Micromachining Market Size 2022-28: Growth, Trends, Global Share Analysis

According to Precision Business Insights (PBI), the latest report, the market value of the micromachining market size is expected to be valued at USD 2, 785.3 million in 2022 and is expected to grow at a CAGR of 7.6% in 2022-2028. The primary factors that drive the market are the growing adoption of micromachining systems for the fabrication of micro parts in industries such as aerospace, consumer electronics, healthcare, automotive, and healthcare and the growing progressions in the production technologies have led to a decrease in the time needed for the production of components.

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5-Axes to Dominate the Micromachining Market:
Based on axes type, 5-axes hold the highest market share. The major factor for the rise of this segment is the use of the 5-axes in manufacturing aerospace components, automotive, medical components, petrochemical industry parts, and military-grade products The inclusion of the 5th axis in the micromachining system surges the possible applications of the apparatus. Enhanced accuracy needs less material movement for micromachining can drive the global micromachining market growth.

Asia Pacific Micromachining Market:
The Asia Pacific leads the global micromachining market growth due to the existence of some of the major automotive component manufacturing countries such as South Korea, China, and India. The Asia Pacific leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players that have contributed to increasing the sales of micro machining in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global micromachining market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In August 2022, Naprotek was acquired by MicroFab to expand its business.

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The micromachining market is segmented based on, product type, process, axes, industry, and region.
Based on the product type, the market is segmented into the following:
• Traditional
• Non-traditional
• Hybrid

Based on the process type, the market is segmented into the following:
• Additive
• Subtractive
• Others

Based on the axes type, the market is segmented into the following:
• 3-axes
• 4-axes
• 5-axes
• Others

Based on the industry type, the market is segmented into the following:
• Automotive
• Semiconductor & Electronics
• Aerospace & Defense
• Medical & Aesthetics
• Telecommunications
• Power & Energy
• Plastics & Polymers
• Gems & Jewelry
• Others (Machine tools & Manufacturing, Watchmaking, Glass)

Based on the region, the market is segmented into the following:
• Asia Pacific
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the Micromachining market report are AMADA WELD TECH Co., Ltd., Coherent, Inc., Electro Scientific Industries, Georg Fischer Ltd., Han's Laser Proces, Industry Group Co., Ltd., IPG Photonics Corporation, Makino, MITSUBISHI HEAVY INDUSTRIES, LTD., OpTek Ltd., and Oxford Lasers.

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This release was published on openPR.