Micromachining Market Size and Share: 2021-2031 Key Findings
The micromachining market size is projected to reach US$ 6.10 billion by 2031 from US$ 3.27 billion in 2023. The market is expected to register a CAGR of 8.1% in 2023–2031. Products miniaturization and growing demand for artificial intelligence, augmented reality, virtual reality, and the Internet of Things are likely to remain key micromachining market trends.
Micromachining Market Analysis
The micromachining market is growing at a rapid pace due to the high demand from the automotive industry and the rising use of laser machining and electrochemical machining. The market is expanding steadily, driven by the increasing government spending to expand the automotive industry and the growing production of electric vehicles. Moreover, the growing initiatives for product awareness and the development of sensor fusion technology are providing lucrative opportunities for market growth.
Micromachining Market Overview
Micromachining is the process of creating 3D and 2D structures at the micrometer scale. Prior to technological advancements, watch parts were considered tiny components; nevertheless, micro components have subsequently been used in a range of industries, including electronics and biomedical implants. Micromachining applications, such as welding, cutting, 3D machining, and micro-milling, have grown in response to increased demand for compact, cost-effective, and practical goods in industries such as semiconductors and electronics, automotive, aerospace, and medicine. Improvements in these industries are creating significant growth opportunities for the market. Additionally, the adoption of micromachining for micro-component production in the automotive, consumer electronics, healthcare, and aerospace industries is driving the market.
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Micromachining Market: Strategic Insights
Market Size Value in US$ 2,865.1 Million in 2018 Market Size Value by US$ 5,488.2 Million by 2027 Growth rate CAGR of 7.6% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Micromachining Market: Strategic Insights
| Market Size Value in | US$ 2,865.1 Million in 2018 |
| Market Size Value by | US$ 5,488.2 Million by 2027 |
| Growth rate | CAGR of 7.6% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Micromachining Market Drivers and Opportunities
High Demand from the Automotive Industry is Driving the Market
Micromachining is becoming increasingly popular in the automotive industry due to its widespread use. It is used in fuel injection technology, specifically fuel injector nozzles. Fuel injection technology boosts vehicle mileage. Fuel injector nozzles are micromachined using the EDM process. The use of laser technology in micromachining in the automobile industry raises the necessity for seamless welding and bonding for various vehicle components. Furthermore, micromachining also supports the car in consuming less fuel, which increases its demand among consumers and drives the market.
Additionally, the growing demand for electric vehicles among consumers is boosting the market during the forecast period. Micromachining is extensively used in the construction of electrovoltaic cells, which has greatly expanded the automotive industry. However, the expanding automotive industry and increasing demand for electric vehicles among consumers across the globe are driving the market during the forecast period.
Growing Initiatives for Product Awareness - An Opportunity in the Micromachining Market
In recent years, the number of consumer-awareness-raising events has increased, and governments of various nations are planning to schedule micromachining-based events or conferences to create awareness among users. For instance, The International Research Conference is planning to organize an International Conference on Micromachining (ICM) scheduled on June 27-28, 2024, in Istanbul, Türkiye. This conference covers all aspects of micromachining, including the most recent breakthroughs, trends, and concerns, as well as real issues faced and solutions implemented in the field of micromachining, which has accelerated market growth in the near future.
Micromachining Market Report Segmentation Analysis
Key segments that contributed to the derivation of the micromachining market analysis are process, raw material, and application.
- Based on the process, the micromachining market is divided into photolithography, laser machining, micro-EDM, and micromechanical machining. The laser machining segment is segmented into CO2 Laser Micromachining, IR laser micromachining, green laser micromachining, and UV laser micromachining. The photolithography segment held a larger market share in 2023.
- On the basis of raw materials, the market is segmented into metals & alloys, polymers, glass & quartz, and ceramics. The polymers segment held a larger market share in 2023.
- In terms of application, the micromachining market is categorized as aerospace & defense, medical, telecommunications, semiconductor & electronics, automotive, industrial, and others. The automotive segment held a larger market share in 2023.
Micromachining Market Share Analysis by Geography
The geographic scope of the micromachining market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, the Asia Pacific market accounted for the largest micromachining market share due to the presence of major automotive component manufacturers in countries including China, India, and South Korea. These manufacturers are highly demanding micromachining for manufacturing major automobile components such as fuel injectors, electrical assemblies, and automotive sensors. Furthermore, growing awareness related to the benefits provided by micromachining and rising demand from the railway and energy industry is boosting the market.
Micromachining Market Report Scope
Micromachining Market News and Recent Developments
The micromachining market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for micromachining and strategies:
- In August 2023, Posalux Group unveiled two machines: the ULTRASPEED MONO and the ULTIMATE DUO at SEMICON Europa 2023. The event co-located with Productronica, scheduled to take place from November 14th to 17th in Munich, Germany, promises to be a momentous occasion for those interested in the forefront of mechanical micromachining technology. (Source: Posalux Group, Press Release, 2023)
Micromachining Market Report Coverage and Deliverables
The “Micromachining Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Process ; Raw Material ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The incremental growth expected to be recorded for the global micromachining market during the forecast period is US$ 2.83 billion.
The global micromachining market is expected to reach US$ 6.10 billion by 2031.
The key players holding majority shares in the global micromachining market are 3D-Micromac AG, 4JET Microtech GmbH, IPG Photonics Corporation, KJ Laser Micromachining, and OpTek Ltd.
Products miniaturization and growing demand for artificial intelligence, augmented reality, virtual reality, and the Internet of Things to play a significant role in the global micromachining market in the coming years.
The high demand from the automotive industry and the rising use of laser machining and electrochemical machining are the major factors that propel the global micromachining market.
The global micromachining market was estimated to be US$ 3.27 billion in 2023 and is expected to grow at a CAGR of 8.1% during the forecast period 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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