Micromachining Market by Type (Traditional, Non-traditional, Hybrid), Process (Additive, Subtractive, Others), Axis (3 axes, 4 axes, 5 axes), Industry (Automotive, Aerospace & Defense), and Geography - Global Forecast to 2025
“The micromachining market to exhibit significant growth from 2020 to 2025”
The global micromachining market size is expected to grow from USD 2.4 billion in 2020 to USD 3.3 billion by 2025, at a CAGR of 6.2%. The growth of this market can be attributed to the increasing preference towards laser-based micromachining over the traditional process and growing demand for miniaturization of microelectronic devices. However, regulatory compliance regarding laser technology hinders market growth.
“Non-traditional micromachining to capture the largest market share among different types of micromachining”
Non-traditional micromachining consists of various sub-type such as electrochemical micromachining (ECM), electrical discharge micromachining (EDM), ultrasonic micromachining, and laser micromachining. Among these types, laser micromachining is most prevalent in the market because of various reasons such as precision and efficiency. The non-traditional micromachining has some of the dominating sub-types such as laser micromachining and ultrasonic micromachining. Precision at the micro-level and applicability in various industries thus drive the market for non-traditional micromachining.
“Subtractive micromachining processes are likely to hold the largest market share of the micromachining market”
Unlike additive manufacturing, subtractive manufacturing removes the thin film from the surface by various methods. Various processes include bulk micromachining, micro-cutting, micro-drilling, micro texturing, micro ablating, micro scribing, and micro engraving. The broader application of subtractive processes due to ease of use and reliability of the process fuels the market to hold the largest share.
“APAC to be the fastest-growing market for micromachinings during the forecast period”
Among all regions, the market in APAC is expected to grow at the highest rate from 2020 to 2025. The growth of the market in this region is attributed to technological innovations. The world’s major automakers are focusing on establishing their manufacturing plants in the APAC region, and some of them are even offering tailored electric and hybrid vehicles in this region. Since the economic liberalization in 1991, India has attracted unprecedented attention from major automakers. The APAC region is a promising and emerging market for micromachining owing to factors such as growing economies and booming demand for automobiles and manufacturing equipment.
The break-up of profiles of primary participants for the report:
By Company Type – Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
By Designation – C-level Executives – 48%, Directors – 33%, and Others – 19%
By Region – North America – 35%, Europe – 18%, APAC – 40%, and RoW – 7%
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 many others.
This global micromachining market has been segmented by type, process, axis, industry, and geography. The micromachining industry based on type has been segmented into traditional, non-traditional, and hybrid micromachining. The micromachining market based on the process has been segmented further into additive, subtractive, and other. The micromachining industry by axis has been segmented into 3-axes, 4-axes, 5-axes, and others. The industry segment has been classified further into automotive, aerospace & defense, semiconductor & electronics, medical & aesthetics, telecommunications, energy, plastics & polymers, gems & jewelry, and others. The micromachining market by geography has been segmented into four regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report:
Illustrative segmentation, analysis, and forecast for the market based on type, process, axis, industry, and region have been included to give an overall view of the micromachining market.
Major drivers, restraints, opportunities, and challenges influencing the micromachining market growth have been detailed in this report.
The report includes detailed information on the competitive landscape, along with key players, in-depth analysis, and revenue of key players.
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