Surface Mount Technology Equipment Market Witnessing High Growth By Key Players
As per the recent report by Transparency Market Research, the global surface mount technology equipment market is expected to grow a substantial growth in the forecast period of 2018 to 2026. According to the report the factors that are driving this growth for the market include, growing application of consumer electronics, trend of miniaturization, and evolving manufacturing industry. Due to these factors the global surface mount technology equipment market is expected to witness 4.5% CAGR during the projected time frame. With this projection, the market is projected to register a whopping US$ 8.01 bn revenue by the end of 2026, says the report.
global surface mount technology equipment market
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Growing Use of Flex Circuit Drives the Growth
Consumers demand flexibility these days. They are looking for devices that can come in handy in multiple applications. Hence, the electronic device manufacturers are inclining towards flexible electronics or flex electronics. They are designing flex circuits that can allow the devices to be useful in variety of use-cases to cater to the demand for the flexible device. Based on this growth in the use of flex circuits, the growth of global surface mount technology equipment market.
For instance, the LCD manufacturers are now using thin metal foils as a substrate to make the circuit flexible instead of glass based substrate. This allows the manufacturers to effectively reduce the cost of production while improving the efficiency of the final product. This also makes the LCDs resistant to frequent voltage fluctuations making them last longer than before. Based on such applications by various electronic gadgets and device manufacturers, the global surface mount technology equipment market is witnessing the projected growth.
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