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PCB Market Poised to Grow at a CAGR of 5.1% and Reach $104.8 Billion by 2033
June 20, 2023 | Globe NewswireEstimated reading time: 2 minutes
In 2023, the size of the global printed circuit boards (PCBs) market is anticipated to be US$ 63.5 billion. The growth of the market is being driven by the expanding application in the various end-use industries. According to estimates, the market will generate US$ 104.8 billion in 2033, with a CAGR of 5.1% between 2023 and 2033.
The printed circuit boards (PCBs) market has experienced rapid growth in the last few years due to the increasing application of printed circuit boards (PCBs) in the electronics industry. The growing advances in consumer electronics and technological innovations in communications are likely to drive the growth of the printed circuit board market.
The increasing use of smartphones, tablets, laptops, and smart home devices, drives the demand for printed circuit boards (PCBs). Increasing demand for energy-efficient products with cost-effective manufacturing and high performance is also expected to boost the growth of the market.
The increasing demand for the miniaturization of IoT devices, and increasing demand for compact electronic devices, including wearables, IoT devices, and medical devices, contribute to the growth of the printed circuit boards (PCBs) market.
North America is expected to dominate the market for printed circuit boards owing to the technological innovations in consumer electronics in the region. The countries such as India, China, and South Korea are the key contributor to the growth of the printed circuit boards market.
Key Takeaways:
- From 2018 to 2022, the printed circuit boards market demand expanded at a CAGR of 6.5%.
- Based on type, the multi-Layer segment accounts for a CAGR of 4.9%.
- By substrate type, the standard multilayer segment is expected to expand at a CAGR of 4.7% during the forecast period.
- North America to emerge as a promising printed circuit board market, capturing a CAGR of 5.1%.
- The printed circuit boards(PCBs) industry in the United Kingdom is predicted to reach US$ 3.9 billion by 2033.
- Asia Pacific to be an opportunistic printed circuit boards market, expected to capture a CAGR of 5.1% during the forecast period.
- South Korea's printed circuit industry is predicted to achieve a market revenue of US$ 5.1 billion by 2033.
“Growing technological innovation in manufacturing technology and increased awareness in the industrial sector are expected to drive the market in the forecast period. The increasing demand from the aerospace & defence sector globally is projected to play a vital role in strengthening the market,” - says an analyst at Future Market Insights (FMI).
Competitive Landscape:
Amperex Technology Ltd.; Apex Microelectronics Company Limited; Amphenol Corporation; Autosplice, Inc.; Auter Electronics Ltd. are some of the leading market players operating in the printed circuit boards (PCBs) market. Some of the recent developments in the market are listed below:
In November 2021- Aurubis AG announces the recycling plant in United States Georgia.
Nippon Mektron, based in Japan, is a major player in the PCB market. The company has been actively investing in research and development to enhance its PCB technologies. It has been working on developing advanced materials and manufacturing processes to meet the demands of high-speed, high-frequency PCBs required in 5G infrastructure, automotive electronics, and other applications.
Zhen Ding Technology, is a leading PCB manufacturer specializing in high-density interconnect and flexible PCBs. The company has been actively involved in the development of advanced PCB technologies for applications such as smartphones, tablets, and automotive electronics. Zhen Ding Technology has also been expanding its production capacity and exploring partnerships to meet the increasing demand for advanced PCBs.
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