As per the recent report by Transparency Market Research, the global surface mount technology equipment market is expected to grow a substantial growth in the forecast period of 2018 to 2026. According to the report the factors that are driving this growth for the market include, growing application of consumer electronics, trend of miniaturization, and evolving manufacturing industry. Due to these factors the global surface mount technology equipment market is expected to witness 4.5% CAGR during the projected time frame. With this projection, the market is projected to register a whopping US$ 8.01 bn revenue by the end of 2026, says the report.
Growing Use of Flex Circuit Drives the Growth
Consumers demand flexibility these days. They are looking for devices that can come in handy in multiple applications. Hence, the electronic device manufacturers are inclining towards flexible electronics or flex electronics. They are designing flex circuits that can allow the devices to be useful in variety of use-cases to cater to the demand for the flexible device. Based on this growth in the use of flex circuits, the growth of global surface mount technology equipment market.
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Emerging Players to Offer Quality Products at Lower Price
Currently the global surface mount technology equipment market is highly competitive and predominantly fragmented. This is because of the presence of several players that dominated the dynamics of global surface mount technology equipment market. These players also control the pricing of surface mount technology equipment, which makes them highly expensive for the end users.
Taking the price constraint as an opportunity, new players are developing under-budget quality products. This allows the new players to enter and establish themselves in the global surface mount technology equipment market. Also, for establishment and a sustainable future, these players are also focusing on strategies such as mergers and partnerships. These strategies allow the players to gather essential resources that can come in handy to establish their brand in the surface mount technology equipment market.