Promising techniques coupled with consistent innovations, colossal investments, and varied applications in the end-user industry are set to inject substantial revenues in the global micromachining and micro-engineering market
The global trend towards miniaturization has increased the value and importance in the fabrication of micro parts. Micromachining is a technique used for the fabrication of 3D structures on a micrometer level. Recent demands for micro parts have encouraged the manufacturers to develop a variety of micro components that can be used in different fields such as electronics, automotive, industrial, construction, telecommunication, aerospace, and healthcare. This innovation-driven field is expected to hold great potential in the manufacturing industry as well because, with micro-engineering and micromachining, the convenience and value of many products can be substantially increased by reducing size and weight. The exceptional growth in the field of nanotechnology has nurtured a fleet of micro and nano-sized products that are used in multiple end-user industries. Additionally, the prolific investment by private organizations and governmental initiatives in the research and development department of the global micromachining and micro-engineering market is generating considerable opportunities for the key vendors involved in the market. Micro-engineering is an embryonic field in which technological push generally still dominates over market pull. Nonetheless, a considerate amount of products have been successfully commercialized in recent years such as silicon pressure sensors, inkjet printer nozzles, micromachined gyroscopes, and crash-bag accelerometers. This list is expected to grow significantly in the upcoming years as awareness and adoption of the technology increases. The Global Micromachining and Micro-Engineering Market size was $12.5 billion as of 2018, and demands in the respective market are projected to grow at a positive CAGR of 7% during the forecast period of 2019 to 2025.
High Growth Prospects in North America
North America held the largest market share in the global micromachining/micro-engineering market in 2018. The region accounted for 32.67% of the total market share. The early inception and adoption of advanced micro-engineering applications in the region are the factors responsible for the regional dominance of North America. Moreover, the presence of major players in the region has led to heavy capital investment in the research and development department of the micro-engineering and micromachining technologies. The trending laser cutting, laser welding, and laser drilling technology harnessed from micromachining and micro-engineering fields in the region are vacating opportunities for the market players.
Major Applicant Areas in the Global Micromachining and Micro-Engineering Market
Semiconductor and Electronics Application
The micromachining and micro-engineering technologies have a wide range of applications in numerous end-user industries such as the aerospace & defense, automotive, and the healthcare sector. However, the semiconductor and electronics industry was observed to be the key application in the global micromachining and micro-engineering market, and is evaluated to grow at a CAGR of 9% during the forecast period of 2019 to 2025. Radically incrementing technical utility of semiconductors in the consumer electronics industry for the production of mobiles, smartphones, laptops, televisions, smartwatches, and computers is driving the micromachining and micro-engineering market. As per the Global System for Mobile Communications (GSMA) reports, around 5.21 billion unique mobile connections were registered as of March 2019. This rising density of mobile subscribers in both the developing and developed economies is employing a considerate amount of semiconductors, which is further supporting the growth in the global micromachining and micro-engineering market. According to the Semiconductor Industry Association (SIA), the trade of individual semiconductors surpassed 1 trillion units in 2018, which generated the trade value of $468.8 billion portraying a 13.7% sales growth from the preceding year. Additionally, the emerging augmented reality (AR) and virtual reality (VR) products in the market are a result of advance micromachining and micro-engineering applied to the semiconductors used in such devices. Undoubtedly, the augmented reality (AR) and virtual reality (VR) are gaining popularity at an astounding rate, which is further projected to inject considerate revenues in the adjacent micromachining and micro-engineering market.
Healthcare Applications of Micromachining and Micro-Engineering
Technical innovations in the healthcare industry have positively impacted the processes and operations involved in the medical industry. Advancements such as the emergence of minimal invasive surgery is considered as one robust leap in the global healthcare sector. The minimal invasive surgery was a result of the micromachining and micro-engineering technology. These unconventional open surgeries are executed without traditional surgical instruments such as a scalpel, hemostat, stereotactic devices, clamps, cannulas, and closure devices. This new surgery technique reduces the time and risks involved in the surgeries. Also, the healing process after this surgery is less painful and fast, owing to the minimal incisions applied to treat the wound. The penetration of micromachining and micro-engineering is optimizing the surgical operations involved in the healthcare industry, thereby, injecting significant revenues in the global micromachining and micro-machinery market. Additionally, micromachining technology has also aided the biomedical implant and cochlear implant segment of the medical industry. According to the World Health Organization, globally, around 466 million people are suffering from hearing loss and 34 million among them are children. Moreover, 1.1 billion people (aged between 12-35 years) are at risk to acquire hearing loss owing to exposure to excessive noise in a recreational environment. Also, the same source suggests that over 900 million people will acquire hearing loss by 2050. This global condition is being tackled by implementing cochlear implants in the human ear, which had the global market size of $1.5 billion as of 2018. The cochlear implant is relatively better than hearing aid devices as it assists the deaf person with nearly 80% of hearing issue unlike 10% assistance offered by hearing aid. Growing awareness and advancements in cochlear implants is one of the major aspects supporting the growth in the micromachining and micro-engineering market. Other than implants and surgical operations, the micromachining and micro-engineering devices are also extensively used in the dentistry processes, thereby expanding the applicant area.
Automotive Application of Micromachining and Micro-Engineering
The automotive sector is expanding at an unprecedented pace. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of motorized vehicle surpassed 95 million units in 2018, and the demands and production are still on the rise. Moreover, the emerging autonomous vehicle (AV) and electric vehicle (EV) segments in the automotive sector is projected to increase the demands for the adjacent raw material market, including the micromachining and micro-engineering market. According to the International Energy Agency, 1.1 million units of electric cars were sold globally. As per the statistics, the global sales recorded resonated an increment of 54% compared to the preceding year. The same source estimated that the number of electric vehicles running on the road will touch 125 million by 2030. The outstanding demands for digital micromirror devices, microscopic gyroscope, accelerometers, pressure sensors, microphones, and magnetometers from the automotive sector is estimated to raise the market revenue for the micromachining and micro-engineering market.
Micromachining/Micro-engineering Market Competitive Landscape
The companies influencing the micromachining/micro-engineering market are 3D-Micromac AG, M-Solv Ltd, Electro Scientific Industries, Inc, PhotoMachining Inc, Amada Miyachi, Inc, AdlOptica, POSALUX SA, LS Laser Systems GmbH, Potomac Laser, IPG Photonics Corporation, OpTek.
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