Press release
Micromachining Global Market Predicted to Augment and Reach over $4.45 Billion at a CAGR of 8.2% By 2028 | Coherent Inc., Oxford Lasers Ltd., ELAS Ltd., Optec Ltd., Reith Laser B.V.
"The new report published by The Business Research Company, titled ""Micromachining Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.As per the report, 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 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%.
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Semiconductor And Electronics Growth Fueling Micromachining Market Expansion
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 Advancements Transforming 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.
The micromachining market covered in this report is segmented -
1) By Type: Traditional, Non-traditional, Hybrid
2) By Process: Additive, Subtractive, Others
3) By Axis: 3-axis, 4-axis, 5-axis, Others
4) By Industry: Automotive, Semiconductors & Electronics, Aerospace & Defense, Healthcare, Telecommunications, Power & Energy, Plastics & Polymers, Gems & Jewelry, Others,
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Major companies operating in the micromachining market include 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.
Contents of the report:
1. Executive Summary
2. Micromachining Market Report Structure
3. Micromachining Market Trends And Strategies
4. Micromachining Market - Macro Economic Scenario
5. Micromachining Market Size And Growth
…..
27. Micromachining Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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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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