Global PCB market to reach $80.1 bn by 2023
The global PCB market is expected to reach an estimated $80.1 billion by 2023 with a CAGR of 3.3% from 2018 to 2023, according to a study “Printed Circuit Board (PCB) Market Report: Trends, Forecast and Competitive Analysis,”
According to the study, published by ReportLinker, the future of the PCB market looks promising with opportunities in the computer/peripherals, communications, consumer electronics, industrial, automotive, and military/aerospace industries. The major growth drivers for this market are increasing demand for PCB in the communication industry, growth in connected devices, and advancement in automotive electronics.
The study indicates that Asia Pacific is expected to remain the largest market and witness the highest growth over the forecast period due to the increasing electronic content in automotive, and growth in consumer electronic devices and telecommunication products. Increasing usage of electric vehicles due to growing environmental concerns and regulations is also expected to drive the demand for PCB in this region.
The study further notes that emerging trends which have a direct impact on the dynamics of the PCB industry, include miniaturization of printed circuit boards, growing demand for high speed data and signal transmission, and development of green PCBs.
Within the PCB market, computers/peripherals will remain the largest end use industry during the forecast period due to increasing demand for computer systems in business, healthcare, and educational sectors. The consumer electronics segment is expected to witness the highest growth due to the increasing demand for connected devices, says the study concludes.