North America Printed Circuit Board Market Forecast Analysis 2024-2032
Triton’s research analysis states that the printed circuit board market in North America is estimated to gain revenue at a CAGR of 4.16% over the forecast years 2024-2032.
The printed circuit board market in North America has been rapidly expanding, driven by growing demand for smart devices, electronic utilities, and increasing internet penetration. Manufacturers of electronic devices like smartphones, rechargeable batteries, and LED/LCDs are seeing a surge in demand for PCB production, significantly boosting growth in this sector. Additionally, companies are investing in advanced materials and technologies to enhance PCB performance, while also focusing on sustainable manufacturing practices to meet regulatory and environmental standards. As the region continues to innovate in areas like 5G infrastructure, electric vehicles, and advanced manufacturing, the need for high-quality, reliable PCBs has become paramount.
The countries researched in this region include the United States and Canada.
The United States holds the largest market share, achieving around $3.08 billion in 2023.
- In 2022, the US government enacted the CHIPS and Science Act to boost semiconductor research and manufacturing in order to strengthen national security and supply chains.
- Since its introduction, companies announced over $200 billion in private investments for new US semiconductor projects. These investments are aimed at boosting semiconductor production capacity as well as fostering innovation in chip design and manufacturing processes.
- This initiative is set to drive growth in the printed circuit board (PCB) market, as increased demand for semiconductors will necessitate more advanced and reliable PCBs to support the expanding semiconductor industry.
Printed Circuit Board Market Forecast for Canada
As per OEC, Canada imported $291 million worth of printed circuit boards in 2022, ranking as the 26th largest importer globally. This highlights a strong domestic demand, which is driving PCB market growth by attracting more suppliers and encouraging investment in local PCB production capabilities. This increased trade activity can stimulate innovation, enhance supply chain dynamics, and foster expansion in the printed circuit board market to meet growing needs.
The studied market is categorized into application, raw material, and substrate. The application segment comprises communications, consumer electronics, industrial electronics, automotive, military, and other applications. In the communication sector, PCBs are essential in digital devices like power distribution systems, networking equipment, routers, mobile phones, switching systems, and amplifiers. They electrically connect electronic components and serve as the foundation for integrating the entire system.
Contender Analysis in the Printed Circuit Board Market:
Shennan Circuits is a PCB manufacturing company founded in 1984. The company offers a range of services, including multi-layer boards, package substrates, laminated bus bars, electronic assembly, PCB assembly, signal testing, simulation, system-in-package design, and PCB design. Its products are utilized in automotive electronics, medical automation, aerospace electronics, and telecommunications equipment. The company is headquartered in Shenzhen, China.
In 2023, the company also invested $183.2 million to establish a new PCB plant in Thailand to cater to its international customers.
The other important contenders in the printed circuit board market are Ascent Circuit Pvt Ltd, Daeduck Electronics, Compeq Manufacturing Co Ltd, Epitome Components Ltd, Ibiden Co Ltd, Hannstar Board Corporation, and ISU Petasys.
NORTH AMERICA PRINTED CIRCUIT BOARD MARKET 2024-2032.pdf