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2024 Global Micromachining Market Size, Share, Trends And Growth Analysis Report
Micromachining Global Market Report 2024
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According to The Business Research Company's, The micromachining market size has grown strongly in recent years. It will grow from $2.99 billion in 2023 to $3.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to miniaturization of electronic components and devices, demand for high precision and complex microstructures, growth in medical and healthcare device manufacturing, need for microfabrication in aerospace and automotive sectors, expansion of mems (micro-electro-mechanical systems) applications.
The micromachining market size is expected to see strong growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to adoption of laser micromachining for non-contact precision processing, increased demand for microfluidics and lab-on-a-chip devices, focus on 3d micromachining for complex geometries and structures, research and development in nanomachining and ultra-precision machining, growing demand for micromachining in consumer electronics and wearables. Major trends in the forecast period include hybrid micromachining processes, advancements in ultra-precision machining tools, micro-fluidics and lab-on-a-chip devices, nanomachining for sub-micron precision, miniaturization in electronics and optoelectronics.
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Market Drivers and Trends:
The robust growth of the semiconductor and electronics sectors is expected to propel the growth of the micromachining market. Due to continual technological developments and investments in research and development operations, the worldwide semiconductor and electronics sector has been growing rapidly in recent years. Artificial intelligence (AI), 5G, the Internet of Things (IoT), and autonomous cars are all pushing the boundaries and presenting a significant growth opportunity globally for the semiconductor and electronics business. Additionally, micromachining equipment is widely used in the manufacturing of miniature components with intricate geometry in the semiconductor industry. According to a study by Deloitte, the global semiconductor chip industry is expected to reach about USD600 billion in 2022. Due to the growth in this sector, the demand for miniature components used in this sector is also increasing, which will drive the micromachining market.
Technology advancement is a key trend in the micromachining market. Micro components are being used in extremely complicated structures. Manufacturers utilize this opportunity by bringing technological advancements in micromachinings such as micro-cutting, micro-EDM, laser micro-machining, FIB machining, and others. The companies are investing in the development of innovative lasers to increase the operational capabilities of micromachining equipment over sensitive and high strength materials such as medical devices, polymers, metals, and others. For instance, MKS Instruments, Inc., a USA-based provider of instruments, systems, subsystems, and process control solutions, launched Specta-Physics Spirit 1030-140, an industrial femtosecond hybrid laser with the potential to deliver power greater than 140 W, and more than 600 microjoules of pulse energy. The laser is the ideal solution for micromachining polymers, thin metals, polycrystalline diamonds, and others.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Amada Weld Tech Co. Ltd., Coherent Inc., Georg Fischer Ltd., Han's Laser Technology Industry Group Co. Ltd., IPG Photonics Corporation, Lumentum Holdings Inc., ELAS Ltd., Heraeus Holding GmbH, Mitsubishi Heavy Industries Ltd., DATRON Dynamics Inc., Electro Scientific Industries Inc., MKS Instruments Inc., The TRUMPF Group, Oxford Lasers Ltd., Eastman Chemical Company, 3D-Micromac AG, Makino Milling Machine Co. Ltd., OpTek Ltd., Reith Laser B.V., Potomac Laser, 4JET Microtech GmbH, Electro Scientific industries, Microlution Inc., AMETEK Precitech Inc., Microcut Inc., Evlaser srl, Posalux SA, SCANLAB GmbH, Senfeng Laser Inc., SUZHOU CHANXAN LASER TECHNOLOGY Co. Ltd.
Micromachining Market 2024 Key Insights:
• The micromachining market size is expected to see strong growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Semiconductor And Electronics Growth Fueling Micromachining Market Expansion
• Technology Advancements Transforming The Micromachining Market
• Asia-Pacific was the largest region in the micromachining market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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