PUNE, INDIA – The surface mount technology market is expected to be worth $4.73 billion by 2020, according to MarketsandMarkets, an estimated CAGR of 9.84%.

Increasing electronic manufacturing activity, rising demand for miniaturization of components, and growth in consumer electronics is fostering the growth of the SMT market, the firm says.

The SMT placement equipment segment accounted for the largest market share of approximately 46% in 2014. This market is expected to grow at a CAGR of 8.97% between 2015 and 2020.

SMT placement equipment represents the largest product market driven by the miniaturization trend, which has resulted in the need for higher accuracy in the placement of semiconductor active components such as transistors and diodes, says the firm. Moreover, the surface mount technology market for placement equipment is benefiting from a rise in product innovation and component miniaturization for smartphones and tablets.

The market for inspection equipment is expected to grow at a CAGR of 12.8% between 2015 and 2020, as a result of an increase in use of small-size components and optoelectronics.

APAC accounted for about 52% of the market share in 2014 and is expected to grow at a CAGR of 11% between 2015 and 2020, as a result of increasing electronic manufacturing activity, rising demand in miniaturization of components, and growth in consumer and automotive electronics.

An increase in manufacturing activities, combined with the region's emergence as a cost-effective production hub, is expected to drive the surface mount technology market in this region.

The major players in this market include Nordson, Mycronic, Fuji Machine Manufacturing, Electro Scientific Industries, Orbotech, Hitachi High Technologies, Viscom, Juki, CyberOptics, and ASM Assembly Systems.

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