The Micromachining Market size was accounted $3.24 billion in 2018, and is anticipated to grow at a CAGR of 5.16% during the forecast period 2019-2024. The market is majorly driven by increased demand for miniaturized electronic components and micro-sized medical implants that reduces the overall space, weight and cost of the final product. The increasing demand for micro-scale products from industries such as automotive, telecom, energy, and aerospace among a few will further drive the micromachining market growth.
Micromachining Market Segment Analysis – By Technique
Bulk Micromachining technique has been estimated to attribute the major market share in the micromachining market, accounting $2.2 billion in 2018. Moreover, the global automotive sensor market registered a growth from $29 billion in 2017 to $36 billion in 2018. Supporting the fact, bulk micromachining is used in production of various automotive sensors such as flow sensors, pressure sensors, and inertial sensors. Hence, increasing usage of bulk micromachining in various industrial production will drive the micromachining market growth.
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Micromachining Market Segment Analysis – By Type
Laser micromachining is widely used method for micromachining, with major applications in subtractive manufacturing for MEMS formation. Laser Micromachining is poised to grow at a CAGR of 5.16% during the forecast period. In February 2019, California-based Coherent Inc., a photonics manufacturer launched an ExactCut micromachining system with latest generation of pulsed fiber laser sources, for precision cutting of metals, alloys, sapphire, polycrystalline diamond (PCD), and ceramics. Its additional features include remote diagnostics and predictive maintenance. Such developments will encourage other players to expand their product portfolio and create new revenue streams.
Micromachining Market Segment Analysis – By Material
Metals & Alloys in Material segment hold major market share in 2018, while Micromachining on Polymers is projected to grow at a highest CAGR of 5.72%, owing to increasing usage of polymers in biomedical applications such as drug delivery, tissue engineering, diagnostics, and therapeutics.
Micromachining Market Segment Analysis – By Application
Micromachining helps in minimizing the size of gadgets which leads to development of smart wearable in consumer electronics and micro-sized medical implants. Micromachining is helpful in realizing miniaturized 3D structures on micrometer scale retaining the normal functionality of the product. For precise shapes of equipment, various industries such as plastic, metal fabrication and others are increasingly adopting the wire EDM contouring, as EDM operations allow to carry out outer and inner contour machining speedily. Hence, Contouring application in the micromachining market is forecast to grow at a CAGR of 6.93% during the forecast period.
Micromachining Market Segment Analysis – By End Use Industry
There is a growing demand of micro industrial products in various industries such as healthcare, automobile, and semiconductor & electronics, among various others. Rising penetration of medical devices in developing countries, and worldwide increased research rate for dissolvable and non-dissolvable medical micro implants, to meet cost effective healthcare treatments is set to escalate the micromachining market growth. The medical segment is anticipated to dominate the micromachining market by 2024, growing with a CAGR of 6.3% during the forecast period 2019-2024. Companies serving in these industries are strategically enhancing their product portfolio. In 2016, GF Machining Solutions acquired Microlution Inc., a major developers of micromachining products incorporating milling and laser technologies, to expand its product portfolio globally in aerospace and medical sectors.
Micromachining Market Segment Analysis – By Geography
North America dominated the micromachining market with about 35% of market share in 2018 which was majorly attributed by the U.S. Automotive industry. The increased usage of micromachining technique for fabrication of automotive sensors, actuators, vehicle dynamic controls, and navigation systems is driving growth of the market. Globally, FCA, Ford and General Motors together invest more than $18 billion in R&D every year. From 2013 to 2017, these companies made a total investment of $35 billion in their U.S. facilities. Such, investments will boost the growth of micromachining market for automotive industry in the region. Further, with the increasing penetration of electric vehicle in the U.S., will boost the application of micromachining in manufacturing of batteries for electric vehicles.
Micromachining Market Drivers
Growing demand for micro-sized surgical devices and implants
The increasing demand for minimally invasive surgery, intravenous procedures and others has spurred the demand for miniature devices which are administrated into the body during the medical procedures such as electrophysiology, stenting, and embolic protection and others. Demand for surgical treatments that are less painful and allow quick healing will boost the demand of micro-sized surgical devices and implants. Hence, it drive the application of micromachining in healthcare segment.
Growing Aerospace & Defense industry coupled with the demand of high precision products/components
As per the latest estimations by GAMA, the general aviation airplane shipments in 2016 was 2,267 units that reached to 2,443 units in 2018. This growth is mainly attributed to increasing interest among the people to opt for air transport. In order to meet demand for high precision, the aircraft component manufacturers are increasingly deploying micromachining equipment for developing various components such as sensors, actuators, engines, navigational systems, heads-up displays, and others.
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Micromachining Market Challenges
High cost of micromachining equipment
To achieve high precision manufacturing, micromachining equipment makes up major cost. These high costs are restraining the usage of Micromachining equipment especially by Small and Medium-Sized Enterprises (SME), thereby posing challenges for the micromachining equipment market growth. According to OECD, in 2017, the U.S. had maximum number of SMEs i.e. 4.41 million followed by Italy having 3.67 million. The high cost of micromachining is restraining the micromachining market growth in these potential regions.
Product launches, and acquisitions along with expansions are the key strategies adopted by players in the micromachining market. As of 2018, the Micromachining Market remained moderately consolidated with the top 5 players accounting for 43% of the market share. The major players include Mitsubishi Electric Corp., IPG Photonics Corp, Amada Holdings Co., Electro Scientific industries and OpTek Ltd.
In the financial year 2018, Mitsubishi Electric (China) Co., Ltd. and Mitsubishi Electric Automation (China) Ltd., entered into a strategic partnership with the Instrumentation Technology and Economy Institute, P.R. CHINA (ITEI) to promote standardized intelligent manufacturing.
In August 2018, Mitsubishi Electric acquired ASTES4 SA (ASTES4), a company based in Switzerland to strengthen its product portfolio.
In 2017, IPG Photonics acquired Laser Depth Dynamics (LDD), a provider of quality monitoring and control solutions for laser based welding applications. The acquisition led to strengthen the product portfolio of IPG Photonics.
Micromachining based product manufacturers are investing significantly in R&D of miniaturized, cost effective, and energy efficient products to augment entry into markets such as in telecommunications where 5G infrastructure is at initial stage, in major markets such as the U.S., China, and South Korea. The investments are also focused on enhancing product capabilities through company acquisitions. The potential application of micromachining in electronic devices, automotive, industrial, and energy, is set to raise the huge demand of micromachining worldwide.
In 2012, the European Union set an initiative – ‘Eco-Laserfact’ aimed at SMEs to promote Eco-efficient Laser technology for micromachining applications. The initiative was created under the EU’s Interreg IVB NWE framework, set at $403m for the period 2007-2013.
The micromachining market remained moderately consolidated with the top 5 companies accounting for 43% of the market share in 2018.
These companies have been actively investing in R&D to enhance micromachining processes and machineries.
The increased demand for cost-effective and micro-scale medical devices including body implants is one of the major drivers for growth of the micromachining market.
The high micromachining equipment cost is analyzed to be a major challenge for the worldwide adoption of micromachining technique.
5G and IoT will create the demand for telecom equipment, sensors, and other devices to constitute an upgraded telecom infrastructure, which will act as an opportunity for the micromachining market, in the realization of such demand through micromachining techniques.
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