AI and New Energy Drive the Growth Opportunities of PCB-related Machine Market
PCB, known as the "mother of electronic products", its industrial prosperity directly affects the development of the upstream related machine market. Currently, driven by the dual engines of AI servers and new energy vehicles, the PCB-related machine market is ushering in a golden period of simultaneous growth in volume and price. As the global core base of the PCB industry, China has become the core engine of market growth.
In terms of market size, the global PCB equipment market is steadily expanding, reaching a scale of 7.085 billion US dollars in 2024, with a compound annual growth rate of nearly 5% from 2020 to 2024. The Chinese market has performed even better, with a scale exceeding 29.4 billion yuan in 2024, growing faster than the global average, and is expected to reach 32.4 billion yuan in 2025. Behind this growth, the core driving force comes from the outbreak of high-end PCB demand. Products such as high multi-layer boards with more than 20 layers and HDI boards required by AI servers put forward higher requirements for the precision and performance of production equipment, significantly promoting the value of equipment.
In the field of core equipment, drilling, exposure, and electroplating equipment have become the main growth drivers. As the "core channel" of PCB production, the global market size of drilling equipment exceeded 10 billion yuan in 2024. Benefiting from the surge in demand for high multi-layer boards, the demand for laser drilling equipment is expected to double. Among exposure equipment, LDI technology, due to its adaptation to high-precision requirements, is expected to reach a market size of 1.94 billion US dollars by 2029. The demand for electroplating equipment has increased with the increase in the number of PCB layers, and the compound annual growth rate from 2024 to 2029 is expected to reach 9.5%.
The acceleration of domestic substitution has become a highlight of the industry, and domestic enterprises have made breakthroughs in core links. Leading enterprises such as Han's CNC, XGMA, and Dongwei Technology have built international competitiveness in the fields of drilling, exposure, and electroplating equipment respectively, promoting the steady improvement of the localization rate of high-end PCB equipment. With the continuous expansion of production by domestic PCB leading enterprises, the total capital expenditure of 8 domestic leading enterprises in the first three quarters of 2025 increased by 85% year-on-year, which will further bring sufficient orders to equipment enterprises and help the PCB-related machine market continue to rise.