Micromachining Market Size is Expected to Achieve A 7.35% CAGR From 2022 To 2030, Driven by Increasing Demand in The Automobile Industry
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 ...
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