Global Micro Machining Market is set to emerge by registering CAGR of 8.71% during 2019-2025 | OGAnalysis
Micro engineering has emerged as one of the most promising technologies revolutionizing both industrial and consumer products. The micromachining industry is forecast to witness a growth rate of 8.71% CAGR between 2018 and 2025.
Robust augmentation in physical vapor deposition applications, strong growth in global MEMS market along with demand highest precision in terms of surface quality are factors shaping the Micro Machining Market value to $3.5 billion in 2019- finds Vamshi, a research analyst at OG Analysis.
An increase in number of manufacturing industries owing to fourth industrial revolution along with emphasis on micromachining technology is set to boost the micro machining market growth.
Further, manufacturing components at micro levels is challenging as minor variations during the manufacturing process directly impact the production scale. Accordingly, a large portion of R&D focusing on investment in areas of machine resolution, control, construction, and ancillary tools is triggering the micro machining market growth.
However, huge costs of development and relatively less crowd funding on micro-enabled products are observed as factors hindering the market growth. In addition, stiff competition from Nanotechnology is among the major challenges for micro machining market growth.
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Laser micromachining segment is emerging at a CAGR of 10.01% over the forecast period 2019-2025
An increased focus on expanding the use of laser machines, in particular, industrial applications such as welding and cutting metals is strongly driving the Laser micromachining segment market growth.
Prominent types of laser micromachining include CO? laser, fibre laser, and solid-state lasers. Laser micromachining enables the highest quality and precision in manufacturing without the need for tool-based machining. Accordingly, micro machining market growth driver trends include reduced delays in manufacturing processes, higher productivity and wide adoption of laser micromachining for mechanical cutting applications.
Polymers are leading the micromachining industry, accounting for 48.8% of the total market share
R&D activities are mainly focused on polymer materials as they enable alternative and cost-effective manufacturing options to create highly flexible structures and substrates with customized bulk and surface properties.
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SU-8, polyimide, and Parylene C are among the key materials used in polymer materials. Majority of the developments in polymer micromachining are focused on the deposition, removal, and release techniques.
Further, an emerging trend towards use of advanced alloy micromachining materials with unique metallurgical properties is observed to cater demands of extreme applications across micro machining market.
Emergence of key end-users is set to hold strong market growth throughout the estimated period
Micro machining has become vital in the manufacturing of complex micro components for medical devices. To meet high standards in the production of medical devices, key medical devices OEMs are focusing on micro machining providers which drive market growth over the forecast period.
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Further, micro machining promotes enhanced connectivity and designing usability in assembling of automated or semi-automated automobiles. Hence, large consumption of micro-milling for precision metal etching and other fabrication applications across the automotive sector drives the market demand. In addition, a strong demand for miniaturization of electronic products is set to create huge opportunity for micro machining techniques across the semiconductors and electronics industry.
On Regional front, developed economies are the largest consuming regions of global Micro machining market in 2019
North America holds the largest market share with the U.S leading the Micro machining market. The market growth across this region is driven by wide adoption of laser micromachining in automotive and industrial sectors.
In addition, strong progress in research and development of micro materials across healthcare and electronics sectors is set to open long term market opportunities.
Further, Germany is set to emerge the Micromachining market growth among other European countries. Optical and high precision micromachining applications, automotive engineering, and the electronics industry are the key focus areas of European companies.
Siemens, Philips, Matsushita, IBM, Thales, Trumpf and Rofin-Sinar are leading consumers of laser-based micromachining tools while Germany based automotive companies Volkswagen, Audi and BMW are leading consumers in automotive segment.
Investments, acquisitions and new launches by key players is heralding towards market growth over the forecast period
Acquisitions and strategic investment are observed across key market players to cater to unmet needs across numerous industries. For instance, in 2018, MKS Instruments acquired Electro Scientific Industries, Inc. to meet the customers’ demands. In addition, in 2018, Jolt invested EUROS 15 million in the development of 4JET Group to expand and continue its high-potential development initiatives.
Key OEMs, as well as small entrants, are continuously developing new product portfolios to maintain their market shares in the industry. For example, in 2019, IPG Photonics Corporation Microsystems Group introduced the IX-280-ML, a dual-laser micromachining system.
Accordingly, in 2018 Posalux SA introduced a machine to meet the demands of micromachining which aid in processing the challenging materials such as polymers and ceramics, and Lasea SA announced the launch of Software, “LS-Plume” for ultrafast laser micromachining.
The key firms operating in the micro machining market include LS Laser Systems GmbH, Posalux SA, Electro Scientific Industries Inc, and Lasea SA, Amada Holdings Co. Ltd.
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