The market valuation of the printed circuit board market, according to the latest report by Global Market Insights Inc, will cross USD 75 billion by 2027. The market growth is attributed to the increasing adoption of smart home technology products across developed economies such as the U.S., Germany, the UK, and Japan. Smart home technology products, such as smart speakers, smart TVs, human-centric lighting, smart doorbells, security & surveillance systems, voice assistance systems, and robotic vacuums, are integrated with multi-layered printed circuit boards. These multi-layered PCBs provide high miniaturization, low-power consumption, and higher component density per square inch, which are suitable for applications in compact smart home devices.

The printed circuit board market from double-sided segment held 35% of the revenue share in 2020. The industry share of double-sided PCBs is anticipated to decline during the forecast period owing to low conductivity path and circuit density compared to multi-layered and High-Density Interconnect (HDI) printed circuit boards. The double-sided PCBs have low-temperature stability, low operational efficiency, and do not conduct heavy currents in the circuitry compared to HDI PCBs. This has resulted in the declining demand for double-sided PCBs in industrial, automotive, and medical devices. However, the low-cost structure in manufacturing double-sided PCBs is expected to increase their acceptance in low-cost consumer electronics devices, adding new opportunities for the market.

The rigid-flex segment captured 5% of the printed circuit board market share in 2020 and will witness a 3% growth rate till 2027 impelled by several benefits offered by the rigid-flex architecture such as hybrid circuit board design, larger conductive tracks, and compact footprint. This architecture also sustains the impact of shocks and vibrations on the devices, which increases device stability and durability. Rigid-flex PCBs can connect rigid boards without external cables and connectors to reduce circuit spacing, resulting in better signal transmissions. These features are predicted to increase their usage in industrial electronics over the forecast period.

The IT & telecom application in the printed circuit board market will grow at a CAGR of over 5% through 2027 led by the rapid commercialization of 5G technology, which has resulted in the expansion of the telecom sector. In the telecom industry, PCBs are highly integrated into the base station equipment, servers, routers, digital, and analog broadcasting systems, among others.

The Europe printed circuit board market held 20% of revenue share in 2020 and is estimated to attain a CAGR of over 2% by 2027 on account of favorable government initiatives, supporting the regional electronics and semiconductor manufacturing industries. For instance, in December 2018, the European Commission in collaboration with Germany, France, Italy, and the UK announced a joint project for the development and innovations in the fields of microelectronics. The EU has announced a funding of USD 2.06 billion in R&D activities and an additional USD 7.05 billion funds to attract foreign semiconductor manufacturers to the region. Such supportive investments by the regional governments are creating high growth opportunities for the market.