According to the new market research report on the "Micromachining Market by Type (Traditional, Non-traditional, Hybrid), Process (Additive, Subtractive, Others), Axis (3 axes, 4 axes, 5 axes), Industry (Automotive, Aerospace & Defense), and Geography - Global Forecast to 2025", The global micromachining market size is projected to reach USD 3.3 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 6.2%. The growth of this market can be attributed to the increasing preference for laser-based micromachining over traditional processes and increasing demand for miniaturization of microelectronic devices.
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Key Market Players
Major players operating in the global micromachining market 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), and Heraeus Holding GmbH (Germany), among others.
COHERENT is one of the leading companies in the micromachining market. The company has a laser technology-focused micromachining product portfolio for applications in microelectronics, materials processing, and OEM components and instrumentation. The laser solutions offered by the company are of various types such as diode-pumped solid-state lasers (DPSS), fiber lasers, gas lasers (CO, CO2, excimer, ion), optically pumped semiconductor lasers (OPSL), ultrafast (UF) lasers, and semiconductor lasers. The company has focused its micromachining offering based on laser technology only and hence has a comprehensive product portfolio based on it. Also, more than 80% of the revenue of the company comes from outside of the US, suggesting that the company has a substantial reach worldwide.
Makino is another major company in the micromachining market. The company offers high-quality metal cutting and EDM machines that include horizontal machining centers, vertical machining centers, 5-axis machining centers, graphite machining centers, and wire and sinker EDMs. The company is present in Asia, the Americas, and Europe. The micromachining offerings by the company have features such as advanced spindle temperature control, rigid machine construction, and unique EDM advancements. The micromachining equipment is capable of high-speed machining and repeatability. The company has a comprehensive product portfolio in wire EDM that makes it robust in the market.
“Non-traditional type micromachining to capture the largest market share in the global micromachining market.”
Non-traditional type micromachining offers more precision than the traditional type and consumes less time. Additionally, it is used in most of the industries for micromachining applications. Hence, it is expected to capture the largest market share in micromachining by 2025.
“Automotive industry to lead the micromachining market from 2020 to 2025.”
Micromachining in the automobile industry is widely used to increase the functionality of the products and for miniaturization. Micromachined devices have applications in accelerometers, speed sensors, temperature, and pressure sensors. The demand for micromachining is also increasing due to recent advancements in micro electro mechanical system (MEMS) devices used in automobiles. Hence, the automotive industry is expected to lead the global micromachining market from 2020 to 2015.
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