Market Size of Printed Circuit Board Inspection Equipment Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 6.80 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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PCB Inspection Equipment Market Analysis
The Printed Circuit Board Inspection Equipment Market is expected to register a CAGR of 6.8% during the forecast period. The quality of PCB determines the quality and reliability of the final product. Hence PCB inspection plays a crucial role in finalizing the PCB's functionality and strength.
- The density and diversity of printed circuit boards are increasing due to improvements in production technology. As such, there is a need for accurately identifying defects on PCBs, apart from manual vision inspection. Machine inspection methods help in better quality and higher yield of the PCB. In addition, the growing production of printed circuit boards (PCB) and increasing complexity in PCB manufacturing due to the growing industrial adoption are some of the major factors driving the demand for PCB inspection equipment over the forecast period. The ever-increasing product advancement motivates companies to invest in the market studied.
- In August 2021, Nordson Corporation announced plans to acquire NDC technologies, a provider of precision measurement solutions and in-line manufacturing process control, to expand the formers test and inspection platform. Thus, favoring technological advancements for PCB inspection equipment.
- According to the Consumer Technology Association, U.S. tech industry revenue will reach a record-breaking USD 487 billion in 2021, a 7.5% jump YoY. Moreover, Smartwatches demand is projected to grow by 8% in unit shipments, essentially driven by tech-savvy and fashion-conscious consumers, likely contributing to the overall PCB demand.
- Further, the market-studied players are also investing in product innovation, as the need for PCBs for different industries is dynamic. This is also expected to expand the scope of the market studied. For instance, in November 2021, Omron launched the PCB inspection system VT-S10 Series which features AI to automate high-precision inspection processes for PCB sub-assemblies. This helps the users to eliminate the need for special operator skills.
- Moreover, According to a report published by Sullivanmaine.org in June 2021, the interest in smartwatches among the 65+ population is expected to increase in the coming years. According to an Apple Watch insider, the report also mentioned that at least 3-5 million Apple Watches have been purchased by adults age 65+. Thus, driving the need for PCB inspection equipment.
- The growing demand for miniaturization has led to the increasing PCB design complexity. This has led to a proportional PCB inspection failure rate, challenging the market demand.
- Furthermore, the electronics device sector is anticipated to be impacted significantly by the COVID-19 outbreak, as China is one of the major suppliers of raw materials and finished products. The industry faced a reduction in production, disruption in the supply chain, and price fluctuations. Further, the sales of prominent electronic companies were affected during the period. The travel restriction on both people and products hampered the market's growth in the short run.
PCB Inspection Equipment Industry Segmentation
A printed circuit board, or PCB, supports mechanically and electrically connecting electronic components by etching conductive pathways, tracks, or signal traces from copper sheets laminated onto a non-conductive substrate. There are three elements to be considered while considering the type of inspection method - Cost, defect type, and inspection speed. Regarding the inspection method, AOI is applied for the inner layer test before lamination, and defect items range from solder paste volume, component position, absence, and polarity, to solder joint defects. The X-Ray Inspection focuses on fine and micro defects after lamination. It can test wiring assemblies, semiconductor packaging, BGA solder defects, voids in solder joints, and high mix, low volume assembly. The studied market is segmented by Inspection Methods such as Automatic Optical Inspection(AOI) and X-Ray Inspection among various geographies. The impact of COVID-19 on the market and affected segments are also covered under the scope of the study. Further, the disruption factors impacting the market's growth in the near future have been covered in the study regarding drivers and restraints.
By Inspection Method | |
Automatic Optical Inspection (AOI) | |
X-Ray Inspection |
Geography | |
North America | |
Europe | |
Asia Pacific | |
Rest of the World |
Printed Circuit Board Inspection Equipment Market Size Summary
The PCB inspection equipment market is poised for significant growth, driven by the increasing complexity and density of printed circuit boards due to advancements in production technology. This complexity necessitates the use of machine inspection methods to ensure high quality and yield, as manual inspection is no longer sufficient. The demand for PCB inspection equipment is further bolstered by the rising production of PCBs and their growing adoption across various industries. Companies are investing in technological advancements and product innovation to meet the dynamic needs of different sectors. Notable developments include the acquisition of NDC Technologies by Nordson Corporation to enhance its inspection platform and the introduction of AI-driven inspection systems by Omron, which automate high-precision processes.
The Asia-Pacific region stands out as a significant market for PCB inspection equipment, largely due to its robust PCB manufacturing and electronic product industries. China, in particular, plays a crucial role in this market, accounting for a substantial portion of global PCB production. The region's rapid smartphone adoption and urbanization further drive the demand for PCBs, thereby increasing the need for inspection equipment. The market is characterized by intense competition among a few dominant players, with ongoing innovations and collaborations aimed at enhancing product accuracy and efficiency. Companies like Omron and ViTrox are at the forefront, developing advanced inspection systems that cater to the evolving requirements of the electronics industry.
Printed Circuit Board Inspection Equipment Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growth in Diversity and Density of PCB is Fuelling the Market Demand
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1.3 Market Restraints
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1.3.1 Increasing Complexity Due to Miniaturisation of Components is Challenging the Market Growth
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1.4 Value Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Inspection Method
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2.1.1 Automatic Optical Inspection (AOI)
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2.1.2 X-Ray Inspection
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia Pacific
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2.2.4 Rest of the World
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Printed Circuit Board Inspection Equipment Market Size FAQs
What is the current Printed Circuit Board Inspection Equipment Market size?
The Printed Circuit Board Inspection Equipment Market is projected to register a CAGR of 6.80% during the forecast period (2024-2029)
Who are the key players in Printed Circuit Board Inspection Equipment Market?
Nordson YESTECH Inc, Cognex Corporation, Vision Engineering Inc., ViTrox Corp Bhd and Omron Electronics LLC are the major companies operating in the Printed Circuit Board Inspection Equipment Market.