2032) | 7.6% |
| By Equipment |
|
| By End-User |
|
| By Region |
|
| Key Players |
|
| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
|
Regional Analysis:
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 2,480.56 Million in 2024. Moreover, it is projected to grow by USD 2,616.86 Million in 2025 and reach over USD 4,384.58 Million by 2032. Out of this, China accounted for the maximum revenue share of 37.2%. As per the surface mount technology equipment market analysis, there is an increasing adoption of surface mount devices, particularly in countries such as China, India, and Japan, for improving performance in manufacturing facilities. The rapid development and growing investments in the automotive and electronics industry are accelerating the surface mount technology equipment market expansion.
- For instance, in June 2023, Micron invested USD 825 million in a semiconductor test and assembly facility in India. This is further projected to drive the adoption of surface mount devices, thereby, propelling the market in the Asia-Pacific region during the forecast period.
In North America, the growth of the surface mount technology equipment industry is driven by the rising demand to manufacture various electronic products such as laptops, computers, tablets, and others to improve productivity. The rising trend in lightweight devices with small electronic components in various applications such as consumer electronics, automotive, and others is also driving the market share. Hence, increasing investment in consumer electronics and automotive is massively contributing to growth in surface mount technology equipment market demand.
- For instance, according to the International Organization of Motor Vehicle Manufacturers, the total vehicles produced in Canada reached 1,553,026 units in 2023, depicting an increase of 26% as compared to 2022. This is further expected to increase the adoption of surface mount devices, thereby, propelling the market in the North American region.
North America is estimated to reach over USD 2,819.27 Million by 2032 from a value of USD 1,650.17 Million in 2024 and is projected to grow by USD 1,735.85 Million in 2025. The regional analysis depicts that the growing demand for electric vehicles is driving the surface mount technology equipment market demand in Europe. Further, as per the market analysis, the primary factor driving the market growth in the Middle East and African region includes increasing investment in modern IT technologies and consumer electronics for improving technology infrastructure among others. The rising demand for modern manufacturing technology is accelerating the demand for different advanced equipment, which in turn is driving the market growth in the Latin America region.
Recent Industry Developments :
Product Launches:
- In November 2023, SMTmax launched QM-4044, a pick and place machine, integrated with various features including a high production rate, expansive feeder capacity, innovative design, advanced vision system, and others.
- In October 2023, Panasonic launched NPM-G series SMT (surface mount technology) machines in India, which feature high production capacity, high accuracy, and improved component compatibility/operability among others.
Key Questions Answered in the Report
How big is the surface mount technology equipment market? +
The surface mount technology equipment market was valued at USD 6,273.93 Million in 2024 and is projected to grow to USD 10,736.00 Million by 2032.
Which is the fastest-growing region in the surface mount technology equipment market? +
Asia-Pacific is the region experiencing the most rapid growth in the surface mount technology equipment market.
What specific segmentation details are covered in the surface mount technology equipment report? +
The surface mount technology equipment report includes specific segmentation details for equipment, end-user, and region.
Who are the major players in the surface mount technology equipment market? +
The key participants in the surface mount technology equipment market are Yamaha Motor (Japan), Juki Corporation (Japan), Viscom AG (Germany), Fuji Corporation (Japan), Mycronic AB (Sweden), Nordson Corporation (US), KLA Corporation (US), Saki Corporation (Japan), ASM Assembly Systems (Germany), Hitachi High-Technologies Corporation (Japan), and Panasonic Corporation (Japan).
