Micromachining Market is expected to reach US$ 5.48 Bn by 2027
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Leading Micromachining market Players: 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., Amada Miyachi, Inc
The Micromachining market was valued at US$ 2,865.1 Mn in 2018 and is projected to reach US$ 5,488.2 Mn by 2027; it is expected to grow at a CAGR of 7.6% from 2019 to 2027.
The constant technology advancements in various industries are pushing manufacturers to implement miniaturization in order to cope up with rising demands of micro components in industries such as aerospace, electronics, defense, automotive, and healthcare. With this miniaturization trend, micromachining has increasingly becoming crucial for the fabrication of micro components. In industry such as medical, reduced size of medical tools has led to pain free diagnosis and surgeries. The medical industry is witnessing a boost in the demand for micro and nano-sized surgery equipment. In addition to this, the advancements in wearables and other personalized healthcare gadgets are also expected to fuel the growth of micromachining processes in this industry. With reduced size and weight, the value and convenience of products can be substantially elevated. The growing demand for miniature parts is leading to innovations in the designing of manufacturing tools and systems. The fast growth in Micro Electro Mechanical Systems (MEMS) research and development is further complementing the growth of micro level manufacturing. Micromachining is one such technology that has the potential to transform the traditional manufacturing processes.
Robust growth of semiconductor and electronics sector
Semiconductors and electronics industry play a crucial role in the global economy in terms of both revenue and growth. The global semiconductor as well as electronics industry is witnessing a robust growth rate from past few years owing to continuous technological advancements and investments in research and development activities. The penetration of advanced technologies such as artificial intelligence (AI), 5G, Internet of Things (IoT), and autonomous vehicles in various industries is pushing the limits of every industry and presents a huge growth opportunity for the global semiconductor & electronics industry. According to the latest Deloitte study on 'Semiconductors - the Next Wave (2019)', the global semiconductor industry's overall revenue is anticipated to rise from US$ 481 billion in 2018 to US$ 543 billion in 2022 with a robust growth rate. Increasing demand for miniature components, support for multiple wireless technologies, faster data rates, and longer battery life are some of the demands that are pushing Integrated Circuits (ICs) manufacturers to look beyond the traditional manufacturing techniques.
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The report segments the global micromachining market as follows:
Global Micromachining Market - By Process
Global Micromachining Market - By Raw Material
Metals & Alloys
Glass & Quartz
Global Micromachining Market - By Application
Aerospace & Defense
Semiconductor & Electronics
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
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