Surface Mount Technology (SMT) Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 7.18 Billion
CAGR (2026-2031)	8.46%
Fastest Growing Segment	Healthcare
Largest Market	North America
Market Size (2031)	USD 11.69 Billion

Market Overview

The Global Surface Mount Technology (SMT) Market will grow from USD 7.18 Billion in 2025 to USD 11.69 Billion by 2031 at a 8.46% CAGR. Surface Mount Technology is a production method where electronic components are mounted directly onto the surface of printed circuit boards to create compact and efficient electronic circuits. The primary drivers fueling market expansion include the escalating demand for miniaturized consumer devices and the rising integration of electronics within the automotive sector, particularly for electric vehicle systems. According to the IPC, in August 2025, total North American printed circuit board shipments increased by 12.8 percent compared to the same month in the previous year, highlighting the robust industrial demand for these essential electronic assemblies.

Despite these strong growth factors, the market encounters a significant challenge regarding the substantial capital investment required for precision placement and inspection machinery. The high cost associated with acquiring and maintaining advanced equipment creates a barrier to entry for smaller manufacturers and limits production agility, which could impede broader market expansion in cost sensitive regions.

Key Market Drivers

The rapid expansion of the Electric Vehicle (EV) sector is a primary catalyst propelling the Global Surface Mount Technology (SMT) Market, as manufacturers increasingly rely on high-precision component placement for complex automotive electronics. Modern EVs require sophisticated SMT assemblies for essential systems, including power management units, battery monitoring circuits, and advanced driver-assistance systems (ADAS), which demand high reliability and miniaturization. This surge in automotive electrification significantly boosts the volume of electronic components processed. According to the China Association of Automobile Manufacturers (CAAM), January 2025, in the 'December 2024 Automotive Production and Sales' report, annual sales of New Energy Vehicles (NEVs) in China reached 12.87 million units in 2024, underscoring the massive scale of production requiring advanced SMT lines.

Concurrently, the deployment of high-speed 5G telecommunications infrastructure drives substantial market growth by necessitating the assembly of densely packed, high-frequency circuit boards for base stations and consumer devices. SMT equipment is vital for handling the smaller, more powerful components required for 5G connectivity, ensuring signal integrity and device performance. According to Ericsson, June 2025, in the 'Ericsson Mobility Report June 2025', global 5G subscriptions were projected to reach nearly 2.9 billion by the end of 2025, reflecting the widening adoption that fuels hardware production. This robust environment for electronic manufacturing is further evidenced by component sales figures; according to the Semiconductor Industry Association (SIA), in 2025, global semiconductor sales reached $69.5 billion in September 2025, marking a 25.1 percent increase compared to the same month in the previous year.

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Key Market Challenges

The substantial capital investment required for precision placement and inspection machinery presents a formidable barrier to the expansion of the Global Surface Mount Technology (SMT) Market. This financial burden restricts the market entry of smaller manufacturers and stifles the operational agility of existing cost-sensitive firms. When companies cannot afford essential upgrades to automated optical inspection systems or high-speed placement gear, they struggle to maintain the quality and volume standards demanded by rapidly evolving sectors like automotive electronics. Consequently, the market experiences unequal growth where only well-capitalized entities can compete effectively, leaving smaller players unable to scale their operations.

This financial strain creates tangible volatility in the industry's order volume, as manufacturers hesitate to commit to new projects without the necessary liquidity for equipment upgrades. According to the IPC, in April 2025, North American Electronics Manufacturing Services (EMS) bookings declined 10 percent from the same month in the previous year. This contraction in new orders, occurring even amidst broader industrial demand, underscores how high capital requirements can dampen market momentum and limit the industry's capacity to fully capitalize on emerging opportunities.

Key Market Trends

The Adoption of Industry 4.0 and Smart Factory Connectivity Standards is fundamentally reshaping the SMT landscape as manufacturers prioritize digital transformation to enhance operational resilience and efficiency. This trend involves the deep integration of artificial intelligence and machine learning into production lines, enabling predictive maintenance and autonomous process adjustments that significantly reduce downtime. Companies are moving beyond isolated pilot projects to deploy these connected technologies at scale, driven by the need to optimize internal workflows and maintain competitiveness in a fluctuating economic environment. According to Rockwell Automation, June 2025, in the '2025 State of Smart Manufacturing Report', 95 percent of manufacturers have either already invested in or plan to invest in artificial intelligence and machine learning technologies within the next five years.

Simultaneously, the market is witnessing rapid Advancements in Package-on-Package (PoP) and Wafer-Level Assembly, propelled by the escalating performance requirements of generative AI and high-performance computing applications. As electronic devices demand higher processing power in smaller footprints, SMT providers are increasingly focusing on sophisticated interconnect solutions that allow for denser component integration and improved thermal management. This structural shift towards complex packaging architectures is evidenced by the surging financial performance of equipment providers specializing in these advanced segments. According to ASMPT, February 2025, in the 'Announcement of 2024 Audited Results', revenue from the company's Advanced Packaging solutions grew 23 percent year-over-year to approximately $505 million, reflecting the intensifying industrial reliance on these next-generation assembly capabilities.

Segmental Insights

Market analysis identifies Healthcare as the fastest-growing segment in the Global Surface Mount Technology (SMT) Market. This accelerated growth is primarily driven by the escalating demand for miniaturization in medical electronics, particularly for wearable health monitors, implantable devices, and advanced diagnostic tools. As the industry pivots toward telemedicine and remote patient monitoring, manufacturers rely on SMT to produce compact, high-density circuit boards that maintain superior performance in smaller form factors. Furthermore, the necessity for absolute reliability in life-critical devices compels the adoption of this technology, ensuring compliance with stringent safety standards while meeting the complex engineering requirements of modern healthcare solutions.

Regional Insights

North America stands as the leading region in the Global Surface Mount Technology (SMT) Market, commanding a significant revenue share due to its mature high-value electronics manufacturing ecosystem. This dominance is primarily driven by the extensive adoption of automation and smart manufacturing practices, which are essential for precision assembly. The region benefits from sustained demand across critical sectors such as aerospace, defense, and automotive, where high-reliability electronic components are mandatory. Additionally, strategic government incentives aimed at strengthening domestic semiconductor supply chains have accelerated the deployment of advanced SMT equipment, solidifying North America’s position as the primary hub for market growth.

Recent Developments

In January 2025, Juki Corporation launched the RS-2, a new fast smart modular mounter designed to enhance productivity in the surface mount technology sector. This advanced machine achieves an industry-leading placement speed of 50,000 chips per hour using a single-head design, significantly optimizing production line efficiency. The RS-2 was developed to meet the increasing demand for high-speed, high-precision assembly in modern electronics manufacturing. By integrating this new mounter into their production lines, manufacturers can achieve greater throughput and flexibility. This launch underscores the company's commitment to providing innovative solutions that support the evolution of smart factories and automated assembly processes.
In October 2024, Yamaha Motor expanded its surface mount technology lineup with the launch of the YRM-D, a premium high-speed dispenser. This new equipment is designed to complement the company's existing "1 STOP SMART SOLUTION" by providing high-precision dispensing of solder paste and adhesives at exceptional speeds. The YRM-D integrates seamlessly with Yamaha's high-efficiency modular mounters and inspection systems, enabling a fully connected and automated production environment. The machine features advanced head technology and improved motion control, ensuring consistent dispensing quality even for high-density applications. This development reflects the company's strategy to deliver comprehensive, high-performance manufacturing solutions for the global electronics industry.
In September 2024, Panasonic Connect introduced the Auto Setting Feeder (ASF), a breakthrough technology aimed at advancing autonomous surface mount technology production. This innovative feeder automates the setting and loading of components, effectively eliminating the need for manual splicing of component tapes. By removing human intervention from the material supply process, the ASF drastically reduces setup times and minimizes the risk of operational errors. The system is capable of automatically peeling cover tapes and loading new reels, ensuring continuous operation and higher machine uptime. This launch represents a significant step towards the company's vision of a fully autonomous factory where production efficiency is maximized through intelligent automation.
In June 2024, ASMPT launched the SIPLACE CA2, a hybrid placement platform that bridges the gap between semiconductor assembly and surface mount technology. This novel machine is capable of processing both surface-mount components from tapes and bare dies directly from sawn wafers in a single, high-speed pass. By integrating these traditionally separate processes, the SIPLACE CA2 allows manufacturers to produce System-in-Package (SiP) modules more efficiently, reducing the need for multiple machines and saving valuable factory floor space. This innovation addresses the growing complexity of advanced packaging requirements in sectors such as automotive electronics and mobile devices, offering a flexible solution for high-mix, high-volume production.

Key Market Players

Fuji Machine Manufacturing Co., Ltd.
Yamaha Motor Co., Ltd.
Panasonic Corporation
Mycronic AB
ASM Assembly Systems GmbH & Co. KG
Nordson Corporation
Viscom AG
Siemens AG
Kurtz Ersa Corporation
Universal Instruments Corporation

By Component	By Equipment	By Service	By End User Industry	By Region
Passive Components (Resistors, Capacitors) Active Components (Transistors, Integrated Circuits)	Inspection Placement Soldering Screen Printing Cleaning Repair & Rework	Supply Chain Services Designing Aftermarket Services Test & Prototype Manufacturing	Consumer Electronics Automotive Industrial Electronics Aerospace & Defense Healthcare Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Surface Mount Technology (SMT) Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Surface Mount Technology (SMT) Market, By Component:

Passive Components (Resistors, Capacitors)
Active Components (Transistors, Integrated Circuits)

Surface Mount Technology (SMT) Market, By Equipment:

Inspection
Placement
Soldering
Screen Printing
Cleaning
Repair & Rework

Surface Mount Technology (SMT) Market, By Service:

Supply Chain Services
Designing
Aftermarket Services
Test & Prototype
Manufacturing

Surface Mount Technology (SMT) Market, By End User Industry:

Consumer Electronics
Automotive
Industrial
Electronics
Aerospace & Defense
Healthcare
Others

Surface Mount Technology (SMT) Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Surface Mount Technology (SMT) Market.

Available Customizations:

Global Surface Mount Technology (SMT) Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Surface Mount Technology (SMT) Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Surface Mount Technology (SMT) Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Component (Passive Components (Resistors, Capacitors), Active Components (Transistors, Integrated Circuits))

5.2.2. By Equipment (Inspection, Placement, Soldering, Screen Printing, Cleaning, Repair & Rework)

5.2.3. By Service (Supply Chain Services, Designing, Aftermarket Services, Test & Prototype, Manufacturing)

5.2.4. By End User Industry (Consumer Electronics, Automotive, Industrial, Electronics, Aerospace & Defense, Healthcare, Others)

5.2.5. By Region

5.2.6. By Company (2025)

5.3. Market Map

6. North America Surface Mount Technology (SMT) Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Component

6.2.2. By Equipment

6.2.3. By Service

6.2.4. By End User Industry

6.2.5. By Country

6.3. North America: Country Analysis

6.3.1. United States Surface Mount Technology (SMT) Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Component

6.3.1.2.2. By Equipment

6.3.1.2.3. By Service

6.3.1.2.4. By End User Industry

6.3.2. Canada Surface Mount Technology (SMT) Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Component

6.3.2.2.2. By Equipment

6.3.2.2.3. By Service

6.3.2.2.4. By End User Industry

6.3.3. Mexico Surface Mount Technology (SMT) Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Component

6.3.3.2.2. By Equipment

6.3.3.2.3. By Service

6.3.3.2.4. By End User Industry

7. Europe Surface Mount Technology (SMT) Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Component

7.2.2. By Equipment

7.2.3. By Service

7.2.4. By End User Industry

7.2.5. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Surface Mount Technology (SMT) Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Component

7.3.1.2.2. By Equipment

7.3.1.2.3. By Service

7.3.1.2.4. By End User Industry

7.3.2. France Surface Mount Technology (SMT) Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Component

7.3.2.2.2. By Equipment

7.3.2.2.3. By Service

7.3.2.2.4. By End User Industry

7.3.3. United Kingdom Surface Mount Technology (SMT) Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Component

7.3.3.2.2. By Equipment

7.3.3.2.3. By Service

7.3.3.2.4. By End User Industry

7.3.4. Italy Surface Mount Technology (SMT) Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Component

7.3.4.2.2. By Equipment

7.3.4.2.3. By Service

7.3.4.2.4. By End User Industry

7.3.5. Spain Surface Mount Technology (SMT) Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Component

7.3.5.2.2. By Equipment

7.3.5.2.3. By Service

7.3.5.2.4. By End User Industry

8. Asia Pacific Surface Mount Technology (SMT) Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Component

8.2.2. By Equipment

8.2.3. By Service

8.2.4. By End User Industry

8.2.5. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Surface Mount Technology (SMT) Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Component

8.3.1.2.2. By Equipment

8.3.1.2.3. By Service

8.3.1.2.4. By End User Industry

8.3.2. India Surface Mount Technology (SMT) Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Component

8.3.2.2.2. By Equipment

8.3.2.2.3. By Service

8.3.2.2.4. By End User Industry

8.3.3. Japan Surface Mount Technology (SMT) Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Component

8.3.3.2.2. By Equipment

8.3.3.2.3. By Service

8.3.3.2.4. By End User Industry

8.3.4. South Korea Surface Mount Technology (SMT) Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Component

8.3.4.2.2. By Equipment

8.3.4.2.3. By Service

8.3.4.2.4. By End User Industry

8.3.5. Australia Surface Mount Technology (SMT) Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Component

8.3.5.2.2. By Equipment

8.3.5.2.3. By Service

8.3.5.2.4. By End User Industry

9. Middle East & Africa Surface Mount Technology (SMT) Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Component

9.2.2. By Equipment

9.2.3. By Service

9.2.4. By End User Industry

9.2.5. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Surface Mount Technology (SMT) Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Component

9.3.1.2.2. By Equipment

9.3.1.2.3. By Service

9.3.1.2.4. By End User Industry

9.3.2. UAE Surface Mount Technology (SMT) Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Component

9.3.2.2.2. By Equipment

9.3.2.2.3. By Service

9.3.2.2.4. By End User Industry

9.3.3. South Africa Surface Mount Technology (SMT) Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Component

9.3.3.2.2. By Equipment

9.3.3.2.3. By Service

9.3.3.2.4. By End User Industry

10. South America Surface Mount Technology (SMT) Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Component

10.2.2. By Equipment

10.2.3. By Service

10.2.4. By End User Industry

10.2.5. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Surface Mount Technology (SMT) Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Component

10.3.1.2.2. By Equipment

10.3.1.2.3. By Service

10.3.1.2.4. By End User Industry

10.3.2. Colombia Surface Mount Technology (SMT) Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Component

10.3.2.2.2. By Equipment

10.3.2.2.3. By Service

10.3.2.2.4. By End User Industry

10.3.3. Argentina Surface Mount Technology (SMT) Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Component

10.3.3.2.2. By Equipment

10.3.3.2.3. By Service

10.3.3.2.4. By End User Industry

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Surface Mount Technology (SMT) Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Fuji Machine Manufacturing Co., Ltd.

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Yamaha Motor Co., Ltd.

15.3. Panasonic Corporation

15.4. Mycronic AB

15.5. ASM Assembly Systems GmbH & Co. KG

15.6. Nordson Corporation

15.7. Viscom AG

15.8. Siemens AG

15.9. Kurtz Ersa Corporation

15.10. Universal Instruments Corporation

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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