Printed Circuit Board Market Prognosticated for a Ravishing Growth By 2027
The printed circuit board market is poised to witness appreciable growth through the coming years, owing to the surging commercialization of 5G technology, which has led to the expansion of the telecom sector. In the telecom industry, PCBs are combined into the base station equipment, routers, analog and digital broadcasting systems, and servers, among others.
Furthermore, major printed circuit board manufacturers have started adopting various strategies for the enhancement of their product portfolio and increasing their geographical expansion. For instance, in April 2020, Royal Circuits began the production of PCBs to be deployed in ventilators. The news came amid a spike in COVID-19 cases at the global level, realizing that more ventilators could save more lives.
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Similar initiatives are expected to push the demand for different types of printed circuit boards through the forthcoming years. On this note, as per the latest study by GMI, Inc., the printed circuit board market size is anticipated to exceed USD 75 billion by 2027.
This growth is on account of the increasing demand for rigid-flex PCBs that offer numerous benefits such as large conductive tracks, hybrid circuit board design, and compact footprint. The architecture sustains the effect of vibrations and shocks on the devices, which escalates durability and device stability. Driven by these factors, the rigid-flex PCBs segment recorded more than 5% of the overall industry size in 2020 and is slated to expand at a substantial CAGR of 3% through the estimated period.
Over the recent years, the adoption of double sided PCBs has increased considerably. These products accounted for a valuation of more than 35% in 2020. However, double-sided PCBs are expected to register a decline through the projected period due to low circuit density and conductivity path when compared to High-Density Interconnect (HDI) and multi-layered printed circuit boards.
Against HDI PCBs, double-sided PCBs have low operational efficiency, low-temperature stability, and do not conduct heavy currents in the circuitry. These factors have been instrumental in a fall in the demand for double-sided PCBs in automotive, industrial, as well as medical devices. Despite that, the low-cost structure in the process of manufacturing double-sided PCBs will augment product adoption in low-cost consumer electronics devices.
Considering the regional landscape of the printed circuit board market, Europe recorded a share of 20% in 2020. The region is expected to witness a considerable CAGR of 2% between 2021 and 2027. This rise is due to favorable government initiatives which support the growth of the regional semiconductor manufacturing and electronics industries.
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Citing an instance, in December 2018, the European Commission in partnership with Italy, Germany, the UK, and France announced a joint project for innovations and development in the field of microelectronics. The European Union has announced financing of USD 2.06 billion in research and development activities and an additional sum of 7.05 billion for attracting foreign semiconductor manufacturers to the region. Similar investments by governments across the region are set to create opportunities for high growth for the printed circuit board market.
On the whole, rising technological advancements in smartphones, comprising outward and inward foldable display technology, will positively influence printed circuit board market size through the forecasted period.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definition
1.2 Methodology & forecast
1.3 Data Sources
1.3.1 Primary
1.3.2 Secondary
Chapter 2 Executive Summary
2.1 Printed circuit board market 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 PCB type trends
2.1.4 Substrate trends
2.1.5 Application trends
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