Printed circuit boards (PCBs) have become an integral part of the technology today. Since their first use, the demand for these circuit boards have only increased. Today, you cannot imagine technology without a PCB. The printed circuit board market has skyrocketed over the years, and it has no intention of slowing down in the future too. This post is dedicated to make you aware of the PCB market and the factors that will be responsible for its growth. Intrigued to know more? Read on.
What is the Expected Printed Circuit Board Market Growth?
There have been many technology developments that the global economy has witnessed over the past few years. These developments have led to the increasing demand for the printed circuit boards. Most applications are getting digitized, and as a result, electronics and components are also in demand. This has further led to the increased demand of the PCBs. In addition to this, the demand for PCBs in several applications has also increased rapidly in the third-world countries.
According to a report published by IndustryArc, it is estimated that the global market of printed circuit boards will reach around $70 billion by the year 2024. This growth is expected to have a CAGR of 2.5% from 2018 to 2024. We will discuss the growth factors in detail in the next section of this post.
What Are the Factors Driving the Growth of Printed Circuit Boards?
As you must have read in the earlier section of this post, the printed circuit boards market is about to see a massive growth in the upcoming years. But what factors are responsible for this growth? Do you want to know? Well, here they are:
- The demand for smart electronic devices has increased a lot.
- The number of applications in which semiconductors are used has gone up.
- Several applications have started using electronics to be able to meet the ever-developing needs of the technology.
- The use of Internet has also increased noticeably, which is another reason for the demand of PCBs, and hence the market growth.
- Nowadays, there is an increased requirement of eco-friendly or environment friendly printed circuit boards.
Besides the factors mentioned above, there are some more crucial factors that play a key role in driving the growth of the PCB market. These factors are as follows:
- Increased electronic waste, and thus increase in the demand of environmentally friendly printed circuit boards
- Augmented demand in the consumer electronics
- Technological advancement in the healthcare devices
- Increasing automation in several industries
What next? What happens with the growth of the said market? Well, it will trigger the growth of two markets – the internet of things (IoT) and wearable device market. The day is not far when printed circuit boards become the most important components in almost all the vertical market. Are you in any way related to the PCB industry? If so, then this post will help you get a better insight of the said market. Still have any queries? You can always consult experts like Rigiflex, to get all your questions answered. Rigiflex is one of the leading PCB manufacturing and assembly company in the USA.