The global micromachining market size is expected to reach USD 3785 million by 2027 from USD 2450 million in 2020, at a CAGR of 6.4%. The growth is driven by the increasing adoption of these systems for the fabrication of micro-components in industries such as automotive, healthcare, consumer electronics, healthcare, and aerospace. The increasing advancements in the production technologies have resulted in a reduction in the time required for the manufacturing of components, which has further boosted the market growth.
The increasing applications of micro components in highly complex structures are creating opportunities for the manufactures. The integration of these systems with Computer-Aided Manufacturing (CAM) has been instrumental in reducing the time required for the manufacturing of work pieces and enable hassle-free production of micro components. The evolution of machine learning and Internet of Things (IoT) technology has resulted in the introduction of new features, such as an application that sends the status of a system to the operators/ supervisors on their smartphones or PCs. This has impacted the market growth positively. These features enable proactive decision making by the managers and improve the productivity of the unit.
The funding provided by government agencies such as the U.S. National Science Foundation (NSF) and the European Commission (EC) for the development of micromachining systems has driven the market growth significantly. For instance, in July 2017, under the Small Business Innovation Research (SBIR) grant, Omax Corporation received funding from the U.S. National Science Foundation (NSF) for the development of micromachining abrasive waterjet-MicroMAX JetMachining center-that is capable of positioning accuracy of fewer than 15 microns. Moreover, some educational institutes such as the Indian Institute of Technology (Mumbai) and Bannari Amman Institute of Technology are organizing workshops that focus on research and development activities for these systems that drive the market growth further.
In recent years, there has been an increase in the number of events such as the International Conference on Micromachining that has raised consumer awareness. The increased adoption of micromachining for the fabrication of precision instruments is accelerating market growth. For instance, in July 2016, MITSUBISHI HEAVY INDUSTRIES, LTD. completed the delivery of its ABLASER” laser micromachining system to a Japanese manufacturer of precision instruments. Furthermore, manufacturers of lasers are focusing on the development of ultrafast lasers for micromachining applications that have boosted the market growth. For instance, in June 2019, NKT Photonics A/S and Oxide Corporation established a partnership under which they will combine their technologies for developing and manufacturing a range of ultraviolet and deep ultraviolet ultrafast lasers.
Although there has been an increased demand for these systems from various industries, the high cost of these systems is expected to negatively impact 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. However, the usage of fiber laser marker for micromachining has significantly reduced the costs of micromachining. The primary benefit provided by this approach is that fiber laser markers are less expensive than standard equipment.
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.
North America accounted for a significant share of the global micromachining market in 2019. The region (for this study) includes the US, Canada, and Mexico. Leading companies in this region provide the most developed micromachining to various industries such as automotive and aerospace & defense. Some of the prominent companies from North America include General Motors, Ford, General Electric, Rockwell Automation, and Coherent, among others, that widely use micromachined products. The presence of all major companies, strong industrial demand, and steady supply-side drive the market in North America.
The increasing applications of micro components in highly complex structures are creating opportunities for the manufactures. The integration of these systems with Computer-Aided Manufacturing (CAM) has been instrumental in reducing the time required for the manufacturing of work pieces and enable hassle-free production of micro components. The evolution of machine learning and Internet of Things (IoT) technology has resulted in the introduction of new features, such as an application that sends the status of a system to the operators/ supervisors on their smartphones or PCs. This has impacted the market growth positively. These features enable proactive decision making by the managers and improve the productivity of the unit.
The funding provided by government agencies such as the U.S. National Science Foundation (NSF) and the European Commission (EC) for the development of micromachining systems has driven the market growth significantly. For instance, in July 2017, under the Small Business Innovation Research (SBIR) grant, Omax Corporation received funding from the U.S. National Science Foundation (NSF) for the development of micromachining abrasive waterjet-MicroMAX JetMachining center-that is capable of positioning accuracy of fewer than 15 microns. Moreover, some educational institutes such as the Indian Institute of Technology (Mumbai) and Bannari Amman Institute of Technology are organizing workshops that focus on research and development activities for these systems that drive the market growth further.
In recent years, there has been an increase in the number of events such as the International Conference on Micromachining that has raised consumer awareness. The increased adoption of micromachining for the fabrication of precision instruments is accelerating market growth. For instance, in July 2016, MITSUBISHI HEAVY INDUSTRIES, LTD. completed the delivery of its ABLASER” laser micromachining system to a Japanese manufacturer of precision instruments. Furthermore, manufacturers of lasers are focusing on the development of ultrafast lasers for micromachining applications that have boosted the market growth. For instance, in June 2019, NKT Photonics A/S and Oxide Corporation established a partnership under which they will combine their technologies for developing and manufacturing a range of ultraviolet and deep ultraviolet ultrafast lasers.
Although there has been an increased demand for these systems from various industries, the high cost of these systems is expected to negatively impact 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. However, the usage of fiber laser marker for micromachining has significantly reduced the costs of micromachining. The primary benefit provided by this approach is that fiber laser markers are less expensive than standard equipment.
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.
North America accounted for a significant share of the global micromachining market in 2019. The region (for this study) includes the US, Canada, and Mexico. Leading companies in this region provide the most developed micromachining to various industries such as automotive and aerospace & defense. Some of the prominent companies from North America include General Motors, Ford, General Electric, Rockwell Automation, and Coherent, among others, that widely use micromachined products. The presence of all major companies, strong industrial demand, and steady supply-side drive the market in North America.
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