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Punching Out: Fewer Than 150 PCB Shops Remain in North America

According to GP Ventures’ database, the number of printed circuit board manufacturing companies in North America (including Canada), is now below 150. In 2020, it was around 200, and in 2022, it was 170. These figures do not include companies that only import or assemble boards. Please note that we are counting PCB companies and not facilities, so TTM Technologies counts as one, Summit as one, AdvancedPCB as one, etc. The total number of facilities is probably higher by around 30.

According to our records, there were 42 acquisitions in North America between 2020 and 2024. We don’t track whether the buyer has kept the seller’s facility open or closed it down, but it seems to be about 50-50. However, we are aware of only a few cases where the owner shut down the company. There have also been several instances where the owners shut down their fabrication operations to focus on brokering boards and/or assemblies. We are aware of only a few new greenfield companies, such as GreenSource in New Hampshire and Schweitzer in Moscow, Idaho.

The breakdown of companies by estimated annual revenue is:

• $25 million or greater: 26
• $10-25 million: 21
• $5-10 million: 33
• Less than $5 million: 69

Since 2020, the number of companies with more than $10 million in revenue increased, whereas those with below $10 million decreased dramatically. This supports what we have seen: larger shops are growing. This revenue projection is based on information we have gathered over the years. We have not contacted many of the smaller companies for verification. (Let me know if anyone would like to pay us to check this out).

The top five locations for company headquarters are:

• California: 49
• Illinois: 22
• Canada: 12 (I know, Canada is not a state)
• Minnesota: 8
• Texas: 7

In the 1990s, there were PCB shops all around the country. Today, there is a clustering effect, with many states having only one or no shops. The result is that much of the industry talent and support networks are also clustered. Most shops are located in states considered high wage, high tax, and high cost. We do not currently see a migration of shops to so-called “business-friendly” states. As North American PCB shops continue to focus more on prototypes and high-end PCBs, the advantages of being near the talent may outweigh the benefits of moving to lower-cost states.

This is not a scientific survey and while our count may be off, it is the result of over 20 years of experience in the industry. We may not hear all the news about closings and acquisitions, but it has been quite a while since we learned of a new (to us) PCB facility. It is difficult to track the small or captive shops, whether we are looking at their revenue or if they are making boards. However, the major trends show there are fewer PCB companies and the large ones continue to grow.  

Recently, the U.S. government has promoted the industry through legislation and incentives, with the vast majority of these benefiting the larger companies in the sector.  

It seems that as many smaller shops are acquired or closed, there are fewer “houses of horror,” or “dungeons of doom” left. Many shops we visit are pleasant, with high-end equipment and organized, well-lit facilities. It’s been a while since the smell of chemicals hit me so strongly upon entering a facility. I’m increasingly impressed by the investment of many smaller companies. 

It's likely that by around 2030, more than half the companies with under $10 million in revenue (and certainly those with under $5 million), will be acquired and shut down. We estimate the number of PCB companies to level out at around 100. The remaining companies should be stronger on average, which will be an opportunity for those owners and investors to take advantage of the trend toward reshoring and modernization.

Tom Kastner is the president of GP Ventures, an investment banking firm focused on sell-side and buy-side transactions in the tech and electronics industries. GP Ventures has offices in Chicago and Tokyo, with five people in total. Tom Kastner is a registered representative of, and securities transactions are conducted through, StillPoint Capital, LLC—a Tampa, Florida, member of FINRA and SIPC. StillPoint Capital is not affiliated with GP Ventures.