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Report: PCB Market Size to Grow by $19.05 Billion from 2022 to 2027
March 7, 2024 | PRNewswireEstimated reading time: 2 minutes
The printed circuit board (PCB) market is set to grow by USD 19.05 billion from 2022 to 2027. The market is estimated to be progressing at a CAGR of 5.05% during the forecast period. The rising industry automation is an emerging trend shaping the market. There is increasing adoption of automation across industries as several desktops and machines are being set up for more effective and efficient control systems. As a result, several industries are forced to adapt to automation to sustain the competition in the market, as automation offers them optimum efficiency in productivity, operation costs, product quality, and safety. But due to the increasing adoption, optimum power consumption can be a significant challenge. Hence PCBs are increasingly adopted across industries to ensure efficient power consumption within the minimal size of the application. One of the main functionality of PCBs includes withstanding peak temperatures and voltages. Hence, such factors are expected to drive market growth during the forecast period.
The rising adoption of smartphones
Factors such as the availability of low-cost smartphones and growing global Internet penetration are expected to fuel the adoption of smartphones globally. Furthermore, developing economies like India and China are becoming significant emerging markets for smartphones due to the rising disposable income of people and growing population. Additionally, there is an increasing advancement in smartphone technology from G LTE to 5G, with RF front-ends using up more space in 5G smartphones. Hence, such factors are expected to drive market growth during the forecast period.
Analyst Review
The Printed Circuit Board (PCB) market is experiencing a significant transformation, driven by technological advancements and the rapid proliferation of 5G, Internet of Things (IoT), and Artificial Intelligence. These innovations are reshaping various sectors, including Consumer Electronics, Industrial Internet of Things (IIoT), and End-User Industries.
The advent of 5G technology is propelling the demand for PCBs in Smartphones, Tablets, and other Smart Devices, as they require high-performance PCBs to handle the increased data transfer speeds and connectivity. Moreover, the rise of IoT and Internet of Vehicles is leading to an exponential growth in PCB usage in Wearable Devices, Airplane Cockpit Instruments, and MRI Systems.
As the demand for Consumer Electronics continues to soar, PCB manufacturers are facing challenges related to Miniaturization and Design Complexities. To address these challenges, the industry is focusing on Integrated Manufacturing processes and collaborating with Design and Engineering Partners to develop innovative solutions.
However, the rapid evolution of electronics also raises concerns about Electronic Waste and Hazardous Materials such as Lead, Mercury, Cadmium, and Brominated Flame Retardants present in PCBs. Efforts are being made to mitigate environmental impact through initiatives like CSIL (Circular Supply-Chain Initiative for Lead-Free Electronics).
In response to the growing demand for high-quality PCBs, suppliers are enhancing their Electronic Components and PCB Power capabilities to meet the requirements of OEMs and various industries. This has led to a surge in PCB Sales across the globe, contributing to the resilience of the Global Economy.
In conclusion, the PCB market is witnessing dynamic changes fueled by advancements in technology and the increasing integration of electronics in everyday life. With a focus on innovation, sustainability, and collaboration, the industry is poised for continued growth and development in the years to come.
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Sweeney Ng - CEE PCBSuggested Items
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08/19/2025 | TrendForceTrendForce’s latest investigations reveal that the anticipated launch of Apple’s first foldable device in the second half of 2026 is expected to lift foldable phone penetration from 1.6% in 2025 to over 3% in 2027.
The Marketing Minute: Staying Positive When the Market Isn’t
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I-Connect007 Editor’s Choice: Five Must-Reads for the Week
08/15/2025 | Marcy LaRont, I-Connect007In our industry, my top reads include Prashant Patel’s overview and argument for reshoring, which I found to be a great general overview and breakdown. In further support of the onshoring/reshoring message, I’m highlighting Nolan Johnson’s interview on the survey and report by the Reshoring Initiative. Check out my interview with USPAE’s Jim Will on the state of the flat panel display (FPD) industry and the risks associated with it for U.S. defense and critical infrastructure products.
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Global Excellence in PCB Design: The Global Electronics Association Expands to Italy
08/07/2025 | Global Electronics AssociationIn today's rapidly evolving electronics industry, printed circuit boards (PCBs) serve as the critical backbone influencing the success, reliability, and time-to-market of countless products. Recognizing this essential role, the Global Electronics Association (formerly IPC), a worldwide leader in electronics standards, certification, and education, is now expanding its internationally acclaimed PCB design training to Italy.