PCB Market Heads to $140 Billion on AI Demand
A Yole Group forecast projects AI-grade boards will grow faster than commodity segments through 2031.
Updated on Nov. 11, 2026 in Semiconductors
Yole Group's 2026 report on the printed circuit board industry puts 2025 revenue at about USD 88 billion, with AI-grade boards and materials already around 30% of the market. The firm forecasts the market will reach USD 140 billion by 2031.
Why it matters
Value per system is driving growth more than unit volume, meaning AI hardware and data centre buildouts are reshaping which PCB segments capture revenue. Laminate suppliers face a shift as AI-grade materials displace standard ones.
PCB content per Nvidia rack rises more than 200% across new generations, and M9 laminate sells at four times the price of M7. The figures come from Yole's projections, and how quickly suppliers can scale M9 production remains unclear.
The players
Yole Group
Yole Group is a French market research and consulting firm that publishes industry reports on semiconductors, packaging and electronics supply chains.
Nvidia
Nvidia is a US semiconductor company whose GPU and rack-scale AI systems are a major driver of demand for advanced printed circuit boards.
The details
Circuit board content is advancing roughly every 18 to 24 months as laminate generations move from M7 to M8, M9 and M10, with each step changing all four constituent materials. Yole also reports that servers and data centres rose from 16% to 25% of PCB demand since 2020, and that custom accelerators carry about twice the PCB content of a GPU.
Timeline
2020: Servers and data centres began rising in share of PCB demand.
2025: The PCB industry ended the year with about USD 88 billion in revenue.
2026: Yole published its Printed Circuit Board Industry 2026 report.
2027: M9 laminate for Nvidia's Rubin Ultra is expected in the second half.
2031: The PCB market is forecast to reach USD 140 billion.
Tech Race
Yole's forecast extends its 2026 PCB report by showing AI-grade boards pulling the market toward a larger share of value. Laminate generations that now advance every 18 to 24 months are reshaping which suppliers capture that growth.
Higher PCB content per AI system points to continued pricing pressure on data centre hardware and the components built on it. Consumers may see the effects indirectly through the cost and availability of AI-enabled devices and cloud services.
The takeaway
The fastest-growing value in electronics is moving toward high-layer AI boards, so watch how laminate suppliers and server makers respond as each new generation arrives every year or two.
Further reading
For related coverage, see Semiconductors for the chip supply chain that shapes demand for advanced circuit boards.
Source note: This article includes information reported by Evertiq.
