US and Europe PCB Design Market Trends

Growth Drivers

• Increasing Expenditure on Semiconductors - The semiconductor industry has worked relentlessly to accelerate innovation and ramp up production as the sector's importance to the global economy continues to rise. U.S. semiconductor firms spent a record around USD 50 billion on R&D in 2021, or about one-fifth of yearly revenue, as they have done in the past.

• Rising Adoption of Internet of Things - The Internet of Things is a network of interconnected electronic objects, ranging from laptops to thermostats to cars (IoT). Moreover, by 2022, there were more IoT devices than humans on the planet, with a total of over 13 billion. Additionally, it is anticipated that there are likely to be nearly 6 billion Internet of Things (IoT) connections overall in North America by 2025.

• Growing Popularity of Healthcare Wearables - With the help of PCB, engineers can put small electrical components in compact body. Wearable technology was used by 29% of adult Americans overall. Furthermore, although it is believed that half of all patients with cardiovascular disease are older than 65, only about 12% of those with the condition were using wearable technology.

• Higher Demand for Smart Devices - PCB is the essential component of the all electronics & smart devices, that facilitates the automation. The penetration of smartphones in Europe is expected to increase by around 7% between the year 2022-2028. Moreover, penetration will hit a new peak in 2028 at approximately 90%.

• Rising Adoption of Automation in Industry - The PCB ensure the operation of robots or machine by providing an electronic control system. Moreover, owing to pressing industry issues such as labor shortages, supply chain interruptions, and others, robot sales in North America reached a record USD 2 Billion in 2021.

Challenges

• Presence of open-source PCB design software at large scale- Open-source PCB design software can provide a number of challenges for both large and small enterprises, such as unforeseen prices and difficult learning curves, moreover, it complicates the compatibility issue. Open-source flaws are frequently caused by amateur code that are easy to crack by an attacker, alter it can be exploited to commit crimes like stealing confidential information or breaking a system.
• Rising cost of labor and raw material
• Huge shortage of semiconductors and disrupted supply chain for the same