Component Engineer salary in Iceland

Average Yearly Salary of Component Engineer in Iceland is approximately 16,117,045 ISK (112,923 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Component Engineer do?

A component engineer is responsible for the selection, evaluation, and qualification of electronic components used in various products. They work closely with design engineers, suppliers, and manufacturers to ensure that the chosen components meet the required specifications and standards. The role involves researching and analyzing component technologies, conducting tests and evaluations, and providing recommendations on the best components to use. Component engineers are also responsible for managing the component database and ensuring accurate documentation of specifications, availability, and pricing information. They play a vital role in cost reduction and quality improvement initiatives by identifying alternative components or suppliers that offer better performance or lower costs. Additionally, they may collaborate with cross-functional teams to resolve component-related issues, such as obsolescence or supply chain disruptions.

Skills: Component Engineer, Electronic Components, Evaluation, Qualification, Supply Chain Management, Cost Reduction
Job industry: Engineering

How much does Component Engineer make?

Difference in salary year over year or average salary increase is approximately 3 %


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Salary comparison to National average

Is Component Engineer a well paid job?

Yes, our data shows that Component Engineer is a well paid job. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Component Engineer?

High salary for Component Engineer would be somewhere between 17,728,750 ISK and 23,369,715 ISK. However this is an estimation based on Gaussian Distribution.

How much can you save working as Component Engineer in Iceland?

Living in Iceland the approximate monthly expenses are: 2,729 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 16,117,045 ISK
Estimated Monthly Salary: 1,343,087 ISK
Estimated Weekly Salary: 309,943 ISK per week
Estimated Hourly Salary: 7,749 ISK per hour
By working as Component Engineer a person can save up to 6,681 USD per month or 80,177 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Iceland, see costs of living in Iceland.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Norway, Faroe Islands, United Kingdom.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Component Engineer

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

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Data as of 2025

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