CHICAGO – The surface mount technology market in the APAC region is expected to grow at a CAGR of 11% between 2015 and 2020, says RnR Market Research. The total SMT market is expected to grow at a CAGR of 9.84% during the forecast period.
APAC is one of the key markets for SMT, as there is a huge demand for consumer electronics products, particularly smartphones and tablets, says the firm. Growing industrialization in the developing countries in APAC is a positive factor for the growth of this market.
Increasing penetration of wireless communication standards and rising demand for 3G/4G networks is boosting SMT demand in the telecommunication sector in the APAC region.
In the SMT market, consumer electronics is expected to grow at a CAGR of 12% between 2015 and 2020. Electronic devices such as cellphones, laptops, MP3 players, and GPS navigation systems have evolved because of the miniaturization of technology and revolutionary development of microelectronics. Hence, the demand for SMDs in applications related to consumer electronics is increasing and is expected to grow at a faster rate than other applications during the forecast period, says the firm.