According to a new report Global Micromachining Market, published by KBV research, The Global Micromachining Market size is expected to reach $4.2 billion by 2026, rising at a market growth of 9.7% CAGR during the forecast period.
The 3-axis group dominated the market. Increased use of 3-axis systems in the manufacturing of lens arrays and other non-rotationally symmetrical free-form optics are instrumental in increasing segment production. In addition, the increasing emphasis on key market players on the production of 3-axis micro milling machines has further spurred the growth of the segment. The cost benefits of 3-axis machines over 4-axis and 5-axis machines have driven the growth of the segment.
The non-traditional segment dominated the market. This can be associated with the extensive use of technologies such as Electro Discharge Machining (EDM), Electrochemical Machining (ECM) and laser technology. EDM micromachining offers advantages such as superior consistency, simultaneous cutting, material compatibility and the elimination of finishing.
The subtractive segment recorded a dominant market share. This can be due to the benefit of cost and time and the widespread usage of mass production. This also has advantages such as the potential to produce a wide variety of materials and to manufacture large-sized objects. In addition, the growing usage of the technology for the production of hard metals, wood and thermoplastics has driven the growth of the segment.
Asia Pacific led the regional segment in 2019. The emergence of some of the largest automotive components in manufacturing countries, such as China, India and South Korea, is driving regional production. Key automotive components produced utilizing micromachining include fuel injectors, vehicle sensors and electrical assemblies, among others. North America accounted for a large share of the global market for micromachining in 2019. The regional sub segment involves the United States, Canada and Mexico. Leading companies in this field are offering the most sophisticated micromachining services to different industries such as automotive and aerospace & defense.
Structural Insights: https://www.kbvresearch.com/micromachining-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of MKS Instruments, Inc. (Electro Scientific Industries), Mitsubishi Heavy Industries Ltd., Lumentum Holdings, Inc., IPG Photonics Corporation, Georg Fischer Ltd., Coherent, Inc., Oxford Lasers Ltd., Makino Milling Machine Co., Ltd., Han’s Laser Technology Industry Group Co., Ltd., and Heraeus Holding GmbH.
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