The surface mount technology market is expected to be valued at USD 5.42 Billion by 2022, growing at a CAGR of 8.9% between 2017 and 2022.

The factors driving the growth of the market include the increased demand for miniaturized consumer electronics products and the increasing adoption of electric vehicles.

The major players involved in the surface mount technology market are ASM Assembly Systems GmbH & Co. KG (Germany), CyberOptics Corporation (U.S.), Electro Scientific Industries Inc. (Oregon), Fuji Machine Manufacturing Co., Ltd.(Japan), Hitachi High-Technologies Corporation (Japan), Juki Corporation (Japan), Mycronic AB (Sweden), Nordson Corporation (U.S.), Orbotech Ltd. (Israel), and Viscom AG (Germany).

Placement defects can occur both before and after reflow. Thus, inspection equipment plays a vital role in the SMT manufacturing industry. The SMT inspection equipment market is driven by the improving product technology, responsiveness, reliability, and quality of inspection. The increasing need for this equipment in telecom, automotive, consumer electronics, and computing & storage is expected to drive its demand during the forecast period.

The demand for SMT devices has increased due to their ability to meet the needs of the critical systems in the automotive industry with zero defects. The number of electric components used in an electric vehicle is more as compared with any conventional fuel combustion vehicle as former has an electric motor, battery, and other complex connections to ensure optimum utilization of power. Owing to the critical role of electrical components in these electrical vehicles, surface mount devices are used as they are lighter in weight, occupy less space, and are safe and durable over a longer period of time.