Printed Circuit Board Assembly Market Overview
The Printed Circuit Board Assembly Market is forecast to reach $73.1 billion by 2027, growing at a CAGR of 5.0% from 2022 to 2027. Printed circuit boards (PCBs) are the foundational building block of most modern electronic devices. PCBs consist of printed pathways which connect different components on the PCB such as transistors, resistors, Programmable Logic Controller (PLCs), Electrolytic capacitors and integrated circuits. The PCB is used in several automotive applications such as power relays, antilock brake systems, digital displays, audio systems, engine timing systems, battery control systems and many more functions. Printed circuit boards are used in many ways in the automotive industry and have changed the way that people drive. The need for PCBs is increasing as vehicle owners and drivers demand more accessories in vehicles. A printed circuit board used in car or truck must be highly reliable and long-lasting. The changing technologies in PCB assembly and packaging such as Surface Mount Technology, automated Optical Inspection and hand soldering will result in improved assembly processes thereby enhancing PCB production.
Printed Circuit Boards Assembly market Report Coverage
The report: “Printed Circuit Board Assembly Market– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the PCB market.
- The demand for PCBs is high in the forecast period due to growing demand for hybrid electric vehicles (HEV) and Battery Electric Vehicles (BEV)
- Printed circuit boards are used in several automotive applications like anti-lock brake systems, safety and security features, ECU systems, control engines and GPS navigation systems.
- PCBs can be programmed to perform system essential commands irrespective of their sizes.
- Asia-Pacific is projected to dominate the market share in the forecast period. Due to economies like China, Japan, South Korea and Taiwan which is witnessing a high surge in automotive production due to availability of low labour and logistical costs.
Printed Circuit Board Assembly Market, By Geography, 2021
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Printed Circuit Board Assembly Market Segment Analysis - By Type
There are three types of printed circuit boards they are single-sided, double-sided and multi-layer PCBs. Multi Layer PCB is projected to grow at the fastest rate from 2022-2027 at 6.9% CAGR. Each type of PCB has various price points and uses and they are widely used in automotive applications. Single-sided PCB is something which comes with only one layer of conducting material on one side of the board and other side is used for incorporating different electronic components such as integrated circuits, programmable logic controllers, electrolytic capacitors and resistors on the board. Double-sided surface mount PCBs are same as single-sided PCBs but the difference is they have two sided traces with top and bottom layer. Multi-layer PCB’s can support a high level of circuit complexity as they are made up of three or more copper layers laminated together.
Printed Circuit Board Assembly Market Segment Analysis - By End Use Industry
The various end users assessed include automotive, healthcare, industrial electronics, consumer electronics, maritime transport, aerospace & defense and others. PCB in healthcare is used in various devices which monitor health of a person or assist the doctor in surgical operations. On the other hand PCB in pharmaceutical industry used in manufacturing drugs and other medicines at industry level. PCBA stands for printed circuit board assemblies and they are widely used in the automobile industry. PCB’s have managed to bring a change in the way people drive through increasing complexity of components such as Integrated circuits, programmable logic controllers, electrolytic capacitor and resistors. GPS navigation system, anti-lock brake system, ECU systems that control engines and several safety and security features that all require PCB’s. Aerospace and defense sectors are one of the key consumers of PCB with major application avionics, communication systems, and weapon systems. PCB forms the necessary foundation for packaging and interconnecting in any electronic circuits. PCBs are used in radar signals which set up in military fighter aircraft such as collision avoidance, blind spot detection and adaptive and adaptive cruise control system. Printed circuit boards are commonly used in vehicles these days in passenger cars and commercial vehicles. Passenger Vehicles dominate the automotive market in 2021. The main function of the PCB is to provide mechanical support and electric connection to different components of the vehicle. One of the most common uses of printed circuit boards for vehicles deals with deployment of airbags which is necessary to prioritize safety. The circuit board is incorporated in the airbag deployment rate sensor which helps in dissipating static electricity and triggering the bag when needed. Likewise it is used in in-vehicle infotainment, GPS systems, and power converters and others. The Automotive industry is projected to grow at highest CAGR at 7.2% CAGR through 2027.
Printed Circuit Board Assembly Market Segment Analysis – By Geography
Asia-Pacific is projected to dominate the market share in the forecast period with 44.7% share in 2021. Economies like China, Japan, South Korea and Taiwan are witnessing a high surge in automotive production as well as across manufacturing sector due to the availability of low labor and logistical costs. Due to enhanced production capacities and the rise of digitalization together driving the PCB in this region. Additionally, China and India are expected to grow much faster due frequent activities in construction, transportation and industrialization contributing to the market growth.
Printed Circuit Board Assembly Market Drivers
Growing electric vehicles sales driving the market growth
The demand for electric vehicles is higher in the coming years than petrol and diesel vehicles. Unlike vehicle fuel types, battery electric vehicles have more demand due to increasing concern towards global emissions from vehicles as well as government initiatives to increase the sales of electric vehicles. As the move to electrically powered cars takes place the PCBs will play an important role in production and running of cars, buses and other electrically powered vehicles. Additionally increasing sales of electric vehicles as well as adoption of advanced driver assistance system technology in them are likely to drive the demand for PCB market. According to EVReporter, 6.75 Million EVs were sold in 2021, a 108% increase in sales from Covid-19 affected 2020. According to IEA, this number is projected to reach 15 Million by 2025 thus, significantly driving the market.
Advanced electronics drive growth of PCB
With the continuous advancement of the automotive, electronics and medical sector, the devices have evolved from a complete the mechanical device in the past to a combination of machinery and electronics. The use of electronic technology in automobiles and medical equipment has increased which has made comfort and safety more important. On the other hand proportion of electronics in the manufacturing cost of the automobile and medical equipment is continuously increasing which in turn demand for PCB is increasing. The demand for advanced electronics will drive the market for these materials and components at over 17% growth through 2025
Printed Circuit Board Assembly Market Challenges
Failure in function of PCB
One of the major challenges faced by PCB market globally is failure in function of PCBs. Typically, the most common causes of PCB failure happens due to incorrect placement of components such as programmable logic controllers, integrated circuits, electrolytic capacitors and resistors, Overheating due to lack of space on the PCB and more. Failure of function in PCB can even happen due to poor quality components like bad soldering to cold joints, poor-connectivity to circuit boards, insufficient board thickness, bending and breaking. Failure of PCB leads to malfunction of systems in automobile.
Printed Circuit Board Assembly Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the PCB market. The PCB market is dominated by major companies such
- Nippon Metron
- Tripod Technologies
- Hann Star
- In January 2021, NCAB Group had completed the acquisition of PreventPCB in Italy, for which the combined net sales of PreventPCB and NCAB Italy amounted to approximately $29.59 million.
- In August 2020, Schweizer Electronic AG and Varikorea Co., Ltd. had entered into a sales representative agreement for South Korea, under which Varikorea will be promoting SCHWEIZER’s high-tech printed circuit boards as well as embedding solutions within the territory