PUNE, INDIA – The surface mount technology market is expected to reach $5.42 billion by 2022, growing at a CAGR of 8.9% between 2017 and 2022, a new report says.

The increasing need for SMT inspection equipment in telecom, automotive, consumer electronics, and computing and storage is expected to drive demand during the forecast period, says MarketsandMarkets.

In North America, demand for mobile and internet-connected devices, including smartphones and tablets, has increased. Demand for digital video content has also driven the production of a range of high-performance internet-connected devices and other similar technologies, fueling growth in the overall semiconductor industry and driving the need for more lines to assemble components.

North America is the second-largest market for consumer electronics and one of the largest markets for electric vehicles. This is expected to drive the growth of the SMT market in North America, says MarketsandMarkets.