DUBLIN -- The global market for selective soldering equipment is projected to reach $68.2 million by 2024, a new report says.

Machine sales will be driven by increasing complexity of PCBs and shrinking footprint of electronic components. Simplified programming, flexible innovations, and better user interfaces are contributing to the growth of selective soldering into a reliable replacement for wave soldering and manual soldering. In comparison to hand-soldering, selective soldering systems provide higher ROI by lowering labor and production costs, says Research and Markets, which publishes the study.

Growing use of components that are temperature sensitive and the ability to solder difficult-to-reach areas are driving the popularity of laser selective soldering, the firm said. Asian countries dominate the market, owing to the agglomeration of electronics manufacturing in the region, with Japan, China, South Korea, and Taiwan accounting for more than three-fourths of the market. Taiwan represents the largest regional market worldwide, followed by South Korea. Taiwan and South Korea boast of a established value chains for electronics manufacturing right from semiconductor fabs to final assembly of electronics. China is forecast to witness the fastest growth among all regions, with a CAGR of 10.3% over the analysis period.