PCB Market Revenue Expected to be More than USD75 Billion by 2027

The market valuation of the printed circuit board market, according to the latest report by Global Market Insights Inc, will cross USD 75 billion by 2027. The market growth is attributed to the increasing adoption of smart home technology products across developed economies such as the U.S., Germany, the UK, and Japan. Smart home technology products, such as smart speakers, smart TVs, human-centric lighting, smart doorbells, security & surveillance systems, voice assistance systems, and robotic vacuums, are integrated with multi-layered printed circuit boards. These multi-layered PCBs provide high miniaturization, low-power consumption, and higher component density per square inch, which are suitable for applications in compact smart home devices.

The printed circuit board market from double-sided segment held 35% of the revenue share in 2020. The industry share of double-sided PCBs is anticipated to decline during the forecast period owing to low conductivity path and circuit density compared to multi-layered and High-Density Interconnect (HDI) printed circuit boards. The double-sided PCBs have low-temperature stability, low operational efficiency, and do not conduct heavy currents in the circuitry compared to HDI PCBs. This has resulted in the declining demand for double-sided PCBs in industrial, automotive, and medical devices. However, the low-cost structure in manufacturing double-sided PCBs is expected to increase their acceptance in low-cost consumer electronics devices, adding new opportunities for the market.

The rigid-flex segment captured 5% of the printed circuit board market share in 2020 and will witness a 3% growth rate till 2027 impelled by several benefits offered by the rigid-flex architecture such as hybrid circuit board design, larger conductive tracks, and compact footprint. This architecture also sustains the impact of shocks and vibrations on the devices, which increases device stability and durability. Rigid-flex PCBs can connect rigid boards without external cables and connectors to reduce circuit spacing, resulting in better signal transmissions. These features are predicted to increase their usage in industrial electronics over the forecast period.

The IT & telecom application in the printed circuit board market will grow at a CAGR of over 5% through 2027 led by the rapid commercialization of 5G technology, which has resulted in the expansion of the telecom sector. In the telecom industry, PCBs are highly integrated into the base station equipment, servers, routers, digital, and analog broadcasting systems, among others.

The Europe printed circuit board market held 20% of revenue share in 2020 and is estimated to attain a CAGR of over 2% by 2027 on account of favorable government initiatives, supporting the regional electronics and semiconductor manufacturing industries. For instance, in December 2018, the European Commission in collaboration with Germany, France, Italy, and the UK announced a joint project for the development and innovations in the fields of microelectronics. The EU has announced a funding of USD 2.06 billion in R&D activities and an additional USD 7.05 billion funds to attract foreign semiconductor manufacturers to the region. Such supportive investments by the regional governments are creating high growth opportunities for the market.

Some Major Findings of the Printed Circuit Board (PCB) Market Report Include:

  • The proliferation of robotics and automation across the manufacturing and process industries will boost the market progression. Industrial robots, automated assembly lines, programmable controllers, and industrial PCs are extensively integrated with industry-grade PCBs. These industry-grade PCBs provide higher temperature stability that is required for an industrial environment.  
  • Stringent government regulations pertaining to mandating advanced safety systems, such as ADAS and electric stability control systems, in the upcoming vehicles are set to amplify the adoption of PCBs in the market. The growing electronic content in automotive, such as advanced telematics, In-Vehicle Infotainment (IVI) systems, instrument clusters, will further support the industry growth.
  • The rising integration of 3D print technology in PCB manufacturing assemblies will add new opportunities in the printed circuit board market. 3D PCB printing achieves high volume manufacturing of PCBs with high-quality and faster time-to-market, supporting the market demand.
  • The increasing demand for miniaturized microelectronics circuitry in wearable medical devices will spur the growth of High-Density Interconnect (HDI) PCBs in the market. HDI PCBs provide denser circuitry of up to 120 to 160 pins per square inch for the compact placement of microelectronics, which are highly suitable for wearable medical devices such as cardiac pacemakers.
  • Technological advancements in smartphones, such as inward and outward foldable display technology, are poised to amplify the acceptance of flexible PCBs in the market.
  • The COVID-19 pandemic has severely impacted the industry in the first half of 2020. The stringent lockdown imposed by regional governments has resulted in the temporary closure of consumer electronics and automotive production plants. Adding to this, the shortage of raw materials and trade restrictions have led manufacturers to shift their factories to new regions. This is projected to restrain the market value for the short term.

View the full report: "Printed Circuit Board (PCB) Market by PCB Type (Single Sided, Double Sided, Multi-layered, High Density Interconnect), Substrate (Rigid, Flexible, Rigid-flex), Application (Consumer Electronics, Automotive, Healthcare, IT & Telecom, Industrial), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027"

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