Overview and Scope
Micromachining refers to the removing of small amounts of material (such as metal) by action other than that of a sharp-edged tool. Micromachining equipment is used to manufacture small, complicated pieces with high precision and low operational costs. These components can then be employed in studies to mimic large-scale processes on a microscale.
Sizing and Forecast
The micromachining market size has grown strongly in recent years. It will grow from <b>$2.99 billion in 2023 to $3.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. </b> The growth in the historic period can be attributed to miniaturization of electronic components and devices, demand for high precision and complex microstructures, growth in medical and healthcare device manufacturing, need for microfabrication in aerospace and automotive sectors, expansion of mems (micro-electro-mechanical systems) applications.
The micromachining market size is expected to see strong growth in the next few years. It will grow to <b>$4.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. </b> The growth in the forecast period can be attributed to adoption of laser micromachining for non-contact precision processing, increased demand for microfluidics and lab-on-a-chip devices, focus on 3d micromachining for complex geometries and structures, research and development in nanomachining and ultra-precision machining, growing demand for micromachining in consumer electronics and wearables. Major trends in the forecast period include hybrid micromachining processes, advancements in ultra-precision machining tools, micro-fluidics and lab-on-a-chip devices, nanomachining for sub-micron precision, miniaturization in electronics and optoelectronics.
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Segmentation & Regional Insights
The micromachining market covered in this report is segmented –
1) By Type: Traditional, Non-traditional, Hybrid
2) By Process: Additive, Subtractive, Others
3) By Axis: 3-axis, 4-axis, 5-axis, Others
4) By Industry: Automotive, Semiconductors & Electronics, Aerospace & Defense, Healthcare, Telecommunications, Power & Energy, Plastics & Polymers, Gems & Jewelry, Others,
<b>Asia-Pacific</b> was the largest region in the micromachining market in 2023. The regions covered in the micromachining market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The robust growth of the semiconductor and electronics sectors is expected to propel the growth of the micromachining market. Due to continual technological developments and investments in research and development operations, the worldwide semiconductor and electronics sector has been growing rapidly in recent years. Artificial intelligence (AI), 5G, the Internet of Things (IoT), and autonomous cars are all pushing the boundaries and presenting a significant growth opportunity globally for the semiconductor and electronics business. Additionally, micromachining equipment is widely used in the manufacturing of miniature components with intricate geometry in the semiconductor industry. According to a study by Deloitte, the global semiconductor chip industry is expected to reach about USD600 billion in 2022. Due to the growth in this sector, the demand for miniature components used in this sector is also increasing, which will drive the micromachining market.
Key Industry Players
Major companies operating in the micromachining market include <b> Amada Weld Tech Co. Ltd., Coherent Inc., Georg Fischer Ltd., Han’s Laser Technology Industry Group Co. Ltd., IPG Photonics Corporation, Lumentum Holdings Inc., ELAS Ltd., Heraeus Holding GmbH, Mitsubishi Heavy Industries Ltd., DATRON Dynamics Inc., Electro Scientific Industries Inc., MKS Instruments Inc., The TRUMPF Group, Oxford Lasers Ltd., Eastman Chemical Company, 3D-Micromac AG, Makino Milling Machine Co. Ltd., OpTek Ltd., Reith Laser B.V., Potomac Laser, 4JET Microtech GmbH, Electro Scientific industries, Microlution Inc., AMETEK Precitech Inc., Microcut Inc., Evlaser srl, Posalux SA, SCANLAB GmbH, Senfeng Laser Inc., SUZHOU CHANXAN LASER TECHNOLOGY Co. Ltd. </b>
The micromachining market report table of contents includes:
1. Executive Summary
2. Micromachining Market Characteristics
3. Micromachining Market Trends And Strategies
4. Micromachining Market – Macro Economic Scenario
5. Global Micromachining Market Size and Growth
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31. Global Micromachining Market Competitive Benchmarking
32. Global Micromachining Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Micromachining Market
34. Micromachining Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Amada Weld Tech Co. Ltd.
Coherent Inc
Han’s Laser Technology Industry Group Co. Ltd
IPG Photonics Corporation
Lumen tum Holdings Inc
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