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Global Micromachining Market to Witness Moderate Growth During 2021-2026, Impelled by Rising Demand for Precision Manufacturing

Published on May 10, 2021

According to the latest report by IMARC Group, titled "Micromachining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global micromachining market grew at a CAGR of around 8% during 2015-2020. Micromachining is a manufacturing technology that utilizes numerous mechanical tools to produce three-dimensional (3D) micro components. It involves the use of a laser for its unique fabrication process. It also offers a precise non-contact mode of machining process that aids in manufacturing miniature components made from metal or plastic with intricate geometry. It is characterized by improved agility as well as fast and precise repeatable cutting operations with high quality. The use of these solutions also offers enhanced scalability and repeatability. As a result, it is widely employed for various microengineering applications across the industrial and research sectors.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Micromachining Market Trends:

The global market is primarily driven by the increasing demand for precision manufacturing. Coupled with the rising demand for miniaturized components and an escalating need for producing specialized products, this has provided an impetus to the market growth. Moreover, continual advancements in production technologies have resulted in the increasing utilization of nanotechnology for miniaturization of components with improved speed and accuracy. Consequently, the widespread integration of micromachining with nanotechnology is acting as another major growth-inducing factor. The market is further driven by the growing integration of these systems with computer aided manufacturing (CAM), which plays an essential role in minimizing the time required for the production of micro components. The rising adoption of the Internet of Things (IoT) and the emergence of 5G technology across the globe are also creating a positive outlook for the market. Apart from this, the widespread preference for minimally invasive surgery on the global level has impelled the demand for micromachining for the production of micro-sized medical implants in the healthcare sector. Some of the other factors contributing to the market growth include extensive research and development (R&D) activities and the increasing utilization of these systems for producing cost-effective electronics systems in the automotive sector. On account of the aforementioned factors, the market is expected to exhibit moderate growth during 2021-2026.

Market Summary:

  • Based on the type, the market has been divided into traditional, non-traditional (EDM, ECM and laser) and hybrid.
  • On the basis of the process, the market has been classified into additive, subtractive and others.
  • Based on the axis, the market has been segmented into 3-axis, 4-axis and 5-axis.
  • On the basis of the end use industry, the market has been categorized into automotive, semiconductors and electronics, aerospace and defense, healthcare, telecommunications, power and energy, plastics and polymers, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Amada Co. Ltd., Coherent Inc., Mks Instruments Inc., Georg Fischer AG, Han’s Laser Technology Industry Group Co. Ltd., IPG Photonics Corporation, Makino Milling Machine Co. Ltd., Mitsubishi Heavy Industries Ltd, OpTek Systems (Safety Technology Holdings Inc.) and Oxford Lasers Limited.

 

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