PCB fabrication and PCB assembly are two distinct parts of the PCB manufacturing process.
PCB fabrication is the process of transcribing a circuit board design onto the physical structure of the board.
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By contrast, PCB manufacturer China tells you that PCB assembly is the process of actually placing components onto the board to make it functional. PCB fabrication can be likened to the paths, streets, and zoning of a city, while PCB assembly is the actual buildings that allows a printed circuit board to operate.