Printed Circuit Board (PCB) Market to grow by USD 19.05 billion from 2022 to 2027: Technavio
26 December 2023: Printed circuit board (PCB) market is set to grow by USD 19.05 billion from 2022 to 2027. Market is estimated to be progressing at a CAGR of 5.05% during the forecast period. Report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The rising industry automation is an emerging trend shaping the market. There is increasing adoption of automation across industries as several desktops and machines are being set up for more effective and efficient control systems. As a result, several industries are forced to adapt to automation to sustain the competition in the market, as automation offers them optimum efficiency in productivity, operation costs, product quality and safety. But due to the increasing adoption, optimum power consumption can be a significant challenge. Hence PCBs are increasingly adopted across industries to ensure efficient power consumption within the minimal size of the application. One of the main functionality of PCBs includes withstanding peak temperatures and voltages. Hence, such factors are expected to drive market growth during the forecast period.
Market driver influencing the market growth
Market is driven by the rising adoption of smartphones. Factors such as the availability of low-cost smartphones and growing global Internet penetration are expected to fuel the adoption of smartphones globally. Furthermore, developing economies like India and China are becoming significant emerging markets for smartphones due to the rising disposable income of people and growing population. Additionally, there is an increasing advancement in smartphone technology from G LTE to 5G, with RF front-ends using up more space in 5G smartphones.
Major challenges hindering the market growth
Environmental concerns regarding the disposal of PCBs can hinder market growth. The disposal of PCB can be hazardous to the environment as it contains components that are harmful to the environment. PCB wastes consist of metal, plastic, ceramic, and copper materials. Additionally, presence of epoxy resins in PCBs contains chlorine that is harmful to the environment. Furthermore, the dismantling of PCBs before their disposal is also a major concern for industries. Hence, such factors are expected to hinder market growth during the forecast period.
Printed Circuit Board (PCB) Market 2023-2027
The market share growth by the communication network infrastructure segment is significant for market growth during the forecast period. The rapid transition from 4G to 5G in the US and other developed economies is fuelling the communication network infrastructure segment. As a result, it will propel the demand for PCBs as it is an essential component for communication network infrastructure equipment such as enterprise network equipment, wireline network equipment, subscriber equipment and cable/multiservice operator equipment.
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