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The printed circuit board (PCB) market is estimated to grow at a CAGR of 5.05% between 2022 and 2027. The size of the market is forecast to increase by USD 19.06 billion. The growth of the market depends on several factors, including growing the adoption of smartphones in addition to the Increasing electronic components in vehicles and increasing demand for IoT devices.
This report extensively covers market segmentation by end-user (communication network infrastructure, consumer electronics, automotive electronics, military and aerospace, and others), product (4-6 low, substrates, 1-2 sided, flexible, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising adoption of smartphones is notably driving the printed circuit board market growth, although factors such as rising environmental concerns over the disposal of PCBs may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising adoption of smartphones is the key factor driving the global PCB market growth. The global adoption of smartphones is expected to rise rapidly owing to the availability of low-cost smartphones and increased global Internet penetration. As a result of the increased disposable income of people and the large population, developing countries like India and China are becoming key emerging markets for smartphones. Moreover, smartphones have progressed from 4G LTE to 5G, with RF front-ends using up more space in 5G smartphones owing to the complexity of massive Multiple-In Multiple-Out (MIMO) antenna arrangements.
With the rising number of mobile devices, the market for PCBs is also growing. In addition, the development of substrate-like PCBs (SLPs) has resulted in the adoption of the modified semi-additive process (mSAP) by PCB manufacturers. Also, the demand for SLPs is rising every year owing to the rising demand for flexibility in smartphone devices. Such factors will drive the growth of the PCB market during the forecast period.
Key Printed Circuit Board (PCB) Market Trend
Increasing industry automation will fuel the global PCB market growth. The adoption of automation in industries is gaining momentum as computers and machines are being deployed for more effective and efficient control systems. Industries are compelled to adopt automation to maintain their competitiveness in the market, which helps them ensure optimum efficiency in productivity, operation costs, product quality, and safety.
With the increased power density of electrical equipment, optimum power consumption is one of the major areas of concern. PCBs can play a key role in ensuring efficient power consumption within the reduced size of the application. Also, the growing adoption of cobots, industrial robots, and drones will add value to industrial automation. PCBs can withstand elevated temperatures and voltages, making them an ideal component. Also, with increased switching speeds, the noise generated will be reduced. Such factors will fuel the growth of the global PCB market during the forecast period.
The environmental concerns over the disposal of PCBs are a major challenge to the global PCB market growth. PCBs comprise hazardous components and materials that are not easy to dispose of and hence may be harmful to the environment. PCB scrap consists of metal, plastic, ceramic, and copper materials. Also, the epoxy resins used in PCBs contain a large amount of chlorine.
Earlier, PCBs used to come with lead solders, but due to environmental concerns, the industry has transitioned to lead-free solders to reduce the number of toxic materials. Moreover, another problem arises during the disposal of PCBs as all the different PCB components need to be dismantled before the PCB is disposed of. The industry is also trying to recycle PCBs, but recycling leads to a rise in temperature, the risk of mechanical shocks, and delamination. All these factors adversely impact the global PCB market.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Printed Circuit Board (PCB) Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
4PCB - The company offers printed circuit boards such as two-layer and four-layer PCBs. Also, they manufacture printed circuit boards.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the communication network infrastructure segment will be significant during the forecast period. Positive market trends in mobile broadband and big data management will spur the demand for PCBs in the communication network infrastructure segment. Network operators aim to provide faster data connectivity, quick video streaming with high resolution, and a wide range of multimedia applications.
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The communication network infrastructure segment showed a gradual increase in market share with USD 15.64 billion in 2017 and continued to grow by 2021. The 4G network has taken over 3G, and developed economies such as the US are moving toward 5G. This will propel the growth in communication network infrastructure, which will enhance the demand for PCBs, as communication networks infrastructure equipment such as enterprise network equipment, wireline network equipment, subscriber equipment, and cable/multiservice operator equipment require PCBs for their functioning. Therefore, with growth in communication network infrastructure equipment, the demand for PCBs will also rise. This segment uses a wide range of PCBs, which are crucial for the functioning of communication network infrastructure equipment. Different types of electronic components are used in numerous communication network infrastructure devices, and all connect electrically with the help of PCBs.
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APAC is projected to contribute 84% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The PCB market in APAC is expected to register one of the fastest growth rates during the forecast period. In 2020, China, Taiwan, South Korea, and Japan were the major revenue contributors and the largest markets for PCBs in APAC. A primary factor for the growth of the market is the growing demand for electronics from the automotive, aerospace, and electronic and electrical industries in developing countries, such as China and India. In addition, a rise in disposable incomes is expected to increase the demand for automobiles and electronic and electrical appliances. Significant industrial development across countries such as China, India, South Korea, Indonesia, and Taiwan will witness a high level of automation required in the respective industrial segments. The modernization of industrial plant facilities has become a new tool to gain an advantage over rival companies. The demand for PCBs is increasing steadily in APAC due to industrial automation.
APAC Printed Circuit Board (PCB) Inspection Equipment market - The market share is expected to grow at a CAGR of close to 15% by 2021.
Flexible Printed Circuit Board market - The market share is expected to increase by USD 1.64 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.73%.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Printed Circuit Board (PCB) Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.05% |
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Market growth 2023-2027 |
USD 19.06 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.25 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 84% |
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Key countries |
US, China, Taiwan, South Korea, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advanced Circuits Inc., China Circuit Technology Shantou Corp., Compeq Manufacturing Co. Ltd., Daedeok Electronics Co. Ltd., Dana Inc., Dynamic Electronics Co. Ltd., Ibiden Co. Ltd., Korea Circuit Co. Ltd., MFS Technology S Pte Ltd., NOK Corp., Samsung Electronics Co. Ltd., Shenzhen Kinwong Electronic Co. Ltd., Shenzhen SenYan Circuit Co. Ltd., Sumitomo Electric Industries Ltd., SVR Technologies Pvt. Ltd., Toyota Motor Corp., TTM Technologies Inc., United Microelectronics Corp., Vishal International, and Zhen Ding Technology Holding Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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