According to the research report titled ‘Global Micromachining Market by Type (Traditional, Non-traditional, Hybrid), by Process (Additive, Subtractive, Others), by Axis (3 axes, 4 axes, 5 axes), by Industry (Automotive, Aerospace & Defense), and by Geography - Global Forecast to 2027’, available with Market Study Report, global micromachining market was appraised at USD 2.65 billion in 2020 and is speculated to reach USD 4.35 billion by 2027, growing at annual rate of 6.2% throughout.
 

Increasing usage of machines for fabrication of micro-components in sectors like healthcare, automotive, consumer electronics, and aerospace is the key factor boosting the global micromachining market size. Moreover, development of advanced technology has reduced the time needed to assemble parts, hence facilitating industry expansion.
 

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Rising preference of laser-based micromachining, coupled with availability of advanced ultrafast lasers for micromachining also result in market growth. Furthermore, funds provided by government organizations, and rising interest of educational organizations in micromachining facilitate proliferation of market. For instance, IIT Mumbai and Bannari Amman Institute of Technology organized workshops which focused on creative work exercises for micromachining in 2020.
 

Likewise, the International Conference on Micromachining Technologies which happens yearly has increased shopper mindfulness. It is further encouraging usage of micromachining to produce accurate instruments.
 

However, high cost of the system due to complicated procedure of repeated deposition of thin films on wafer and higher fabrication steps is a factor hindering growth of global micromachining market.
 

Based on type, worldwide micromachining industry is segregated into traditional, non-traditional, and hybrid. According to process, the market is bifurcated into additive, subtractive, and others. As per axis, the industry is divided into 3 axes, 4 axes and 5 axes. While the application areas include aerospace & defense, and automotive.
 

Regionally speaking, the report studies the global micromachining marketplace for regions such as Europe, North America, Latin America, Asia Pacific, and the rest of the world. It elaborates on key factors driving and hindering regional business trends. Moreover, it provides statistical data like growth rate, market share captured etc. over 2020-2027.
 

Key players profiled in global micromachining industry report are Coherent Inc., Han’s Laser Technology Industry Group Co. Ltd., DATRON Dynamics Inc., IPG Photonics, Makino Milling Machine Co. Ltd., Lumentum Holdings Inc., Heraeus Holding GmbH, Mitsubishi Heavy Industries Ltd., Electro Scientific Industries Inc., and Georg Fischer Ltd.