ICT 2026 Annual Symposium Review (Part 1): What Lies Ahead?

Estimated reading time: 6 minutes

ICT 2026 Annual Symposium Review (Part I): What Lies Ahead?

By Pete Starkey, Fellow, ICT (FInstCT)

Editor’s Note: ICT’s 2026 Annual Symposium was held near Coventry on Oct. 6 under the theme “What Lies Ahead?” The program looked forward rather than back, at a time of significant change for the industry. Topics included the outlook for the European PCB sector, market dynamics driven by AI infrastructure, the use of AI and digital-twin modelling on the factory floor, sustainable roll-to-roll flexible hybrid electronics, and 3D multilayer circuits.

It was a misty autumn morning on the outskirts of Coventry in the Midlands of England for the 2026 Annual Symposium of the Institute of Circuit Technology.

ICT technical director Alun Morgan welcomed delegates and remarked upon the excellent attendance. Although there were plenty of familiar faces in the audience, an encouraging number of hands were raised when Morgan enquired who was there for the first time.
Remarking that although the Institute had seen a lot of changes since it was founded in the 1970s, the time for reminiscing was in the bar and the purpose of the symposium was to talk about the future, hear some new ideas, and discuss where we were going as an industry.

ICT’s new chair, Steve Driver, gave the keynote presentation, “What does the future hold for the European PCB industry and the ICT?”

In his distinctively entertaining but down-to-earth style, Driver acknowledged that, as a consequence of the loss of many printed circuit companies in recent years, not only the European industry but also the Institute had become “a little bit run-down.” But he and Alun Morgan had made it their mission to “bring it back to life” with the aim of making the ICT a forum that welcomes participation from everyone involved in “everything circuit-related” including designers, fabricators, assemblers, equipment suppliers, brokers, consumables suppliers, training organisations, and universities.

For many reasons, not least the importance of supporting military requirements, it is

vital to maintain the electronics supply chain, especially the PCB industry and its specialist manufacturing capability, which continues to offer significant career opportunities. 
It is clear that the PCB industry is going through a period of unprecedented change. And, with the wealth of new technology coming into the PCB and related industries, Driver is convinced that we are approaching a return of the “golden years.” 

He referred to a comment by EIPC President Rico Schluter at a recent conference: “This is not an incident!” when people were closing their ears and eyes—not listening to the heartbeat of the industry. Now they are asking, “Where’s the laminate, the prepreg, the copper foil?” though the warning signs have been apparent in 2025 and now the realities of huge price increases and shortages are glaringly obvious. Although laminate is getting the headlines, there are other issues, such as huge increases in the price of tungsten carbide. 

Driver believes that the foundations are being laid for a big permanent change in the industry—not an “incident” but a new era for PCBs. “The change will become the new normal. We are in a seller's market, buckle up and enjoy the ride!”

He encouraged members to be mindful of the direction the industry is taking and to welcome new entrants, especially not to make enemies. “You do not know who your next customer, partner, or owner will be.” He listed a selection of new entrants into the industry and described some of their attributes, making it plain that new technology is not a threat but an opportunity, and that early adopters can enjoy the best margins. He emphasised the importance of supporting the disruptors and being patient, because although some will fail, others could have exponential success. Likewise, he encouraged the support of university projects and young innovators. 

Having motivated and inspired delegates with his compelling introduction, Driver explored his own terms of reference and those of the Institute as defined in the established Rules and Byelaws. The Institute's core purpose is to promote electronic circuit design, PCB manufacturing technology, and professional standards as a non-profit organisation with funds allocated solely to organisational objectives. Core activities are to promote knowledge exchange, to provide professional recognition and to offer education and grants.

So, what lies ahead?

Driver reaffirmed the return of the seller’s market for PCBs, characterised by longer lead times and price increases, profits even! He emphasised the importance of not focusing on what you can’t do, but on what you can do, and with a financial strategy to support the supply chain. “Just-in-time” actually means “Nothing in the supply chain” and “Just-in-stock” is a more appropriate strategy, particularly where laminate materials are concerned. 

Regarding market conditions, he referred to information gathered by Dr Hayao Nakahara, whom he acknowledged as “the most informed person in the industry,” and who had calculated that for every dollar invested in semiconductor, it is necessary to invest 12 cents in PCB fabrication, adding that a semiconductor is useless without a PCB. 
Nakahara’s abbreviated chart of PCB growth market drivers over the decades listed consumer products during 1970–2000, personal computers during 1980–2010, smartphones during 2010-2020, and from 2020 into the near future the drivers are AI-related IC package substrates and high-speed, low-loss, high-layer-count multilayer boards, predominantly produced in Asia.

Regarding the supply chain, the many innovations in materials and tools developed to meet premium high-technology requirements are resulting in the de-prioritisation of standard products, with consequent shortages and price increases. Driver also highlighted the ongoing scarcity of service and maintenance resources for production equipment, and the critical importance of establishing meaningful service contracts, often at great expense.

In his concluding comments, he questioned what might happen when the current military volumes began to wind down. How will the supply chain survive, and how will the board shops survive? 

But he still believes that the golden years are imminent. “Have some fun and make some money!”

Alun Morgan: An Electronics Business Outlook

Morgan presented his electronics business outlook, with a focus on market dynamics. He brought a wealth of detailed information compiled from many sources but principally from Custer Consulting and from Nakahara’s NT Information. 

The world PCB market for 2026 has been forecast to exceed $102 billion, and it continues to grow, although the growth is very regional. Although there is relatively small growth in total area of PCBs sold, the value per unit area has increased significantly.

Nakahara considers the AI-driven demand to be a near-term boom, which he forecasts to last for the next two to three years. Capacity has been added to an already over-capacity industry and there is uncertainty when the next downturn will come. But on the positive side, the surge in AI demand is pushing advancements in materials and board complexity.
Regional shifts and investment trends continue, with China remaining dominant, followed by Taiwan, Japan, and South Korea, while Thailand emerges as a major hub and India gains traction. The US is showing some positive reshoring. 
In summary, Nakahara believes that the PCB industry is experiencing a strong AI-driven upcycle, although structural complexity, unclear definitions and heavy global investment raises questions about long-term sustainability and the risk of future overcapacity.

Regarding long-term sustainability, Morgan believes that the industry is undergoing a structural change and will emerge in a different shape in Asia, North America, and Europe.

Focusing on the European PCB trade balance based on 2024 figures, imports have exceeded exports by almost $5 billion. A significant part of this deficit is attributable to brokerage, although Morgan accepts that brokers have become an important contributor to the European electronics industry.

He reminded the audience that in the 1980s there were 23 laminate suppliers in Europe. Currently, there is only one. Persistently high energy costs continue to adversely affect European competitiveness. The additional effects of supply chain volatility, rising labor shortages, and the consequences of the disruption of war have resulted in extremely weak GDP growth in Europe, especially in Germany. 

China's government has taken many anti-involution measures to increase the competitiveness of sectors such as steel, solar panels, and automotive. The semiconductor industry could be next. There is a growing consensus that Germany’s complacency resulted in “China Shock 2.0.” Germany’s core manufactured products are being squeezed not only out of China and other foreign markets, but also at home. China shows no sign of changing course.

“Without China we don't make anything,” Morgan declared. “There’s no future for the production of low-tech PCBs in Germany, and Taiwan doesn't need us anymore.”
Morgan turned his attention to what the AI server boom means to the PCB materials industry. The demand for ultra fine lines and ultra thin PCBs presents many material challenges related to copper foil profiles, loss factors, glass properties, and micro-dielectric-constant fabric-weave effects. Although these challenges can be met with existing materials, scale of production remains the problem, with infrastructure accounting for most of current spending. 

Goldman Sachs reported that the global AI server PCB market is expected to grow from approximately $3.1 billion in 2024 to $27.1 billion in 2027, and the corresponding copper-clad laminate market from $ 1.5 billion to $ 18.7 billion.

Morgan observed that the PCB market is becoming increasingly polarised, with some players exiting their traditional markets and re-engineering their capacity and capabilities to meet the growth in AI infrastructure demand, leaving conventional PCB makers facing rising material costs, supply allocation constraints, and shifts in standard material sourcing. Some laminate manufacturers had already announced the cessation of production of FR-4 and FR-4.1. There is a real risk of the lower-value end of the PCB market being “crowded-out” of U.S. and European production by price and supply pressure.

He closed his presentation with an AI-generated graphic of Theodore Roosevelt’s quote: “Do what you can, with what you have, where you are.”

(To be continued in Part II of this review.)

About ICT

Founded in the 1970s, the Institute of Circuit Technology (ICT) is a UK-based, nonprofit professional body serving the PCB industry. Its purpose is to promote electronic circuit design, PCB manufacturing technology, and high professional standards, and it pursues these aims through knowledge exchange, education, and professional recognition through its technical seminars, annual symposium, and a quarterly technical journal.