Printed Circuit Board Market Size Expected to be Worth USD 128 Billion by 2030
According to Precedence Research, the global printed circuit board market size was accounted at USD 78 billion in 2021 and is predicted to surpass around USD 128 billion by 2030. The report title “Printed Circuit Board Market: Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030” anticipates the global printed circuit board market to expand at a compound annual rate (CAGR) of 5.66% from 2021 to 2030. The increasing trend of compactness has expedited the printed circuit boards (PCBs) market potentiality for light weight, small, as well as high-efficiency printed circuit boards (PCBs) in advance medical devices, IoT (Internet of Things) embedded wearables devices, and other various handy electronic gadgets.
Various end-user manufacturing industries are now emphasizing on manufacturing personalized or customized printed circuit boards (PCB) that are specifically designs to increase compactness to achieve required shape & size as per the usage requirement. This in turn has propelled formulation of 3D printers that come up with compact printed circuit boards by positioning all the components over the interior layer.
The rising demand for the additives manufacturing in electronics industry to provide precise elements is expected to immense opportunities for the growth of the market during the forecast period in terms of value sales. The manufacturing of additives has exerted influence on designing of printed circuit boards PCBs ahead the prototyping phases that further enhances the functional attributes as well as performance of the gadgets. Thereby, the continuous improvement in the additive manufacturing as well as 3D printers propels the market growth.
By product, the rigid PCBs segment holds the largest market share 86% in 2021.
By application, consumer electronics segment holds the largest market share in the global market.
By region, Asia-Pacific holds the largest market share 47% in 2021.
Asia Pacific region is predicted to dominate the printed circuit board market, accounting for the highest market share in 2021. The rising usage of printed circuit board in electronics, aerospace, IT & telecom, industrial and automotive sectors are contributing in driving the growth of the market in terms of value sales. Due to the growing demand for technology, increased investment by organizations on research and development in countries like China and Japan, and government support are some of the factors fueling the growth of the market. Continuous efforts in the R&D of printed circuit board, to explore potential applications in various end use industries, are anticipated to fuel the market growth over the forecast period. Growing demand from printed circuit board due to the increasing usage of advanced devices is anticipated to propel the market growth during the forecast period. However, North America is expected to be the fastest growing market for the growth printed circuit boards industry in the upcoming years.
In Central & South America, the market is anticipated to witness significant growth over the forecast period as several multinational companies are focusing on the expansion of their businesses in the untapped markets of the region. Additionally, Brazil is recognized as a frontrunner in research related to printed circuit board. Thus, the aforementioned facts is likely to offer immense opportunities for the growth of the market.
Additionally, technological advancement in various industries including medical, consumer electronics, and automobiles have significantly contributed to the development of the living standards of the masses in the countries like Middle East and Africa.
Rising requirement for miniature PCBs in the healthcare sector to augment the market growth
From the past few years, there has been growth in the demand for compact PCBs in the healthcare sectors. This growth is attributed to the rise in the need for number of elements as well as high compact connections needed in the modern printed circuit boards. Additionally, multi layered printed circuit board offers excellent functional attributes and are light in weight and have enhanced compactness which in turn has increases its demand in manufacturing of electronic devices like smartphones, laptops, and other electronic devices.
Moreover, the growing demand for non-invasive treatment in healthcare industry is creating demand for multi layered printed circuit boards in order to meet the increasing requirement for compact devices. The key players in the healthcare sector are preferring multi layered printed circuit boards to mitigate the risk of crosstalk in crucial healthcare devices including, MRI Scan, infrared temperature monitoring device, X-ray instruments, ventilators, CT scan, and others.
Low penetration of technology in least developed economies to hold back the market growth
The low penetration advanced technology as well as modern electronic gadgets in least developed nations coupled with the scarcity of knowledge in Information technology lack of resources, lack of internet penetration, lack of infrastructure and others has hampered the growth of printed circuit boards market in terms of value sales.
Growth of industrial automation to offer immense opportunities for rigid PCBs in the market
The rigid PCB utilize the glass-reinforced plastic substrate that make it almost economical as compared to other printed circuit substrate. In addition to this, the compressed size of the rigid printed circuit board (PCBs) assures its acceptance in the complex circuitry as well as powerful applications that includes high voltage & frequency variations. This in turn further propels the growth of the market in in the industrial application including pressure controllers, robots, and others.
Furthermore, the increasing trend of automated equipment as well as the modern robots in factories is expected to offer immense opportunities for the growth of the market in terms of value sales during the forecast period.
Impact of Covid-19
The market growth is moderately affected by the lockdown and economic crisis caused by the Covid-19 pandemic in the year 2020.This is majorly attributable to the fallout of the supply chain and a drop in the demand for printed circuit boards from the automotive & industrial sector. The most of the Original Equipment Manufacturers (OEMs) have its supply chain that passes from China as well as East Asian economies. Even though the manufacturing from China is getting better, various economies are still adhered to strict export rules & regulations to scale up their safety measures which in turn led to the scarcity of the PSBs (printed circuit boards) in several industries globally. The rising number of fatality has bolstered the requirement for several medical & monitoring equipment including ventilators as well as respiratory support system. Additionally, the key manufacturers are dominating the market by offering a diversified product portfolio. This in turn is expected to propel the growth of the market during the forecast period in terms of value sales.