Global Printed Circuit Boards Market to Be Worth $69.5 Billion by 2024, Says Beroe Inc
Source: PR Newswire
RALEIGH, N.C – May 11, 2021: The global printed circuit board market size was $57.5 billion in 2020 and is expected to reach $69.5 billion by 2024 at a 4-6 percent CAGR growth rate, says Beroe Inc.
In the APAC region, the demand for PCBs and PCBAs is expected to rise until 2022 because of the shift in the manufacturing base of the prominent electronic and communication manufacturers to low-cost countries like South Korea, Taiwan, and Vietnam. Even the recycling of PCBs will grow because of the supportive government environmental rules and regulations until 2022.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE.Ai: https://www.beroeinc.com/beroe-live-ai/
Asian and North American market has a highly mature market and a highly fragmented supply base. The European market has medium maturity with a highly fragmented supply base. The demand for PCB manufacturing would rise with the resumption of economic activities. The ease of supply chain issues will further support it. The consumer and communication sectors will be significant from where demand can be expected.
PCB’s high-demand sectors in North America include the automotive sector, the aerospace sector for safe navigation and precise surveillance, and the medical sector for innovative medical technologies, diagnostics, and devices.
Printed circuit board market report of EU shows that printed circuit board is popularly used in the automobile sector for electric vehicles, and aerospace sector for factory automatic, robotics, and others. It also has demand in the medical sector for medium to high-end complex assemblies. In the Asian region, the printed circuit board market caters to the emerging economies’ electronics and construction industry demands. It is also demanded in smart devices and applications, IoT, and 5G penetration. There is strong demand for domestic uses as well as for exporting high-volume products.
Amidst the COVID-19 outbreak, the printed circuit board suppliers in countries like India, Germany, Cina, and others resumed manufacturing in April 2020. They faced supply chain disruption in the form of logistics and labor issues. It resulted in resorting to risk mitigation strategies like local sourcing, lesser dependency on China, and other similar measures by the prominent players in the printed circuit board industry.
Printed circuit board industry analysis shows that 70 percent of the global printed circuit board market will be dominated by the demand from the technological innovations in consumer electronics, computer, and telecom sectors in the emerging economies.
Printed circuit board market research shows that the APAC region constitutes 90 percent of the market share, with a 4-6 percent CAGR growth rate between 2020 and 2024. In North America and Europe, the PCB market share is 4.8 percent and 3.2 percent, with a growth rate of 3-4 percent CAGR and 2-4 percent CAGR, respectively, between the forecast period 2020 and 2024.
Key drivers of printed circuit board production include technological innovations for facing the intense competition in the market that lead to emerging market opportunities in cloud computing, AI, automation, 5G, IoT, and networking. High-end PCBA circuit boards support all these technologies through their powerful processor modules, and hence its demand increases.
Factory shutdown, lack of labor and raw materials during the COVID-19 pandemic negatively affected the PCB market as the demand from the prominent end-users declined. Other industry constraints were U.S. restrictions on external sourcing and a rise in labor and utility costs.
- Consumer and communications sectors responsible for demand in the PCB industry were majorly idle during H1 2020. So a resumption of the economic activities will trigger the demand.
- Low-cost labor and infrastructure make the Asian countries account for 90 percent of the global PCB production.
- There has been a 19 percent steady decline in the PCB bookings in North America in October 2021 on a Y-o-Y basis and 22 percent on an M-o-M basis due to recession and fewer demands.
- New technologies in PCB and PCBA industries are supported by safety regulations and automation, automotive industry sophistication, and electric vehicle adoption, crucial driving factors.
- APAC contributes over 90 percent of the global printed circuit board production, and hence it is the key player. The market growth will be driven by the surge in demand from end-users in countries like South Korea, India, Japan, Taiwan, and China.
The report from Beroe includes:
- PCB market size and forecast
- Supply and demand market outlook of PCB industry
- Effect of Covid-19 on PCB market
- Global PCB and PCBA demands
- Trends in regional markets
- Driving factors and constraints in the PCB market
About Beroe Inc
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions — leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/.