The market for micromachining is expected to grow at a CAGR of around 6.9% from 2020 to 2027 and expected to reach the market value of around US$ 4.0 Bn by 2027.
Micromachining is the process of machining very small parts with tools smaller than 0.015 inches in diameter and tolerances of just a few tenths, as in turn, these can create intricate and very small parts that are required for certain applications, particularly in the semiconductor and medical industry. Micromachining developed as a technique in the late 1990s, in response to increasing demand for smaller and more intricate parts from the semiconductor and medical industries. Additionally, micromachining tools may be as small as 0.001 inches in diameter (1/3 diameter of a human hair) to achieve the precision and detail needed.
The increasing demand for the miniaturization of microelectronic devices and laser-based micromachining is driving the market growth. The increasing demand for cost-effective and micro-scale medical devices including body implants and others is supporting the market growth. The rising demand for the miniaturization of semiconductor fabrication is further bolstering the market growth. Furthermore, the advent of Axis solutions like 5G and IoT is likely to create the demand for telecom equipment, sensors, and other devices to constitute an upgraded telecom infrastructure is anticipated to create opportunities over the forecast period from 2020 to 2027.
On the other side, the high cost of capital investment associated with the micromachining equipment is likely to hinder the growth to an extent over the forecast period from 2020 to 2027.
Segment Instance of Global Micromachining Market
Bulk Micromachining accounted for the maximum revenue share in the global Micromachining Market
Based on technique, bulk micromachining is leading the market with maximum revenue share and the segment is also projected to maintain its dominance throughout the forecast period from 2020 to 2027. Bulk micromachining is a process used to produce micromachinery or microelectromechanical systems (MEMS) and it defines structures by selectively etching inside a substrate. Basically, it enables the 3D sculpting of various materials (mainly silicon) to make small structures that serve as components for MEMS devices.
Asia Pacific overtook the North America market in 2019 and has become the market leader
In 2019, Asia Pacific accounted for the maximum revenue share (%) in the micromachining market, and the region is also projected to maintain its dominance throughout the forecast period from 2020 to 2027. The major developing economies of the region including China and India are majorly contributing to the regional market dominance. The continuously developing industrial infrastructure and manufacturing technologies by the major players are supporting the regional market growth. Moreover, North America follows the Asia Pacific in the Micromachining market of 2019. North America was a leader in the market till 2018, but later the region has overtaken by the Asia Pacific due to its developing industrial infrastructure.
Key Market Players
The players profiled in the report include Amada Weld Tech Co., Ltd., Coherent, Inc., Electro Scientific Industries, Georg Fischer Ltd., Han’s Laser Process Industry Group Co., Ltd., Heraeus Holding GmbH, IPG Photonics Corporation, Lumentum Holdings Inc., Makino Milling Machine Co., Ltd., Mitsubishi Heavy Industries, Ltd., OpTek Ltd., Oxford Lasers, and others.
Market By Type
Electro Discharge Machining
Electro Chemical Machining
Micro Ultrasonic Machining
Market By Technique
Market By Axis
Market By Application
Micro hole drilling
Market By End Use Industry
Semiconductor & Electronics
Aerospace & Defense
Medical & Aesthetics
Power & Energy
Plastics & Polymers
Gems & Jewelry
Others (Machine tools & Manufacturing, Watchmaking, Glass)
The market for Micromachining is expected to reach a market value of around US$ 4.0 Bn by 2027.
The Micromachining market is expected to grow at a CAGR of around 6.9% from 2020 to 2027.
Bulk Micromachining is the leading segment by technique in the micromachining market
The increasing demand for the miniaturization of microelectronic devices, increasing demand for cost-effective and micro-scale medical devices, and rising demand for the miniaturization of microelectronic devices or semiconductor fabrication are some of the factors driving the market growth.
Amada Weld Tech Co., Ltd., Coherent, Inc., Electro Scientific Industries, Georg Fischer Ltd., Han’s Laser Process Industry Group Co., Ltd., Heraeus Holding GmbH, IPG Photonics Corporation, Lumentum Holdings Inc., Makino Milling Machine Co., Ltd., mitsubishi heavy industries, ltd., OpTek Ltd., and Oxford Lasers are some of the prominent players in the market.
Asia Pacific held the highest market share in the micromachining market
Asia Pacific is expected to be the fastest growing market over the forecast period