Global Micromachining Market is valued approximately at USD 2.65 billion in 2020 and is anticipated to grow with a CAGR of more than 6.2% over the forecast period 2020-2027.
Micromachining is a technique used for fabrication of 3D structures on the micrometre scale. The growth is driven by the expanding reception of these systems for the fabrication of micro-components in industries such as automotive, healthcare, consumer electronics, healthcare, and aerospace. The expanding progressions in the developing technology have brought about a decrease in the time required for the assembling of parts, which has additionally helped the market development. In addition, different organizations in the assembling segment, for example, Johnson Matthey and Tekniker have indicated an inclination for laser-based material over conventional micromachining that looks promising for market development. The funding provided by government organizations, for example, the U.S. Public Science Foundation (NSF) and the European Commission (EC) for the advancement of micromachining frameworks has driven the market development essentially.
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For example, in July 2017, under the Small Business Innovation Research (SBIR) award, Omax Corporation got subsidizing from the U.S. Public Science Foundation (NSF) for the improvement of micromachining grating water jet-Micro MAX Jet Machining focus that is equipped for situating exactness of less than 15 microns. Additionally, based on our literature search of various educational organizations websites institutes are showing keen interest in micromachining market , for example, In 2020, the Indian Institute of Technology (Mumbai) and Bannari Amman Institute of Technology are setting up workshops that emphasis on innovative work exercises for these frameworks that drive the market development further.
As of late, there has been an expansion in the quantity of number of events, for example, the International Conference on Micromachining that has raised shopper mindfulness. The expanded reception of micromachining for the manufacture of accurate instruments is boosting market development.According to statista, In the fiscal year of 2018, ExOne generated revenue of some 64.6 million U.S. dollars. The enterprise supplies services and systems for manufacturing through products that utilizes 3D printing in sand, metal, glass, as well as laser micromachining, which uses short pulse laser technologies. Moreover, producers of lasers are zeroing in on the improvement of ultrafast lasers for micromachining applications that have helped the market development. For example, in June 2019, NKT Photonics A/S and Oxide Corporation has set up an association under which they will consolidate theirtechnologies for developing and manufacturing a range of ultraviolet and deep ultraviolet ultrafast lasers.
Laser micromachining and electro chemical machining are among the emerging markets and are projected to witness fastest growth during the forecast period owing to huge potential applications across the various end user industries. Although there has been an increased demand for these systems from various industries, yet the high cost of these systems is expected to restrain the market growth. The high cost can be attributed to the complex process of repetitive deposition of thin films on the wafer and higher fabrication steps.
The regional analysis of global Interactive Kiosk Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to The presence of all major companies, strong industrial demand, and steady supply-side drive the market in North America. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Coherent, Inc. (US)
Georg Fischer Ltd. (Switzerland)
Makino Milling Machine Co., Ltd. (Japan)
Lumentum Holdings Inc. (US)
Mitsubishi Heavy Industries, Ltd (Japan)
DATRON Dynamics, Inc. (US)
Han’s Laser Technology Industry Group Co., Ltd (China)
Electro Scientific Industries, Inc. (US)
IPG Photonics Corporation (US)
Heraeus Holding GmbH (Germany)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Semiconductor & Electronics
Aerospace & Defense
Medical & Aesthetics
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2020
Forecast period – 2020 to 2027
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Target Audience of the Micromachining Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers