The Printed Circuit Board (PCB) market is expected to grow significantly by 2027, delivering a sizable CAGR. The expanding application scope for PCBs, coupled with the soaring demand for healthcare devices amidst the COVID-19 pandemic, is projected to fuel market growth in the coming years.
Printed circuit board (PCB) refers to the platform on which microelectronic components like capacitators or semiconductor chips are mounted. PCBs help form electrical interconnections between electronic components and are present in essentially all electronic products.
The Printed Circuit Board (PCB) market is classified into different segments based on PCB type, substrate, application, and region.
The PCB type segment is further divided into single sided, double sided, multi layered, HDI, and others. The single sided PCB type is estimated to deliver a CAGR of over 1.5% through the forecast timeframe. Manufacturing PCBs was a complex process for several decades due to issues relating to components required for manufacturing, raw material availability, and the need for substantial equipment investments.
However, with the development of manufacturing technologies and automation and the use of computer-aided software, PCBs have become simple and easy to produce, especially the single sided ones. This has boosted their adoption in electronic devices like calculators, camera systems, healthcare devices, and radio equipment among others.
In terms of application, PCBs are used in consumer electronics, automotive, healthcare, IT & telecom, industrial, and others. Recently, PCB application in the healthcare sector has increased exponentially. In fact, the healthcare application sub-segment is expected to witness a 3% market growth by 2027.
This is on account of the COVID-19 outbreak and the subsequent rise in demand for healthcare monitoring devices, including, blood glucose monitors, CT scanners, and heart rate and blood pressure monitors among others.
PCBs are considered highly beneficial in industrial applications, especially for companies operating manufacturing facilities. They fortify automation, helping companies in cost-saving and reduction of human error, and allow more accurate and easier-to-read measurements, along with accelerated operation.
As they are designed particularly to be able to withstand high-power applications, they find uses in industrial equipment such as assembly machines and ramps, measuring equipment such as those used for temperature and pressure control in manufacturing processes, and power equipment such as power inverters and for power distribution.
Based on region, LAMEA accounted for a market share of 3% in 2020 and is projected to register a significant CAGR over the forecast duration. The regional market growth is being propelled by a rise in government efforts focused towards the advancement of the local semiconductor industry.
PCBs are used extensively across various industries, and recently, a 2020 study conducted by a team at the University of Bath explored the use of printed circuit boards in wearable devices for the first time to develop integrated arrays of abiotic glucose fuel cells (GFCs) to use concentrations of glucose in a phosphate buffer as well as a synthetic interstitial fluid. The study explained how this process of generating energy using physiological fluids will allow GFCs to be a more compact power source that can replace lithium batteries in wearables.