Goldman Sachs Raises AI Server PCB Forecast 38% to $84B by 2028

Goldman Sachs upgrades AI server PCB and CCL market projections, citing layer count increases and HDI penetration as key growth drivers beyond simple shipment volume.

Woofun AI data shows that Goldman Sachs has significantly increased its market size forecasts for AI server-related products. The bank projects the global AI server PCB market will reach $37.5 billion by 2027, a 38% increase from previous estimates, before expanding to $84 billion by 2028.

Concurrently, the CCL market is expected to hit $22.1 billion by 2027, up 18%, with potential growth to $48 billion by 2028. This trajectory implies compound annual growth rates of 148% for PCBs and 161% for CCLs from 2026 to 2028. Unlike traditional server cycles, this expansion is driven by higher PCB layer counts, greater advanced HDI technology penetration, CCL material upgrades, and increased PCB usage within entire server racks, rather than solely by increased server shipments.