The global micromachining market was valued at US$ 2.86 Bn in 2018 and is expected to grow at a CAGR of 7.6% during 2019-2027, to account for US$ 5.48 Bn by 2027
NEW YORK, Dec. 23, 2019 /PRNewswire/ --
The global micromachining market was valued at US$ 2.86 Bn in 2018 and is expected to grow at a CAGR of 7.6% during 2019-2027, to account for US$ 5.48 Bn by 2027. Micromachining is a process for the fabrication of 3D structures on a micrometer scale (?m). The scope of micromachining includes processes such as cutting, ablation, drilling, texturing, and scribing among others. Each of these processes requires some kind of material removal. Various raw materials can be machined with the use of different micromachining techniques, including metals, polymers, alloys, ceramics, and glass. Micromachining services and systems are being widely used in industries such as aerospace, defense, optical, medical, telecommunications, semiconductor, microelectronics, automotive, and industrial for the fabrication of micro-components. From past few years, the trend of miniaturized micro-devices has been growing at an unprecedented rate in all the above mentioned industries; however, the fabrication of micro-components and structures is still a challenging task for many of these industries. The fast-evolving technological landscape globally is further driving the need for innovation in conventional machining techniques and tools to meet the modern industry's design requirements. This need led to the development of nonconventional machining techniques, such as laser micromachining, for high level of precision and accuracy in the fabrication of micro-components.
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The players in the global micromachining market are anticipated to witness impressive growth rate during the forecast period owing to factors such as strong growth in semiconductor and electronics industry, and positive growth in the global manufacturing industry due to favorable government initiatives.However, high operation and maintenance costs could hinder the micromachining market growth.
Despite these limitations, the fast growing demand for consumer electronics and rising trend of miniaturization are projected to offer ample growth opportunities for the players operating in the micromachining market during the forecast period.
The market for micromachining has been segmented on the basis of process, raw material, application, and geography.Based on process type, the market is segmented into photolithography, laser machining, micro-EDM, and micromechanical machining.
Photolithography process represented the largest share of the overall market throughout the forecast period; however, laser micromachining is expected to be the fastest-growing process.Based on raw material, the micromachining market has been segmented into metals and alloys, polymers, glass and quartz, and ceramics.
The market is further segmented on the basis of different applications such as aerospace & defense, medical, telecommunications, semiconductor & electronics, automotive, and industrial.
Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).APAC held the major share of the global micromachining market in 2018, and it is expected to continue its dominance during 2019-2027.
The market in APAC is also anticipated to grow at the highest CAGR of 8.5% from 2019 to 2027. North America and Europe stood second and third in the global micromachining market in 2018 respectively. Other developing regions such as the MEA, and SAM are also anticipated to offer ample growth opportunities to the micromachining market players during 2019-2027.
The overall micromachining market size has been derived using both primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the micromachining market.
It also provides the overview and forecast for the global micromachining market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the micromachining market. Some of the key players operating in the micromachining market are 3D-Micromac AG, 4JET microtech GmbH, IPG Photonics Corporation, KJ Laser Micromachining, OpTek Ltd., Oxford Lasers Ltd, PhotoMachining, Inc., Potomac Laser, Reith Laser B.V., and Amada Miyachi, Inc. among others.
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