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PCB Market to Witness a CAGR of 3.1% during 2018-2024
November 27, 2018 | Globe NewswireEstimated reading time: 2 minutes
The global printed circuit board (PCB) market was valued at $63.1 billion in 2017 and is expected to reach $76.9 billion by 2024, at a CAGR of 3.1%. Factors driving the growth of the market are; rising adoption of automation in various end-user industries, growing demand for wireless devices, increasing miniaturization of devices, surging need for more efficient interconnect solutions, and increasing demand for flexible circuits. Owing to the implementation of processors and sensors in smart gadgets, the size of the PCB has reduced to 74% approximately. Additionally, usage of flame retardant chemicals in PCBs to ensure fire safety, and increasing capital investment is further augmenting the market growth. Moreover, huge growth in the PCB market is also due to the increasing demand for smart tablets and smart phones in IT and consumer electronics sector. Growth in wearable electronics is emerging as a key opportunity in the PCB market.
A PCB is made up of laminated material (copper plus a dielectric) that offers the interconnection for electronic components and integrated circuits. To place electronic components in an insulated board, holes are created with the help of drillers. To maintain the components' stability in a circuit board, they are soldered on the board, and are then connected through copper tracks. PCBs are used to electrically connect the components and provide a base on which the entire system can be integrated.
Growing Awareness Regarding Environmental Friendly Printed Circuit Board
Advancements in technology have led to an increased number of new electronic products in the market, and the trend is likely to continue in the coming years. However, massive production of PCBs is becoming unfriendly to environment, due to the usage of wet chemicals in their manufacturing. Moreover, lack of recycling ability also affecting the adoption rate of printed circuit boards. To ensure less toxic emissions into the environment, ink jet printing technology is used in the manufacturing of PCBs. This technology enables the cost-effective manufacturing of thin, flexible and disposable electrical devices.
Global Printed Circuit Board (PCB) Market – Regional Insight
Asia-Pacific held the largest market share of the global PCB market in 2017, with around 77% of the market share. The growth in APAC is attributed to the presence of many semi-conductor manufacturers, and growing adoption of smart devices in the region. North America held the second largest share of the global market in 2017, owing to the high demand from military and aerospace sector.
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