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United States, European Printed Circuit Board Design Markets, 2022-2023 & 2035
June 9, 2023 | PRNewswireEstimated reading time: 2 minutes
The US and Europe printed circuit board (PCB) design market is likely to grow at a CAGR of 11% over the forecast period, i.e., 2023-2035. The market generated a revenue of around USD 2000 Million in the year 2022 and is likely to produce revenue worth of nearly USD 7000 Million by the end of 2035.
The market growth is primarily driven by an increase in the number of devices connected to the Internet of Things (IoT), and booming semiconductor production. IoT devices surpassed people in number by 2022, reaching a total of over 13 billion. Also, it is predicted that by 2025, North America will likely have close to 6 billion Internet of Things (IoT) connections.
Furthermore, the market is anticipated to rise as a result of increased sales of smart devices, an increase in the number of people using fitness bands and other wearables, and an increase in the need for automation in the industrial sector. Between 2022 and 2028, there should be a 7% growth in smartphone penetration in Europe. Moreover, penetration will reach a brand-new high of 90% in 2028.
A few factors that are projected to limit market growth include the widespread use of open-source PCB design tools, Increasing labor and raw material costs, severe semiconductor scarcity, and a broken semiconductor supply chain.
By 2035, the market for industrial automation & control segment is expected to have generated the second-highest revenue of around USD 1300 million by rising at a considerable CAGR of more than 11% over the forecast period. Additionally, the segment generated nearly USD 300 Million in revenue in 2022. There are a few aspects that are anticipated to fuel the segment's expansion, including the higher deployment of robots for automating the industry.
On the basis of region, the US and Europe printed circuit board (PCB) design market is analyzed by the markets of the United States, U.K., Germany, France, Italy, Spain, Russia, NORDIC, and the Rest of Europe. The market in United States collected the significant revenue in 2022.
By the end of 2035, it is estimated to garner a highest revenue, by growing at the CAGR of over 10% over the forecast period. The increase in the number of PCB designers and the greater number of robots deployed in various sectors to address the manpower shortage in the region are expected to drive this market expansion.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning.
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