Increasing demand for electronic equipment and telecommunication devices is anticipated to drive the growth of the global printed circuit board market.
The global printed circuit board market was valued at $53.21 billion in 2020 and is expected to reach $69.32 Billion by 2027 with a CAGR of 3.85% over the forecast period.
During the COVID-19 pandemic, the demand for electronic devices has increased due to social distancing.
Online classes and work from home led to the demand for smartphones, laptops & tablets; requirements for new medical equipment, etc. have been increased.
Thus, COVID-19 may further drive the PCB market by shifting to the digital realm due to social distancing or a short-term demand for few years.
A printed circuit board (PCB) is the basic electronic product, which electrically connects the electronic components using conductive tracks drawn over it according to the requirement.
The Multiple layer circuit boards are laminated by a non-conductive substrate to insulate the copper layers.
The electronics have moved vacuum tubes & relay to integrated circuits & silicon, the size and manufacture cost began to reduce & hence PCB was can to existence.
The electronic components i.e. resistor, insulator, capacitor, etc. are fixed on it to carry out special tasks by soldering in a sequence which results in the manufacturing of chips.
The chips are the soul for any electronic products i.e. smartphones, laptops, medical devices, automotive, etc.
The PCB market is showing significant growth due to the increased demand for electronic products in the market which are better than existing in terms of size, speed, accuracy, etc.
The idea of industry 4.0 aims for automation in manufacturing will lead the machine using chips for reliable, fast results.
The military warfare & airspace mission uses the technology to miniaturize the equipment which reduced cost & increases chances of success.
Asia Pacific is the largest manufacturer of printed circuited boards which are used in a smartphone (i.e. Apple, Samsung, etc.) and military equipment.
The major factor driving the growth of the global printed circuit board market is a rising demand for electronic devices.
The electronics like smartphones, laptops, etc. have become a necessity for individuals, with improving technology makes individuals need to upgrade to the next level to keep up the pace.
The industry equipment uses PCB like a cell tower, automated machinery, etc. to achieve fast operation along with waste reduction/Process improvement.
Also, the growing world population along with increasing market penetration of electronic goods leads to an increase in the demand for printed circuit boards.
According to World Bank, the world population is 7.8 billion with only a certain part of the population able to benefit from electronics.
Furthermore, military, airspace & many other government organizations also use electronic equipment for many purposes which are also anticipated to supplement the market growth. The increasing deployment of electronic equipment in defense all over the globe will augment the market growth of printed circuit boards.
However, the less reach of technology or electronic devices to a remote location in undeveloped regions and lack of knowledge of technology & ability to use may hamper the market growth.
Despite that, increasing penetration in the untapped regions by releasing new products as per the requirement of certain regions may create an opportunity for market players.
North America is Anticipated to Dominate the Global Printed Circuit Board Market.
The global printed circuit board market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.
North America is anticipated to dominate the global printing circuit board market as the region is developed and technologically advanced.
This region leads in airspace & military equipment manufacturing which results in the growth of the printed circuit board market in this region.
Asia-Pacific is expected to witness the fastest growth in the global printed circuit board market within the forecast period due to its large population which accounts for around 60% of the world population & high demand for electronic goods in this region.
