Micromachining Market value of around US$ 3.95 billion in 2027

United States, New York, 2023-Feb-16 — /EPR Network/ —Micromachining Market: by Type (Traditional, Non-traditional, Hybrid), by Process (Additive, Subtractive), by Axis (3-axes, 4-axes, 5-axes), by End-Use Industry (Automotive, Semiconductor & Electronics, Aerospace & Defence, Medical & Aesthetics, Telecommunications, Power & Energy, Plastics & Polymers, Gems & Jewellery, and Others) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)

The micromachining market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the micromachining market.

Micromachining Industry Outlook

The global micromachining market size is predicted to grow from USD 2.59 billion in 2020 to USD 3.95 billion in 2027 at a CAGR of 7.12% from 2021 to 2027. The 5-axes segment is gaining popularity across the globe, backed by its use for its accuracy and precision in highly specialized industries as it improves the applications of the machines. Further, the increasing demand and use of 3D printing for micromachining in industries such as medical & aesthetics, and semiconductors, these factors will augment the global micromachining market over the forecast period.

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Factors Affecting the Micromachining Market over the Forecast Period:

The increasing demand for microelectronic devices miniaturization and the increasing preference for laser-based (non-traditional) micromachining are the key driving forces of the global micromachining market.

Governments of different countries are taking initiatives to achieve sustainable industrialization through regulations, innovation and creativity, promotion, and knowledge brokerage. Moreover, the rising industrialization and rapid population growth are some of the major factors that are expected to boost the growth of the micromachining market.

Along with increasing demand for semiconductor manufacturing and fabrication, the advancement of Sensor Fusion Technology provides numerous growth opportunities for the global micromachining market.

High costs of micromachining are retraining the global market

• The complex method of repeated deposition of thin films on the water and higher fabrication steps are the source of the high costs of these systems, which is the main limitation of the global micromachining market.
• The need for low-cost solutions with growing environmental concerns about the use of rare earth elements and minerals raises serious and major challenges for the global micromachining market.

Impact of COVID-19 on Micromachining Market

The COVID-19 outbreak has affected the global micromachining market severely. The pandemic has forced various governments globally to adopt strict policies that have impacted the production capacities of some of the major players operating in the global market. However, several companies have applied for permits and certificates to avoid the effect of lockdowns on their supply chain. Some manufacturers have reported a surge in demand for their products as micromachining is used in the manufacture and fabrication of respiratory assistance devices such as ventilators.

Scope of the Report

The report outlines the study of the global micromachining market on the basis of type, processes, axis type, and end-use industry.

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Based on the type, the micromachining market has been segmented into –

• Traditional
• Non-traditional
  • Electro Discharge Machining (EDM)
  • Electrochemical Machining (ECM)
• Hybrid

Based on the processes, the micromachining market has been segmented into –

• Additive
• Subtractive
• Others

Based on the axis type , the micromachining market has been segmented into –

• 3-axes
• 4-axes
• 5-axes

Based on the end-use industry, the micromachining market has been segmented into–

• Automotive
• Semiconductor & Electronics
• Aerospace & Defence
• Medical & Aesthetics
• Telecommunications
• Power & Energy
• Plastics & Polymers
• Gems & Jewellery
• Others (Machine tools & Manufacturing, Watchmaking, Glass)

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Micromachining Market: Regional Outlook

The global micromachining market has been segmented into five geographic regions: North America, Asia Pacific, South America, Europe, and the Middle East and Africa (MEA). In 2020, North America holds the largest share in the global micromachining market, followed by Europe and the Asia Pacific. In North America, the presence and involvement of all major companies and firms, high industrial demand, and steady supply-side push the growth of the micromachining market. Moreover, Asia Pacific is expected to have the highest CAGR in the global market over the forecast period.

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Key Global Micromachining Market Competitors Includes –

The global micromachining market is fairly concentrated, with the presence of limited players across the globe. The key players operating in the global micromachining market include –

• Coherent Incorporated
• Georg Fischer Limited
• Makino Milling Machine Company Limited
• Lumentum Holdings Incorporated
• Mitsubishi Heavy Industries Limited
• DATRON Dynamics Incorporated
• Han’s Laser Technology Industry Group Corporate Limited
• Electro Scientific Industries Incorporated
• IPG Photonics Corporation
• Heraeus Holding GmbH
• AMADA WELD TECH Company Limited
• OpTek Limited
• Oxford Lasers
• Electro Scientific Industries Incorporated
• Haas Laser Technologies Incorporated.

The micromachining market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the presence of the market players in the respective segment and region/country. The information concluded in the report includes the inputs from the primary interviews.