According to the latest report by IMARC Group, titled "Indian PCB (Printed Circuit Board) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Indian PCB market reached a value of US$ 3.8 Billion in 2021. A PCB is an electrical circuit that is used as the base in most electronics and aids in connecting electronic and electrical components without the use of wires. It is used to physically support and wire the surface-mounted and socketed components in numerous electronics. These copper-laminated boards are usually made from fiberglass, composite epoxy or other composite materials. Whereas simple electronics comprise a single layer of PCBs, complex and sophisticated hardware requires multiple layers, which can go up to twelve. PCBs are widely utilized across numerous industries for diverse applications, which include computers, television sets, mobile phones, digital cameras, tablets, gaming consoles, medical devices, LED lighting and several industrial machines.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Indian PCB (Printed Circuit Board) Market Trends:
The market in India is primarily driven by the thriving consumer electronics industry in the country, which is anticipated to exhibit double-digit growth over the next few years. Facilitated by rapid urbanization, improving living standards and the increasing purchasing power of the majority of the population, the sales of computers, mobiles and tablets are escalating in India, which employ PCBs as an indispensable component. This is further supported by favorable initiatives undertaken by the Government of India to provide a thrust to domestic consumer electronics manufacturing units. Several Initiatives, including 'Make in India,' ‘Digital India’ and the National Policy on Electronics, have contributed to a significant rise in the demand for PCBs from domestic manufacturers. Apart from this, the rising trend of miniaturization of devices is also spurring the market growth. Manufacturers are shrinking the sizes of semiconductor devices not only to reduce the size of electronics and make them aesthetically pleasing but also to enhance their overall efficiency. This, in confluence with the advent of numerous advancements in the manufacturing process of PCBs, is providing an impetus to the market growth. The growing adoption of digitization and modernization in the medical field is also expected to influence the demand for PCBs in the coming years, thus creating a positive outlook for the market. On account of the aforementioned factors, the market is projected to reach a value of US$ 10.7 Billion by 2027, growing at a CAGR of 18.7% during 2022-2027.
- Based on the product type, the market has been divided into rigid 1-2-sided, standard multilayer, flexible circuits, HDI/ microvia/build-up, rigid flex and others. Among these, rigid 1-2-sided PCBs represent the most preferred product type.
- On the basis of the application, the market has been segmented into consumer electronics, communication, industrial electronics, computers, military and aerospace, automotive, medical instrumentation and others, wherein consumer electronics exhibit a clear dominance in the market.
- Based on the number of layers, the market has been categorized into single-sided, double-sided and multi-layer PCBs. At present, single-sided PCBs account for the majority of the total market share.
- On the basis of the segment, the market has been segregated into rigid and flexible PCBs.
- Based on the laminate type, FR-4 is the most preferred laminate type. Other major segments include polyamide, CEM-1, paper and others.
- On the basis of the manufacturing type, bare PCBs account for the majority of the overall market share.
- On the geographical front, the market has been classified into Maharashtra, Tamil Nadu, Karnataka, Gujarat and Others.
- The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the market. Some of these players include AT&S, Epitome Components Ltd, Shogini Technoarts, Cipsa Tec India Pvt Ltd, Sulakshana Circuits Ltd, PCB Power Limited, Hi-Q Electronics Pvt Ltd, Vintek Circuit India Pvt Ltd, India Circuit Ltd (Garg Electronics), Nano Electrotech Pvt Ltd, Meena Circuit Pvt Ltd.
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