Printed Circuit Board Market Size

Printed Circuit Board Market size was over USD 84 billion in 2023 and is expected to reach USD 168.5 billion by the end of 2036, witnessing around 5.5% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of printed circuit board is estimated at USD 93.4 Billion.

The steep growth trajectory is modulated by the increasing adoption of advanced electronics with IoT across industries such as automotive and consumer electronics. One of the major factors boosting PCB market growth is the rapid technological development underway in the processes for manufacturing printed circuit boards (PCBs).

The increased use of complex, multilayer PCBs with increased circuit densities is enabling manufacturers to produce compact and more powerful electronic devices. This shift can be observed in smartphones and wearable technologies where demand is rising for miniaturized yet high-functioning components. Furthermore, the increasing integration of IoT devices and implementation of 5G networks present huge opportunities for PCB manufacturers since these technologies require sophisticated circuit boards in support of advanced functionalities.

Many manufacturers in the PCB market are heavily investing in R&D activities to cater to the rising demand for smart, compact PCBs. For instance, in November 2023, TTM Technologies, Inc., announced an intended investment of up to USD 130 million in a new manufacturing plant located in the Town of Dewitt, New York. Similar investments support market growth, enabling manufacturers to produce smaller, more efficient, and more reliable PCB components.