Micromachining is increasingly in demand in the automobile industry because it is currently utilised extensively in this sector. It is utilised in fuel injection technology, such as fuel injector nozzles. Utilising fuel injection technology increases the vehicles’ mileage. It helps the car use less fuel as well.
New York, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) — The process used to create 3D and 2D structures on a micrometer size is known as micromachining. Prior to technological breakthroughs, watch parts were thought of as micro components; however, micro components have since been introduced in a variety of industries, such as electronics and biomedical implants.
According to Straits Research, “The global micromachining market size was valued at USD 2.96 billion in 2021 and is projected to reach USD 5.60 billion by 2030 at a CAGR of 7.35% 2022 to 2030.” The market is being driven by recent trends in product miniaturization in the semiconductor and electronics industries, where micromachining is crucial for making tiny parts. Additionally, quicker data rates, compatibility for different wireless technologies, and longer battery life of goods all contribute to the micromachining market’s growth, which is encouraging IC manufacturers to think outside the box when it comes to production methods. As a result, the utilisation of electrochemical machining and laser machining has expanded for delivering precision machining and manufacture of micro components. Additionally, the market is anticipated to benefit from the use of AI and the integration of the IoT, AR, VR, and 5G industries.
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Micromachining is increasingly in demand in the automobile industry because it is currently utilised extensively in this sector. It is utilised in fuel injection technology, such as fuel injector nozzles. Utilising fuel injection technology increases the vehicles’ mileage. It helps the car use less fuel as well. Fuel injector nozzles are micro-machined using the EDM method. The introduction of laser technology in micromachining in the automobile sector is a result of the need for seamless welding and bonding for diverse vehicle components. Additionally, it is anticipated that the electrical components used in electric vehicles will fuel the industry.
Coherent introduced ExactCut, a micromachining tool, in 2019. It combines equipment intelligence, integration, and interconnectivity to be used in the processing of materials. It is used to cut sapphire, alloys, metals, ceramics, and PCDs precisely. For the purpose of cutting down on qualification and integration time, the processes are pre-programmed for the desired application. Additionally, it can provide significant flexibility for a variety of job shops. As a result, the market for this product prospered.
In 2020, the Asia Pacific micromachining market held a dominant market share, accounting for over 30% of the total market share. The presence of several of the biggest producers of automotive components, including China, India, and South Korea, is fostering regional development. Among other things, fuel injectors, vehicle sensors, and electrical assemblies are some of the major automotive parts produced using micromachining. The creation of new micromachining centres in the area that has fueled the segment expansion is a focus for numerous businesses, including Synova SA and Okuma Corporation.
Europe is predicted to grow at the greatest CAGR over the projection period since it is home to some of the biggest automobile manufacturers, including Germany, Italy, and France. Additionally, there has been an increase in demand for micro machined components in the energy and railroad industries, which is anticipated to propel the regional market’s expansion even further. Additionally, regional manufacturing firms are quickly converting to new machining techniques and materials in the die and mold, automotive, aerospace, and healthcare sectors.
Market players including Coherent, Inc., Georg Fischer Ltd., and Makino are putting a focus on their R&D operations to look for prospects for long-term growth. Among the leading companies in the micromachining market are AMADA WELD TECH Co., Ltd., Coherent, Inc., Electro Scientific Industries, Georg Fischer Ltd., Han’s Laser Process Industry Group Co., Ltd., IPG Photonics Corporation, Makino, MITSUBISHI HEAVY INDUSTRIES, LTD., OpTek Ltd., and Oxford Lasers.
- Lasea group, a manufacturer of highly accurate micro-machining laser technologies with headquarters in Switzerland, bought Optec Layer Systems in August 2020.
- The new DMP 74 additive micromachining system from 3D-Micromac AG for the production of micro metal parts was unveiled in November 2019. By layer-by-layer fusing a powder material with precision, the systems sculpt the work piece.
MICROMACHINING MARKET SEGMENTATIONS:
- Electro Discharge Machining (EDM)
- Electrochemical Machining (ECM)
- Semiconductors & Electronics
- Aerospace & Defense
- Power & Energy
- Plastics & Polymers
- North America
- Middle East and Africa
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Originally published at https://www.einpresswire.com/article/667131636/micromachining-market-size-is-expected-to-achieve-a-7-35-cagr-from-2022-to-2030-driven-by-increasing-demand-in-the-automobile-industry