Microscopic Marvels: Micromachining Market $3.3 Billion Boom
With a compound annual growth rate (CAGR) of 6.2%, the size of the global Micromachining Market is expected to climb significantly, from USD 2.4 billion in 2020 to USD 3.3 billion by 2025.
Micromachining is categorised according to type (traditional, non-traditional, hybrid), process (additive, subtractive, others), axis (3 axes, 4 axes, 5 axes), and industry (automotive, aerospace & defence) in a recent market research report that details this projection. The study emphasises the various uses and approaches of micromachining and its applicability in industries including automotive and aerospace & defence. Improvements in both conventional and non-traditional micromachining methods, along with rising demand in important industries, are responsible for the development trajectory.
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Two major factors are propelling the micromachining market's growth: the growing demand for miniaturising microelectronic devices and the growing preference for laser-based micromachining over conventional techniques. Because it is more accurate and efficient than traditional approaches, laser-based micromachining is becoming more and more popular and improving manufacturing results. A major factor driving the market's growth is the growing requirement for microelectronic device miniaturisation, which is being driven by customer desires for portable and small devices as well as technological breakthroughs. Due to these two factors, laser-based micromachining is positioned to play a major role in satisfying the changing needs of sectors that need precise and complex production processes, especially in the field of microelectronics.
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Non-traditional type micromachining to capture the largest market share in the global micromachining market.
Non-traditional type micromachining is expected to have the most market share in the near future and dominate the global micromachining industry. Its prevalence is explained by the clear advantages it has over conventional techniques, especially with regard to accuracy and time savings. Non-traditional micromachining methods are acknowledged for their exceptional accuracy, which makes complex and precise production processes possible. They also have faster processing times, which improves overall operational effectiveness. Owing to these benefits, non-traditional micromachining has become widely used for micromachining in a variety of industries. By 2025, it is anticipated that non-traditional micromachining will establish its dominance and take the biggest market share in the micromachining industry due to its accuracy, time-saving qualities, and wide industry applicability.
Automotive industry to lead the micromachining market from 2020 to 2025.
From 2020 to 2025, the automotive sector is expected to hold a significant leadership position in the micromachining market. In the automotive industry, micromachining is essential for improving product functionality and enabling miniaturisation. Its many uses include temperature and pressure sensors, speed sensors, accelerometers, and more, all of which improve the overall effectiveness and performance of automotive systems. New developments in Micro Electro Mechanical System (MEMS) devices used in cars are driving up demand for micromachining even more. The automobile sector has witnessed a surge in the adoption of micromachining due to these technological developments. Because of this, it is projected that the automotive industry will lead the worldwide micromachining market over the given time frame, highlighting the critical role that micromachining plays in advancing automotive technology.
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APAC to be the largest market for micromachining during the forecast period.
During the course of the projection period, the Asia-Pacific (APAC) region is expected to become the largest market for micromachining. The primary reasons for this rise are the swift advancements in technology and the extensive use of micromachining in important industries including the automotive, medical, and cosmetic sectors. The market for micromachining is expanding significantly, especially in the Asia-Pacific area, where developing nations are making notable progress. Notable industry leaders in this region are China, India, and Japan. The strong expansion observed in APAC can be ascribed to thriving economies as well as the expanding automobile and manufacturing sectors. Leading micromachining manufacturing firms like Makino, renowned for providing cutting-edge micromachining solutions across numerous sectors, are located in Japan in particular. Due to its economic expansion and the growing number of industries where micromachining technologies are being used, the APAC region appears to be a promising and dynamic market for micromachining.
Major players operating in the global micromachining market are Coherent, Inc. (US), Georg Fischer Ltd. (Switzerland), Makino Milling Machine Co., Ltd. (Japan), Lumentum Holdings Inc. (US), Mitsubishi Heavy Industries, Ltd (Japan), DATRON Dynamics, Inc. (US), Han’s Laser Technology Industry Group Co., Ltd (China), Electro Scientific Industries, Inc. (US), IPG Photonics Corporation (US), and Heraeus Holding GmbH (Germany), among others.
Other companies include OMAX CORP. (US), 3D Micromac (Germany), Lasea (Belgium), Posalux SA (Switzerland), SCANLAB GmbH (Germany), Tornos S. A. (Switzerland), Swisstec 3D Akus AG (Switzerland), Kugler GmbH (Germany), and GFH GmbH (Germany), among others.
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