Laser Micromachining Systems Market Report Overview
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The global laser micromachining systems market size was USD 287.6 million in 2022, as per our research, the market is projected to touch USD 471.85 million in 2031, exhibiting a CAGR of 5.7% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with laser micromachining systems experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Removing small amounts of materials by laser action other than sharp tools is known as laser micromachining systems. Micromachining tools produce small, complex parts with excellent operational efficiency and precision. These elements can then be used in investigations to reproduce on a microscale and large-scale process.
Hybrid, traditional, and non-traditional micromachining are the three basic subtypes. To increase surface integrity, geometrical precision, machining rate, machinability, tool life, and process forces. These systems are sometimes referred to as hybrids. Electrochemical machining, electric discharge machining, and other methods are the primary categories of hybrid micromachining solutions. Additive, subtractive, and other manufacturing technologies are employed in micromachining. Axis classification separates these systems into 3-axis, 4-axis, 5-axis, and other systems. Automotive, aerospace and defense, semiconductor and electronics, power and energy, healthcare, telecommunications, and polymers all employ these systems.
COVID-19 Impact: Shutdown of Workplaces Retarded Market Growth during Pandemic
The COVID-19 outbreak had a severe impact on market growth. The manufacturing of machinery and equipment was put on hold, which became the major cause of the downfall in product demand. Globally, COVID-19 caused numerous governments to enact stringent regulations limiting people's freedom to move. One of these measures was the Singaporean activation of "Circuit Breaker" by the government in April 2020, which forced the closure of businesses and educational institutions. Some of the biggest companies in the market, including Makino and Georg Fischer, Ltd., experienced a downfall in their manufacturing capacity due to these government rules. These players had, however, submitted exemption requests to protect their supply chains from the effects of lockdowns. Makino Asia, for instance, has submitted a request for clearance to be exempt from the suspension of commercial operations.
LATEST TRENDS
"Growing Adoption of Equipment in Micro-Component Productions to Drive Market Trends"
The rise is being fueled by the growing use of these systems for the production of micro-components in sectors like aerospace, automotive, healthcare, consumer electronics, and healthcare. The market expansion has been further accelerated by the decreasing time required for component manufacturing due to the increasing developments in production technologies. Additionally, several manufacturers, such as Johnson Matthey and Tekniker, have demonstrated a preference for laser-based material over conventional micromachining, encouraging laser micromachining systems market growth.
Laser Micromachining Systems Market Segmentation
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- By Type Analysis
By type, the market is segmented into laser micro patterning, laser micro milling, laser micro drilling, laser micro cutting, laser micro scribing, and laser micromachining systems.
- By Application Analysis
Based on application, the market is classified into electronics and semiconductors, medical, industrial, automotive, and others.
DRIVING FACTORS
"Growing Demand for Miniaturization of Electric Products to Bolster Product Demand"
The demand for miniaturization of electric products and the growing preference for laser micromachining systems is forecasted to propel market growth. The accelerating advancements in production technologies have decreased manufacturing time. Moreover, the government agencies funding the product development are likely to surge the demand for the product. The material processing is done with the help of various processes, such as cutting, drilling, engraving, and marking, of non-metals and metals. This technology offers various advantages over conventional techniques, which are estimated to gain growth in the global market.
"Rising Adoption of Laser Equipment in the Healthcare Sector to Augment Market Growth"
In medical applications, lasers are the most widely used technology. However, the use of lasers in various applications, from diagnosis to treatment, has begun to take off. It is frequently used to treat eye, skin, cancer, and hair issues. With the use of laser technology, several procedures have become available, including artery cleansing, surgery for a detached retina, and various aesthetic procedures. Laser technology can be used for cosmetic procedures such as skin blotches, eliminating birthmarks, port wine stains, and other treatments. Medical items, including surgical instruments and implanted devices used in hospitals and pharmacies, are processed using lasers, which is a significant part of the process.
RESTRAINING FACTORS
"High Cost of the Product to Hamper Market Growth"
The laser micromachining systems experience various challenges in their adoption. Its high cost is one of the major factors expected to limit the market's growth. The conventional method requires low cost as compared to the advanced micromachining systems, which is anticipated to hamper the market growth.
Laser Micromachining Systems Market Regional Insigts
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"North America to Dominate Due to the Presence of Key Market Players"
North America is listed as the leading region in laser micromachining systems market share due to the presence of leading companies. These companies offer advanced micromachining to various industries, such as aerospace, defense, and automotive.
Asia Pacific is forecasted to show significant growth owing to the region being a leading manufacturer of automotive components.
KEY INDUSTRY PLAYERS
"Key Players Focusing On Gaining Collaborations and Partnerships to Expand "
Important market developments and inorganic and organic growth strategies are included in the studies. Many businesses are focusing on organic business growth, including product launches, product approvals, and other initiatives like patents and events. The market's inorganic growth tactics included acquisitions, partnerships, and collaborations. Market participants now have more opportunities to grow their clientele and businesses thanks to the efforts above. Industry participants in the market should soon benefit from significant growth prospects due to the expanding demand for filter products on the global market.
List of Market Players Profiled
- 3D-Micromac AG (Germany)
- Electro Scientific Industries, Inc (U.S.)
- Haas Laser Technologies, Inc (China)
- Oxford Lasers Ltd. (India)
- LASEA (Indonesia)
- Optec (U.S.)
- ELAS Ltd. (U.K.)
- Optek System (U.K.)
- LS Laser Systems GmbH (Germany)
INDUSTRY DEVELOPMENT
- October 2021- Mitsubishi Electric Corporation launched two models of 3D CO2 laser processing systems that cut carbon fiber reinforced plastics (CFPR) for the automotive industry.
REPORT COVERAGE
The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 287.6 Million in 2022 |
Market Size Value By |
US$ 471.85 Million by 2031 |
Growth Rate |
CAGR of 5.7% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the laser micromachining systems market expected to touch by 2031?
Based on our research, the laser micromachining systems market is projected to touch USD 471.85 million in 2031.
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What CAGR is the laser micromachining systems market expected to exhibit by 2031?
The laser micromachining systems market is expected to exhibit a CAGR of 5.7% by 2031.
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What are the segments of the laser micromachining systems market?
By type, the laser micromachining systems market is segmented into laser micro patterning, laser micro milling, laser micro drilling, laser micro cutting, laser micro scribing, and laser micromachining systems. Based on application, the market is classified into electronics and semiconductors, medical, industrial, automotive, and others.
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Which are the driving factors of the laser micromachining systems market?
Growing demand for miniaturization of electric products to bolster product demand and rising adoption of laser equipment in the healthcare sector to augment market growth are the factors driving the laser micromachining systems market.
