The Micromachining Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Micromachining Global Market Report 2024, The micromachining market size has grown strongly in recent years. It will grow from $2.99 billion in 2023 to $3.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. 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 $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. 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.
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.
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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
Technology advancement is a key trend in the micromachining market. Micro components are being used in extremely complicated structures. Manufacturers utilize this opportunity by bringing technological advancements in micromachinings such as micro-cutting, micro-EDM, laser micro-machining, FIB machining, and others. The companies are investing in the development of innovative lasers to increase the operational capabilities of micromachining equipment over sensitive and high strength materials such as medical devices, polymers, metals, and others. For instance, MKS Instruments, Inc., a USA-based provider of instruments, systems, subsystems, and process control solutions, launched Specta-Physics Spirit 1030-140, an industrial femtosecond hybrid laser with the potential to deliver power greater than 140 W, and more than 600 microjoules of pulse energy. The laser is the ideal solution for micromachining polymers, thin metals, polycrystalline diamonds, and others.
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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26. South America Micromachining Market
27. Brazil Micromachining Market
28. Middle East Micromachining Market
29. Africa Micromachining Market
30. Micromachining Market Competitive Landscape And Company Profiles
Top Major Players:
- Amada Weld Tech Co. Ltd.
- Coherent Inc
- Georg Fischer Ltd
- Han’s Laser Technology Industry Group Co. Ltd.
- IPG Photonics Corporation
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