Surface Mount Technology Market Size Worth $10.00 Billion By 2032 | CAGR: 8.30%

Surface Mount Technology Market Size Worth $10.00 Billion By 2032 | CAGR: 8.30%

The global surface mount technology market size is expected to reach USD 10.00 billion by 2032, according to a new study by Polaris Market Research. The report “Surface Mount Technology Market Share, Size, Trends, Industry Analysis Report, By Equipment (Inspection Equipment, Placement Equipment, Others); By Service; By Application; By Region and Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Miniaturization trend has been a significant driver of the surface mount technology market, as SMT offers a high degree of precision and accuracy needed for the manufacture of smaller components and circuit boards. The use of SMT has made it possible to pack more electronic components onto smaller circuit boards, enabling the development of smaller and more portable electronic devices such as smartphones, tablets, and wearable devices. SMT offers several advantages over through-hole technology, including smaller form factors, higher component density, and faster production speeds. It has enabled the development of smaller and more complex electronic devices, such as smartphones, wearables, and IoT devices.

The adoption of electric vehicles (EVs) has led to an increase in demand for SMT components in the automotive industry. In addition to power electronics, batteries, and sensors, EVs also require various electronic components such as motor controllers, inverters, and DC-DC converters. These components are typically smaller and more densely packed, which makes SMT an ideal method for their assembly. As a result, the increasing adoption of EVs is expected to boost the growth of the SMT market in the automotive industry. Since EVs require more efficient and reliable components, SMT components are preferred as they offer high-density packaging, lower power consumption, and better thermal management, making them ideal for the high-performance requirements of EVs.

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Pandemic has also accelerated the adoption of digital transformation across various industries, including electronics manufacturing. The use of automation and digital technologies in SMT manufacturing has increased to ensure business continuity and reduce the risk of disruption caused by future pandemics or similar crises. Furthermore, the shift towards remote work has increased the demand for electronic devices, leading to an increase in the production of SMT components. As economies recover from the pandemic, the demand for electronic devices and SMT services is expected to continue growing.

Surface Mount Technology Market Report Highlights

  • Placement equipment segment held significant share, owing to its ability to improve technology, inspection quality, and reliability of the SMT technology
  • Supply chain services segment recorded robust growth rate, owing to improvement in the supply chain constraints across the value chain
  • Consumer electronics segment dominated the market, owing to surge in demand of daily use consumer products in emerging economies
  • The global players include ASM Pacific Technology, Seika Corporation, Panasonic, Nordson Corporation, Cognex Corporation, Fuji Machine Manufacturing, Teradyne, Mycronic, Kulicke & Soffa Industries, and Neoden SMT.

Polaris Market Research has segmented the surface mount technology market report based on equipment, service, application, and region:

Surface Mount Technology, Equipment Outlook (Revenue - USD Billion, 2019 - 2032)

  • Inspection Equipment
  • Placement Equipment
  • Soldering Equipment
  • Screen Printing Equipment
  • Cleaning Equipment
  • Repair & Rework Equipment

Surface Mount Technology, Service Outlook (Revenue - USD Billion, 2019 - 2032)

  • Designing
  • Test & Prototyping
  • Supply Chain Services
  • Manufacturing
  • Aftermarket Services

Surface Mount Technology, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Consumer Electronics
    • Mobile Phones
    • Personal Computers
    • Home Appliances (TV, Refrigerators, Washing Machine, AC, Others)
    • Audio and Video Systems
    • Storage Devices
    • Others
  • IT & telecommunication
    • Telecom Equipment
    • Networking Devices
  • Automotive
    • Driver Assistance Systems
    • Infotainment Systems
    • Others
  • Industrial
    • Industrial Automation and Motion Control
    • Mechatronics and Robotics
    • Power Electronics
    • Photovoltaic Systems
    • Others
  • Aerospace & Defense
    • Aircraft Systems
    • Military Radars
    • Others
  • Healthcare
    • Medical Imaging Equipment
    • Consumer Medical Devices
    • Others
  • Others

Surface Mount Technology, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
    • U.S.
    • Canada
    • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

Surface Mount Technology Market Report Scope

Report Attributes


Market size value in 2024

USD 5.28 billion

Revenue forecast in 2032

USD 10.00 billion


8.30% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Equipment, By Service, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

ASM Pacific Technology, Seika Corporation, Panasonic, Nordson Corporation, Cognex Corporation, Fuji Machine Manufacturing, Teradyne, Mycronic, Kulicke & Soffa Industries, and Neoden SMT.

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