Micromachining Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020–2030
The manufacturing industry is witnessing an exponential rise of the Industry 4.0 trend, and a mounting number of industry players aiming to bolster the digital transformation of their production capabilities. Consequently, micromachining or mechanical micromachining has gained immense popularity as a leading manufacturing technology that transforms the use of mechanical micro tools into the technique of single process machining.
The growth of the global micromachining market is mainly attributed to the dramatic rise in adoption of mechanical micro tools in production of micro components in various industries. The range of end-use industries is constantly widening in the micromachining market, and includes automotive, healthcare, consumer electronics, and aerospace industries. Leading players in the micromachining market can be seen leveraging the recent advancements in various production technologies to offer versatile product features that improves the efficiency and productivity of the entire process.
New Growth Avenues in Semiconductor and Electronics Industry Boost Market Growth
Ongoing technological innovations and significantly high demand for consumer electronics are among the major factors that are driving the semiconductor and electronics industry. The space is riding the wave of miniaturization, and this opens up a new window of opportunities for players in the micromachining market. Miniaturization does not only call for the use of advanced technologies but also creates a demand for tools that support this kind of manufacturing. This is the leading factor that employs micromachining in this ever-growing industry.
Leading players in the micromachining market are leveraging the growth prospects of the semiconductor and electronics industry and diversifying their offerings to cater to the industry-specific requirements. For instance, manufacturers are offering laser micromachining tools that can support precise machining and production of miniature components of next-generation consumer electronics products. Furthermore, the integration of new technologies such as artificial intelligence and internet of things (IoT) is also expected to widen the scope for innovation in the micromachining market in the coming years.
Multiple Fabrication Steps Involved in Micromachining make Systems Complex and Expensive
Micromachining involves various mechanical components being fabricated very close to each other and this can lead to stiction, making separation of those components extremely difficult. Also, the process is also known for generating only low aspect ratio devices, and this is why it is only suitable for gear drives and comb drives. It involved higher fabrication steps, making the entire process of micromachining extremely complex and expensive. Furthermore, integration of such complex technologies leads to repetitive deposition of thin layers on wafers, limiting its implementation in large structures.
Implementation of 5-axes Micromachining Processes to Pick Pace
5-axis micromachining involves the use of cutting tools that are relatively shorter than the ones used in 3- and 4-axes micromachining. The biggest advantage of using 5-axes micromachining is that it enables end users to reach faster cutting speeds and eventually mitigates vibrations in those tools. This does not only improve productivity but also reduces the possibility of imperfections and flaws in the material.
A mounting number of end-use industries including automotive, medical devices, military & defense, and semiconductor and electronics industries are resorting to the use of 5-axes micromachining to attain accuracy and precision in manufacturing. Furthermore, end users are also aiming to leverage the fact that the 5th axis in micromachining adds to the potential of wide-ranging applications of machineries. This is expected to give rise to this trend in the micromachining market in the coming future.
North America Proves Lucrative; New Opportunities in APAC Attract Market Players
North America is currently the leading region in the global micromachining market, mainly attributed to the strong presence of market leaders in the United States of America. Leading players have a wide network of distributors and vendors in the country, which ultimately leads to the profitability and opportunities in the market.
On the other hand, rapid growth and developments of end-use industries in the Asia Pacific region also change various dynamics of the global micromachining market. Large presence of manufacturers of automotive components in the region is mainly contributing to the growth of the APAC market for micromachining. Consequently, the APAC market is expected to account for nearly one-third revenue share in the global micromachining market by the end of this decade.
Key players in the micromachining market include Makino Milling Machine Co., Ltd., Georg Fischer Ltd., Mitsubishi Heavy Industries, Ltd, Lumentum Holdings Inc., Coherent, Inc., Han’s Laser Technology Industry Group Co., Ltd, DATRON Dynamics, Inc., IPG Photonics Corporation, Electro Scientific Industries, Inc., and Heraeus Holding GmbH, among others. Leading manufacturers have adopted strategies to expand their product as well as technology portfolio by expanding their manufacturing capabilities. Many are also resorting to merger & acquisition strategies to diversify their portfolios in order to meet the specific needs of a wide range of end-use industries.
Based on type, the micromachining market can be segmented as:
Based on axis, the micromachining market can be segmented as:
Based on process, the micromachining market can be segmented as:
Based on end-use industries, the micromachining market can be segmented as:
This study provides a particularized anatomy according to the L.E.A.P mechanism.
The regional analysis offers market assays across:
This report is the key to questions such as:
According to our analysis, the global micromachining market reached a valuation of around US$ 2.5 billion, and the positive growth of the market was mainly attributed to the rising end user inclination towards laser-based micromachining systems. Our analysts also opine that the market is likely to witness healthy growth at a CAGR of over 6% during 2020 to 2030.
North America is expected to emerge as a lucrative market for micromachining as a majority of global players have a strong presence in the region. Our analysts have found that the leading players that have consolidated their position in North America include General Electric, Coherent, General Motors, Ford, and Rockwell Automation.
Our analysis highlights a major trend of manufacturers’ inclination towards the diversification of technology-focused, laser-based micromachining product portfolios. Manufacturers are also moving towards expanding their global networks with vendors and distributors to diversify their revenue streams in the coming years.
High-quality metal cutting machines will continue to witness high demand across a wide range of industrial applications, and this will continue to highlight the importance of micromachining in the coming years. Our analysts projections point towards positive growth prospects of the micromachining market with the estimates of the market to be valued at over US$ 4 billion by 2030.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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