Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global laser micromachining tools market size was valued at USD 324.06 million in 2022. It is projected to grow from USD 332.13 million in 2023 to USD 476.92 million by 2030, exhibiting a CAGR of 5.3% during the forecast period.
Laser micromachining involves creating precise structures within a micrometer to a few hundred micrometers, serving purposes like cutting, drilling, and texturing. The versatile applications across sectors such as automotive, consumer electronics, aerospace, and optoelectronics are driving a growing demand for laser micromachining tools.
Fortune Business Insights™ mentioned this in a report titled “Laser Micromachining Tools Market, 2023-2030.”
KEY INDUSTRY DEVELOPMENTS:
- June 2023: GF Machining Solutions launched cutting-edge Computer-Aided Manufacturing (CAM) software for precision laser engraving and micromachining tools, catering to specific markets such as watchmaking and 3D printing.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.3% |
| 2030 Value Projection | USD 476.92 million |
| Base Year | 2022 |
| Laser Micromachining Tools Market Share in 2022 | USD 21.17 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | By Application, By Process, By End-User and By Region |
| Laser Micromachining Tools Market Growth Drivers | Precise Applications in Automation and Robotics are Surging Market Growth for Micromachining Tools |
| Consumer Electronics is Surging the Demand for Laser Micromachining Tools |
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
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Drivers and Restraints:
Surging Demand for Consumer Electronics Products to Foster the Laser Micromachining Tools Market
The demand for consumer electronic products and devices such as radios, mobile phones, telephones, television sets, and other electronic products are witnessed to grow globally. Owing to their accuracy and flexibility, the demand for laser micromachining tools is increasing in materials and micro-devices. Rise in the demand for miniaturized products creates need for marketing, engraving, micro-drilling, welding, and cutting.
However, laser micromachining needs a substantial amount of initial investment in equipment and other components, which may hinder the laser micromachining tools market growth.
Market Segmentation:
Cutting and Milling Segment Leads Owing To Applications In Various Industries
On the basis of application, the market is segmented into drilling, cutting & milling, marking & engraving, scribing, texturing & patterning, structuring, and others (grating and contouring). The cutting and milling segment dominates the market owing to the usage of the product in various industries such as automotive, medical, aviation, and electronics.
Subtractive Manufacturing Segment to Lead As It Offers Fine Finishes Surfaces
By process, the market is bifurcated into additive and subtractive. The subtractive manufacturing segment is expected to dominate the market as subtractive manufacturing offers fine finishes of the surfaces and high-speed material processing.
Electronic Products To Lead Due To Increase In The Rate Of Electronics Manufacturing
Based on end-user, the market is segmented into aerospace & defense, electronic products, automotive, medical and pharma, optoelectronics & photonics, and others (jewelry and watchmaking). Electronic products are predicted to dominate the market due to steady growth in electronics manufacturing across industrial and personal domains
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Regional Analysis:
Increasing Demand for Smart Vehicles to Propel the Growth in North America Market
North America dominated the laser micromachining tools market share in 2022 due to the rising demand for consumer electronics devices and smart vehicles in various countries. Increase in the demand for electric vehicle manufacturing, consumer electronics, and optoelectronics is also propelling the market growth in the region.
Europe to dominate the market growth followed by the North America due to extended applications of the product in sensor trimming, PCBs, lithography masks, and integrated circuit packaging.
Competitive Landscape:
Prominent Players in the Market Working on New Product Launches to Gain Traction
Key market participants in laser micromachining tools are determined in launching new product outlines in a competitive market to penetrate the global market. The major players in the market are IPG Photonics, AMADA Weld Tech, Coherent Inc., GF Machining Solutions, and 3-D Micromac. The companies are more inclined towards launching of new products which is propelling the market development.
List of the Companies Operating in the Market:
- 3D-Micromac AG (Germany)
- IPG Photonics (U.S.)
- SIL Lasers (India)
- AMADA Weld Tech (Japan)
- MKS Instruments, Inc (U.S.)
- GF Machining Solutions (Switzerland)
- Coherent Inc. (U.S.)
- Makino (Japan)
- Femtika (Lithuania)
- Meera Lasers (India)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities, and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Laser Micromachining Tools Key Players Market Share/Ranking, 2022
- Global Laser Micromachining Tools Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Application (USD)
- Drilling
- Cutting & Milling
- Marking & Engraving
- Scribing
- Texturing & Patterning
- Structuring
- Others (Gratings)
- By Process (USD)
- Additive
- Subtractive
- By End Users (USD)
- Automotive
- Aerospace and Defense
- Medical and Pharma
- Electronic Products
- Optoelectronics and Photonics
- Others (Watchmaking and Jewelry.)
- By Country (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Laser Micromachining Tools Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Application (USD)
- Drilling
- Cutting & Milling
- Marking & Engraving
- Scribing
- Texturing & Patterning
- Structuring
- Others (Gratings)
- By Process (USD)
- Additive
- Subtractive
- By End Users (USD)
- Automotive
- Aerospace and Defense
- Medical and Pharma
- Electronic Products
- Optoelectronics and Photonics
- Others (Watchmaking and Jewelry.)
- By Country (USD)
- United States
- By End Users
- Automotive
- Aerospace and Defense
- Medical and Pharma
- Electronic Products
- Optoelectronics and Photonics
- Others (Watchmaking and Jewelry.)
- By End Users
- Canada
- By End Users
- Automotive
- Aerospace and Defense
- Medical and Pharma
- Electronic Products
- Optoelectronics and Photonics
- Others (Watchmaking and Jewelry.)
- By End Users
- Mexico
- By End Users
- Automotive
- Aerospace and Defense
- Medical and Pharma
- Electronic Products
- Optoelectronics and Photonics
- Others (Watchmaking and Jewelry.)
- By End Users
- United States
TOC Continued…!
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