The North America SMT equipment market was valued at US$ 1,671.57 million in 2023 and is expected to reach US$ 2,699.35 million by 2031; it is estimated to register a CAGR of 6.2% from 2023 to 2031.
Growing Consumer Electronics Industry Fuels North America SMT Equipment Market
Surface mount technology (SMT) has revolutionized electronic assembly, enabling the development of compact designs with higher assembly density, improved performance, and reduced costs. SMT's automated assembly processes reduce labor costs and increase production efficiency. The smaller form factor reduces material costs, making consumer electronics such as televisions and gaming consoles more affordable and accessible. Further, consumers globally are increasingly seeking more powerful and feature-laden devices. Consumer electronics such as smartphones, laptops, tablets, cameras, wearables, and home automation are adopted globally. Smartphones have become an integral part of the lifestyle. With the rising adoption of smartphones, there is a rise in smartphone penetration across the globe. According to the GSMA report, by the end of 2021, smartphones accounted for 83% of mobile connections in North America, with 30 million new smartphone connections expected by 2025. Smart electronic devices have also gained popularity. Thus, the growing consumer electronics industry drives the North America SMT equipment market.
North America SMT Equipment Market Overview
The North America SMT equipment market has been segmented into the three major country: the US, Canada, and Mexico. North America is the second-largest contributor to the SMT equipment market. The rapid expansion of the electronics business has increased the global demand for SMT equipment. This is being driven by rising demand for 3G and 4G telecom networks, consumer electronics, LED and CFL lighting, LCD/LED monitors and televisions, and other products in the computers, communications, and consumer electronics industries. The Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act, passed in August 2022, authorized subsidies and tax advantages to encourage the development of sophisticated semiconductors in the US. This was followed by broad limitations on the export of chip manufacturing technology to China. The CHIPS and Science Act incentivizes Taiwanese, Korean, and American companies to establish factories in the US. As a result, in April 2024, the US Department of Commerce and TSMC Arizona signed a non-binding preliminary memorandum of terms (PMT) for up to US$ 6.6 billion in direct funding under the CHIPS and Science Act. TSMC also announced plans to build a third fab at TSMC Arizona to meet strong customer demand, leveraging the most advanced semiconductor process technology in the US.
North America SMT Equipment Market Revenue and Forecast to 2031 (US$ Million)
North America SMT Equipment Market Segmentation
The North America SMT equipment market is categorized into component, equipment type, end user, and country.
Based on component, the North America SMT equipment market is bifurcated into passive component and active component. The active component segment held a larger market share in 2023.
In terms of equipment type, the North America SMT equipment market is categorized into inspection equipment, placement equipment, soldering equipment, screen printing equipment, cleaning equipment, and others. The placement equipment segment held the largest market share in 2023.
By end user, the North America SMT equipment market is segmented into consumer electronics, telecommunication, aerospace and defense, automotive, industrial, and others. The consumer electronics segment held the largest market share in 2023.
By country, the North America SMT equipment market is segmented into the US, Canada, and Mexico. The US dominated the North America SMT equipment market share in 2023.
ASMPT Ltd, FUJI CORPORATION, Hitachi High-Tech Corp, JUKI CORPORATION, KLA Corp, Mycronic, Nordson Corp, SAKI CORPORATION, Viscom AG, and Yamaha Motor Co Ltd are some of the leading companies operating in the North America SMT equipment market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,671.57 Million |
| Market Size by 2031 | US$ 2,699.35 Million |
| CAGR (2023 - 2031) | 6.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America SMT Equipment Market is valued at US$ 1,671.57 Million in 2023, it is projected to reach US$ 2,699.35 Million by 2031.
As per our report North America SMT Equipment Market, the market size is valued at US$ 1,671.57 Million in 2023, projecting it to reach US$ 2,699.35 Million by 2031. This translates to a CAGR of approximately 6.2% during the forecast period.
The North America SMT Equipment Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America SMT Equipment Market report:
The North America SMT Equipment Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America SMT Equipment Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America SMT Equipment Market value chain can benefit from the information contained in a comprehensive market report.
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