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APAC Leads Surface Mount Technology Market
March 24, 2016 | PRNewswireEstimated reading time: 1 minute
The surface mount technology market is expected to grow, at a CAGR of 9.84% during the forecast period between 2015 and 2020. One of the major growth drivers for the surface mount technology market is the miniaturization of electronics devices. With reduction in size of electronic components, high packing density is possible. The size of the circuit with miniaturized electronic components could be reduced by 30% than the conventional technique. Surface mount technology is majorly used in the consumer electronics industry, and this trend is expected to continue during the forecast period.
Surface mount technology for consumer electronica application is expected to grow at the highest CAGR
In the surface mount technology market, consumer electronics is estimated to grow at a high CAGR during the forecast period. Electronic devices such as cell phones, laptops, MP3 players, and GPS navigation systems have evolved due to the miniaturization of technology and revolutionary development of microelectronics. Hence, the demand for SMDs in applications related to consumer electronics is increasing and is expected to grow at a faster rate than the other applications during the forecast period.
APAC is the fastest-growing region in the surface mount technology market
The market in APAC is expected to grow at a high CAGR between 2015 and 2020. Growing electronic manufacturing activity, rising demand miniaturization of components, and growth in consumer and automotive electronics are driving the SMT market in the APAC region. Furthermore, increasing penetration of wireless communication standards and rising demand for 3G/4G network are boosting SMT demand in the telecommunication sector in this region.
Several primary interviews with market experts have been conducted across four major regions, namely, the North America, Europe, Asia-Pacific, and Rest of the World (the Middle East, Africa, and Latin America). The primary participants considered for the study are C-level executives, managers, and D-level executives of the Tier 1, Tier 2, and Tier 3 companies.
The key players in the market include Nordson Corporation (U.S.), Mycronic AB (Sweden), Fuji Machine Manufacturing Co., Ltd. (Japan), Electro Scientific Industries Inc. (U.S.), and Orbotech Ltd. (Israel), Hitachi High Technologies Corporation (Japan), Viscom AG (Germany), Juki Corporation (Japan), CyberOptics Corporation (U.S.), and ASM Assembly Systems GmbH & Co. KG (Germany).
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