PCB Market Projected to Grow by USD 19.05B from 2022 to 2027, Driven by Rising Industry Automation Trend

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Technavio has released a research report titled "Printed Circuit Board (PCB) Market - Forecast and Analysis 2023-2027" which estimates the market to be progressing at a CAGR of 5.05% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The rising industry automation is an emerging trend shaping the market.

There is increasing adoption of automation across industries as several desktops and machines are being set up for more effective and efficient control systems. As a result, several industries are forced to adapt to automation to sustain the competition in the market, as automation offers them optimum efficiency in productivity, operation costs, product quality, and safety. However due to the increasing adoption, optimum power consumption can be a significant challenge. Hence, PCBs are increasingly adopted across industries to ensure efficient power consumption within the minimal size of the application. One of the main functionalities of PCBs includes withstanding peak temperatures and voltages. Hence, such factors are expected to drive market growth during the forecast period.

The rising adoption of smartphones

Factors such as the availability of low-cost smartphones and growing global Internet penetration are expected to fuel the adoption of smartphones globally. Furthermore, developing economies like India and China are becoming significant emerging markets for smartphones due to the rising disposable income of people and growing population. Additionally, there is an increasing advancement in smartphone technology from 4G LTE to 5G, with RF front-ends using up more space in 5G smartphones. Hence, such factors are expected to drive market growth during the forecast period.

Market Segmentation

This report extensively covers market segmentation by end-user (communication network infrastructure, consumer electronics, automotive electronics, military and aerospace, and others), product (4-6 low, substrates, 1-2 sided, flexible, and others),  and geography (APAC, North America, Europe, Middle East and Africa, and South America).

• The market share growth by the communication network infrastructure segment is significant for market growth during the forecast period. The rapid transition from 4G to 5G in the US  and other developed economies is fuelling the communication network infrastructure segment. As a result, it will propel the demand for PCBs as it is an essential component for communication network infrastructure equipment such as enterprise network equipment, wireline network equipment, subscriber equipment, and cable/multiservice operator equipment. Hence, such factors are expected to drive the growth of this segment, which in turn will drive the growth of the market during the forecast period.

Vendor Offerings

• Samsung Electronics Co. Ltd: The company offers printed circuit boards such as the Samsung ST1000LM024 and the Samsung HD753LJ.
• NOK Corp: The company offers printed circuit boards, such as single-sided, double-sided, and multilayer FPCs.
• Shenzhen Kinwong Electronic Co. Ltd: The company offers printed circuit boards (PCBs) with 2, 3, 4, and 6-layers.

Analyst Review

The Printed Circuit Board (PCB) market is experiencing a significant transformation, driven by technological advancements and the rapid proliferation of 5G, Internet of Things (IoT), and Artificial Intelligence. These innovations are reshaping various sectors, including Consumer Electronics, Industrial Internet of Things (IIoT), and End-User Industries.

The advent of 5G technology is propelling the demand for PCBs in Smartphones, Tablets, and other Smart Devices, as they require high-performance PCBs to handle the increased data transfer speeds and connectivity. Moreover, the rise of IoT and the Internet of Vehicles is leading to an exponential growth in PCB usage in Wearable Devices, Airplane Cockpit Instruments, and MRI Systems.

As the demand for Consumer Electronics continues to soar, PCB manufacturers are facing challenges related to Miniaturization and Design Complexities. To address these challenges, the industry is focusing on Integrated Manufacturing processes and collaborating with Design and Engineering Partners to develop innovative solutions.

However, the rapid evolution of electronics also raises concerns about Electronic Waste and Hazardous Materials such as Lead, Mercury, Cadmium, and Brominated Flame Retardants present in PCBs. Efforts are being made to mitigate environmental impact through initiatives like CSIL (Circular Supply-Chain Initiative for Lead-Free Electronics).

In response to the growing demand for high-quality PCBs, suppliers are enhancing their Electronic Components and PCB Power capabilities to meet the requirements of OEMs and various industries. This has led to a surge in PCB Sales across the globe, contributing to the resilience of the Global Economy.

In conclusion, the PCB market is witnessing dynamic changes fueled by advancements in technology and the increasing integration of electronics into everyday life. With a focus on innovation, sustainability, and collaboration, the industry is poised for continued growth and development in the years to come.

Click here to view Technavio's "Printed Circuit Board (PCB) Market—Forecast and Analysis 2023-2027" report.