The factors contributing to the growth in PCB market are the rising demand for smart phones and tablets in IT and consumer electronics sector
The global printed circuit board (PCB) market is estimated to grow at a compound annual growth rate of 3.1 per cent and reach US$ 76.9 billion by 2024, according to a report by market research firm Energias Market Research.
The global PCB market was valued at US$ 63.1 billion in 2017.
Citing the factors that are driving the growth, the report mentioned increasing adoption of automation in several end-user industries, rising demand for wireless devices, surging need for more efficient interconnect solutions, increasing miniaturisation of devices and growing demand for flexible circuits.
Factors contributing to growth
Owing to the deployment of sensors and processors in smart gadgets, the size of the PCB has reduced to around 74 per cent. In addition, the use of flame-retardant chemicals in making PCBs and rising capital investment is further enhancing the PCB market growth.
The other factors contributing to the growth in PCB market are the rising demand for smart phones and tablets in IT and consumer electronics sector as well as the growth in wearable electronics.
According to the report, the major players in PCB industry are AT&S, Nippon Mektron, Ltd, Samsung Electro-mechanics, Unimicron Corp, CMK Corporation, Dynamic Electronics, Daeduck Electronics, Nan Ya PCB Co Ltd; Interflex Co Ltd, TTM Technologies, among others.
Region-wise, Asia-Pacific (APAC) held the biggest share in the global PCB market in 2017, with around 77 per cent. The growth in APAC is mainly attributed to the presence of several semi-conductor manufacturers, and rising adoption of smart devices in the region. North America held the second biggest share, owing to high demand from military and aerospace sector.
Due to the advancements in technology, there is an increase in the number of new electronic products in the market, and this trend is expected to continue in the coming years, the report said.