Surface Mount Technology Market Size

Surface Mount Technology Market size is expected to cross USD 16 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of surface mount technology was over USD 6 Billion. Industries are moving away from through-hole technology in favor of surface mount technology due to its many benefits, including its lower component count, higher component density, superior mechanical performance, and simpler, quicker automated assembly. Thus, it is anticipated that surface mount technology will become more popular.

Additionally, it is projected that most electronics will become more compact and smaller, and there is an increase in demand for these tiny components, which is made possible by SMT. New devices have a substantially higher component density and more connections per component, although they are smaller than older ones. This suggests that electronic devices with the smallest possible form factors, such as smartphones, wearables, and IoT, can be more advanced and efficient than before. Between 2019 and 2022, the number of wearable gadgets globally expanded dramatically. From 929 million the year before to approximately 1.1 billion in 2022, this number grew worldwide.