grow by $19.05 billion
The printed circuit board (PCB) market will grow by $19.05 billion from 2022 to 2027. The market is expected to evolve at a CAGR of 5.05 per cent during the forecast period. The rise of automation in the industry is an emerging trend shaping the market. With the stablishment of multiple desktops and machines, automation is increasingly being dopted in various industries to achieve more effective and efficient control systems. As a result, some industries are forced to adapt to automation to maintain market competition, as automation offers them the best efficiency in terms of productivity, operating costs, product quality and safety. However, due to increasing adoption, optimal power consumption can be a major challenge. As a result, PCBS are increasingly being adopted by various industries to ensure efficient power consumption within the smallest application size. One of the main functions of a PCB includes withstanding peak temperatures and voltages.
Therefore, these factors are expected to drive the market growth during the forecast period.
Growing popularity of smartphones
Factors such as the availability of low-cost smartphones and increasing global Internet penetration are expected to drive global smartphone adoption. In addition, developing economies such as India and China are emerging as important emerging markets for smartphones due to the increase in people’s disposable income and population growth. In addition, smartphone technologies from G LTE to 5G continue to advance, and RF front ends are taking up more space in 5G smartphones. Therefore, these factors are expected to drive the market growth during the forecast period.
Analyst COMMENTS
Driven by technological advances and the rapid adoption of 5G, Internet of Things (IoT) and artificial intelligence, the printed circuit board (PCB) market is undergoing a major transformation. These innovations are reshaping various sectors, including consumer electronics, Industrial Internet of Things (IIoT) and end-user industries.
The advent of 5G technology is driving the demand for PCBS in smartphones, tablets and other smart devices, as they require high-performance PCBS to handle higher data transfer speeds and connectivity. In addition, the rise of the Internet of Things and the Internet of vehicles has led to exponential growth in the use of PCBS in wearables, aircraft cockpit instruments and MRI systems.
As demand for consumer electronics continues to soar, PCB manufacturers are facing challenges related to miniaturization and design complexity. To address these challenges, the industry is focusing on integrating manufacturing processes and working with design and engineering partners to develop innovative solutions.
However, the rapid development of electronics has also raised concerns about e-waste and hazardous substances such as lead, mercury, cadmium and brominated flame retardants present in PCBS. Efforts are being made to mitigate the environmental impact through initiatives such as CSIL (Lead-Free Electronics Circular Supply Chain Initiative).
To meet the growing demand for high-quality PCBS, suppliers are enhancing their electronic components and PCB power capabilities to meet the requirements of Oems and industries. This has led to a surge in PCB sales worldwide, contributing to the resilience of the global economy.
In summary, the PCB market is witnessing dynamic changes driven by technological advancements and the increasing integration of electronics in everyday life. With a focus on innovation, sustainability and collaboration, the industry is expected to continue to grow and evolve in the coming years.
