Printed Circuit Boards Market to Be Worth $69.5 Billion by 2024

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Even the recycling of PCBs will grow because of the supportive government environmental rules and regulations until 2022

The global printed circuit board market size was $57.5 billion in 2020 and is expected to reach $69.5 billion by 2024 at a 4-6 percent CAGR growth rate, says Beroe Inc. In the APAC region, the demand for PCBs and PCBAs is expected to rise until 2022 because of the shift in the manufacturing base of the prominent electronic and communication manufacturers to low-cost countries like South Korea, Taiwan, and Vietnam.

Even the recycling of PCBs will grow because of the supportive government environmental rules and regulations until 2022.

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Asian and North American market has a highly mature market and a highly fragmented supply base. The European market has medium maturity with a highly fragmented supply base. The demand for PCB manufacturing would rise with the resumption of economic activities. The ease of supply chain issues will further support it. The consumer and communication sectors will be significant from where demand can be expected.

PCB’s high-demand sectors in North America include the automotive sector, the aerospace sector for safe navigation and precise surveillance, and the medical sector for innovative medical technologies, diagnostics, and devices. Printed circuit board industry analysis shows that 70 percent of the global printed circuit board market will be dominated by the demand from the technological innovations in consumer electronics, computer, and telecom sectors in the emerging economies.

Printed circuit board market research shows that the APAC region constitutes 90 percent of the market share, with a 4-6 percent CAGR growth rate between 2020 and 2024. In North America and Europe, the PCB market share is 4.8 percent and 3.2 percent, with a growth rate of 3-4 percent CAGR and 2-4 percent CAGR, respectively, between the forecast period 2020 and 2024.

Printed circuit board market report of EU shows that printed circuit board is popularly used in the automobile sector for electric vehicles, and aerospace sector for factory automatic, robotics, and others. It also has demand in the medical sector for medium to high-end complex assemblies. In the Asian region, the printed circuit board market caters to the emerging economies’ electronics and construction industry demands. It is also demanded in smart devices and applications, IoT, and 5G penetration. There is strong demand for domestic uses as well as for exporting high-volume products.

Key drivers of printed circuit board production include technological innovations for facing the intense competition in the market that lead to emerging market opportunities in cloud computing, AI, automation, 5G, IoT, and networking. High-end PCBA circuit boards support all these technologies through their powerful processor modules, and hence its demand increases.

Factory shutdown, lack of labor and raw materials during the COVID-19 pandemic negatively affected the PCB market as the demand from the prominent end-users declined. Other industry constraints were U.S. restrictions on external sourcing and a rise in labor and utility costs.

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