9.3.9Segment

Printed Circuit Boards & EMS

Electronics manufacturing services companies and PCB fabricators providing contract manufacturing and assembly.

4
Verticals

Overview

Printed Circuit Boards & EMS covers the manufacture of bare printed circuit boards (PCBs) and electronics manufacturing services (EMS) — the contract assembly of electronic products on behalf of brands. At ~$29B in U.S. activity it includes domestic PCB makers and the U.S. operations of EMS giants (Jabil, Flex, Sanmina, Celestica), though most high-volume EMS is offshore.

Demand is driven by electronics production across industries and, increasingly, by reshoring and supply-chain-resilience efforts plus defense and high-reliability requirements that favor domestic manufacturing. It is consolidating around scaled EMS providers and fragmented among PCB makers, with reshoring, defense/aerospace, and high-mix/low-volume work the growth areas for U.S. production.

Market snapshot

Market size
~$29B
Growth
~5.5%CAGR (2017–22, nominal)
Companies
~1,200
FragmentationConsolidating

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 334412 (bare PCBs) + 334418 (printed circuit assembly/EMS) — U.S. operations; most high-volume EMS is offshore.

Business model & economics

Revenue model
PCB manufacturing and contract-assembly (EMS) fees
Recurring revenue
Moderate — recurring contract-manufacturing programs
EBITDA margin
Thin EMS; better for high-mix/specialty
Capex intensity
High
  • Bare PCBs and contract electronics assembly.
  • Reshoring and defense favoring domestic production.
  • High-mix/low-volume the U.S. growth niche.

M&A deal context

Moderate deal activity

Who’s acquiring

EMS majors (Jabil, Flex, Sanmina)PE-backed PCB/EMS consolidatorsDefense & specialty acquirers

What’s driving deals

  • Reshoring and supply-chain resilience.
  • Defense/aerospace and high-reliability demand.
  • EMS and PCB consolidation.

Verticals in this segment

  • 9.3.9.1Contract Electronics Manufacturing

    EMS companies assembling electronics to customer specifications.

  • 9.3.9.2PCB Assembly Services

    Contract assemblers soldering components onto printed circuit boards.

  • 9.3.9.3PCB Design & Fabrication

    Companies designing and fabricating bare PCBs.

  • 9.3.9.4Prototype & Low-Volume EMS

    EMS firms producing prototype and low-volume electronic assemblies.

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