AI computing demand drives PCB equipment industry into cyclical upturn and structural upgrade
The PCB equipment industry has entered a phase of cyclical upturn and structural upgrades, driven by AI computing power construction fueling high-end PCB capacity expansion. Key beneficiary segments include ultrafast laser drilling, laminators, and exposure equipment. PCB manufacturers have restarted price quotations amid rising raw material costs. Analysts forecast Q3 2026 as a profitability inflection point, with AI server PCB market projected to grow from $62 billion to $185 billion by 2030.
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PCB Makers Restart Pricing as AI Computing Drives High-End Equipment Demand Surge
According to a report by 21st Century Business Herald via Tencent Stock, PCB (printed circuit board) manufacturers have begun re-quoting prices as upstream raw material costs continue to rise. This marks a clearing of the price transmission mechanism in the supply chain, with analysts forecasting Q3 2026 as the inflection point for sector profit improvement. Securities firms are bullish on PCB equipment investment opportunities. Guojin Securities notes that AI computing is driving high-end PCB expansion, with equipment demand entering an accelerated release phase. The AI server PCB market is projected to grow from $62 billion to $185 billion from 2025-2030, a CAGR of 24.3%. Major domestic PCB makers' 2025 capital expenditure rose 108.8% year-on-year, with further growth of 158.2% in H1 2026, focused on high-layer and high-end HDI capacity. Deutsche Securities estimates global PCB equipment demand from AI will reach 158, 295, and 670 billion yuan in 2025, 2026, and 2027 respectively, driving 30% and 64% year-on-year growth in 2026 and 2027. The report identifies three key beneficiary segments: ultrafast laser drilling, laminating presses, and exposure equipment, with domestic manufacturers accelerating innovation amid constrained overseas capacity.
Read sourcePCB Makers Restart Price Quotes as AI Computing Drives High-End Equipment Demand Surge
According to a report from 21st Century Business Herald citing securities firms, PCB (printed circuit board) manufacturers have begun restarting price quotations as upstream raw material prices continue to rise, signaling a transmission of price pressures through the supply chain. Analysts at Guosheng Securities forecast that the third quarter of 2026 will mark an inflection point for sector profitability. The article highlights that AI computing demand is driving expansion of high-end PCB production, with equipment demand entering an acceleration phase. Guosheng Securities notes that AI server and switch demand is rapidly growing, expanding the high-end PCB market, with the global data infrastructure PCB market projected to grow at a 15.0% CAGR from 2025 to 2030, and the AI server PCB segment expected to rise from $62 billion to $185 billion at a 24.3% CAGR. Domestic PCB manufacturers' capital expenditure increased 108.8% in 2025 and 158.2% in the first half of 2026, focused on high-layer and high-density interconnect (HDI) capacity. Deutsche Securities estimates that AI PCB equipment demand will reach 158, 295, and 670 billion yuan in 2025, 2026, and 2027 respectively, driving 30% and 64% year-on-year growth in 2026 and 2027. The report identifies three key equipment segments benefiting: ultrafast laser drilling, laminating presses, and exposure equipment, with domestic manufacturers expected to capitalize on the expansion wave due to faster capacity expansion compared to overseas peers.
Read sourceSinolink Securities Sees Three Core Beneficiary Segments in PCB Equipment Industry
Sinolink Securities, as reported by East Money via Yicai Global, states that the PCB and PCB equipment industry is experiencing a parallel upswing in business conditions and structural upgrades. Institutional investors are optimistic about three core beneficiary segments: ultrafast laser drilling, driven by material upgrades and entering the 0-to-1 industrialization stage; laminators, benefiting from triple resonance from high-layer-count boards, material upgrades, and mSAP technology, accelerating capacity expansion; and exposure equipment, as finer circuit patterns drive upgrades to direct-write imaging, positioning the segment for explosive growth. The report notes that continued capacity expansion for high-end AI boards and ongoing process technology upgrades create vast market opportunities for ultrafast lasers, laminators, and exposure equipment. Sinolink Securities recommends focusing on leading manufacturers with strong technological positioning and mass production capabilities in these core segments.
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Sinolink Securities: PCB Equipment Industry Enters Cyclical Upturn and Structural Upgrade Phase
According to a research report by Sinolink Securities, the PCB equipment industry has entered a phase characterized by simultaneous cyclical growth and structural upgrading. This is driven by AI computing power construction fueling capacity expansion for high-end PCBs, alongside four major trends: increased layer counts, advanced HDI technology, low-loss materials, and finer circuitry, which are propelling equipment upgrades. The report identifies three core beneficiary segments: ultrafast laser drilling, where material upgrades are unlocking demand and industrialization is in its early stage; laminators, benefiting from higher layer counts, material upgrades, and mSAP processes; and exposure equipment, as finer circuitry drives upgrades in direct-write imaging. The report forecasts that as capacity expansion for high-end AI boards continues alongside process and technology upgrades, the market potential for ultrafast lasers, laminators, and exposure equipment remains vast.
Read sourceSinolink Securities: PCB Equipment Industry Sees Cyclical Upturn and Structural Upgrade
According to a report from Guojin Securities, as cited by East Money on September 21, the PCB equipment industry has entered a phase characterized by both a cyclical upturn and structural upgrades. The firm identifies three core segments poised to benefit from this trend. First, ultrafast laser drilling is seeing demand unlocked by material upgrades, with industrialization entering a critical 0-to-1 stage. Second, laminators are experiencing accelerated capacity expansion demand, driven by the combined factors of high-layer-count boards, material upgrades, and mSAP technology. Third, exposure equipment is on the brink of explosive industrial growth as finer circuit patterns drive upgrades to direct-write imaging. The report concludes that with continued capacity expansion for high-end AI boards and ongoing process technology upgrades, the market potential for these equipment segments remains vast.