Rising Demand for Internet of Things (IoT) aids Printed Circuit Board (PCB) Market to grow at a CAGR of 3% by 2024 - A Technavio Exclusive Report

NEW YORK, March 5, 2021 /PRNewswire/ -- A latest market research report titled "Printed Circuit Board (PCB) Market by Product (4-6 low, Substrates, 1-2 sided, Flexible, and Others), End-user (Communication Network Infrastructure, Consumer Electronics, Automotive Electronics, Military and Aerospace, and Others) and Geography (APAC, North America, Europe, MEA, and South America) - Forecast and Analysis 2020-2024", published by Technavio forecasts the market to grow by USD 10.85 billion, at a CAGR of 3% during the forecast period.

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Increasing demand for IoT and the advent of high-density interconnect (HDI) technology catalyze market growth

• Surging demand for Internet of Things will drive the PCB market vendors to offer innovative product launches for catering to a wider target audience.
• In addition, the advent of HDI technology is anticipated to create immense growth opportunities for various stakeholders in the PCB market.

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4-6 low segment accounted for the largest PCB market share in 2019.

• Based on product, the PCB market is segmented into 4-6 low, Substrates, 1-2 sided, Flexible, and Others.
• In 2019, the 4-6 low product segment accounted for the largest share of the global market due to the increasing demand for thin-film PCBs, particularly due to a surging use of semiconductor wafers in the electronic applications.

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APAC is expected to show the highest growth during forecast period.

• Based on geography, the PCB market is segmented into APAC, North America, Europe, MEA, and South America.
• By 2024, APAC will account for 93% of the market's growth as it is emerging as the electronic hub of the world.
• The growing expansion of electronics and semiconductor industry in China, Taiwan, South Korea, and India is mainly contributing to the PCB market growth in this region.

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Prominent Player Analysis

• The PCB market is fragmented with players categorized as pure-play, industry focused and dominant players in this report.
• Vendors in the market are focusing on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
• This market forecast provides information on the competencies and capacities of these companies such as Compeq Manufacturing Co. Ltd., Ibiden Co. Ltd., and Korea Zinc Co. Ltd.
• In addition, the PCB market report by Technavio provides information on the production, sustainability, and prospects of several leading companies, including NOK Corp., Samsung Electronics Co. Ltd., Sumitomo Electric Industries Ltd., Tripod Technology Corp., TTM Technologies Inc., Unimicron Technology Corp., and Zhen Ding Technology Holding Ltd.

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Technavio Research
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Website: www.technavio.com/
Report:  https://www.technavio.com/report/printed-circuit-board-pcb-market-industry-analysis

SOURCE Technavio