The global 3D printing market size is estimated to reach USD
35.38 billion by 2027, according to the new report by Grand View Research, Inc.
It is expected to witness a CAGR of 14.6% over the forecast period. 3D Printing
(3DP) is also referred to as Additive Manufacturing (AM), as it involves
successive addition of layers of materials in various 2D shapes using an
additive process. These layered 2D shapes build upon one another to form a
three-dimensional object. The process is different from the subtractive method
of production, which begins with a block of material and the unnecessary
material is ground out to obtain the desired object.
3D printing is widely adopted in the
industrial sector owing to the growing need for enhanced product manufacturing
and a shorter time to market. The industrial vertical happens to be the most
significant adopter of the 3DP technology and eventually leading to the highest
market share of 3D printers for industrial applications over the forecast
period. The additive manufacturing is anticipated to evolve with rising R&D
and technological advancements.
3D printing continues to gain
popularity among hobbyists and innovators. While individuals are using the
technology for domestic and personal purposes, universities and educational
institutes are using 3DP for conducting technical training. The market is subject
to witness a considerable economical appearance rather than being just a
labor-intensive industrial manufacturing technique. Particularly in developing
economies, such as Brazil, South Africa, and India; machining shops have
managed to adopt alternative business models by installing 3D printers and
offer related services, such as 3DP materials, software, filaments, and 3D
modeling.
Based on application, the 3D printing
market has been segmented further into prototyping, tooling, and functional
parts. Automotive, healthcare, and aerospace and defense verticals are among
the leading adopters of 3D printing technology. Incumbents of these verticals
have an emphasis on accuracy, enhanced product designing, reliability, shorter
time to market, and economical production processes. Given that the additive
manufacturing possess can offer all these benefits, the adoption of
three-dimensional printers by the automotive, healthcare, and aerospace and
defense verticals is expected to gain traction over the forecast period.
The 3D printing and related
technologies are evolving continuously in line with the intensive R&D
activities being undertaken and the aggressive investments being made by the
private sector as well as the public sector. Government funding and encouraging
initiatives being undertaken in developed economies are prompting manufacturers
to pursue improvements in technology and the adoption of new technologies.
North America accounted for the
largest market share of more than 35% in 2019 as a result of the extensive
adoption of 3D printers for 3D designing, modeling, and manufacturing in
various industries. On the other hand, Asia Pacific has emerged as a
manufacturing hub owing to an expanding consumer base as well as the continued
rise in foreign investments. Hence, the regional market is expected to witness
remarkable growth over the forecast period.
The 3D printing technology happens to
be a capital-intensive technology. At the same time, manufacturers are holding
to their misconception about prototyping rather than realizing the advantages
associated with 3D printing. Moreover, the market lacks the standard process
controls and a skilled workforce required for 3D printing. These are some of
the factors expected to restrain the market growth. However, government
initiatives aimed at increasing the awareness and promoting the benefits of
adopting 3D printers are expected to help counter the market restraints.
Browse full research report on 3D Printing Market: https://www.grandviewresearch.com/industry-analysis/3d-printing-industry-analysis
Further key findings from the report suggest:
- 3D printing technology is gaining traction owing to the
ability of the technology to offer accurate and rapid prototyping and
optimize the time to market
- Increasing adoption of 3D printers in healthcare, automotive,
and consumer electronics verticals is likely to drive the market growth
significantly
- Demand for desktop 3D printers is expected to increase over
the forecast period, as 3D printing is gaining popularity among hobbyists
for domestic, household, and personal usage as well as in education sector
for training purposes
- Prototyping segment dominated the market in 2019 and is
expected to expand its market share to more than 50% by 2027.
- The polymer segment contributed to almost half of the entire
industry share. However, the metal segment is expected to dominate the
market in the next seven years. This is attributed to the increasing
demand for metal 3D printing from industrial verticals such as automotive
and aerospace & defense
- The desktop 3D printing segment is expected to adopt the 3DP
technique aggressively over the forecast period. It has been segmented
further into educational purpose, fashion and jewelry, objects, dental,
food, and others
- Asia Pacific 3D printing market, which is emerging as a
manufacturing hub for several industry verticals, is anticipated to grow
significantly as the continued urbanization triggers the need for
infrastructure and prompts the automotive, consumer electronics, aerospace
and defense, and healthcare verticals to adopt 3DP, particularly in
countries, including China, Japan, and South Korea
- The prominent players in the market include Stratasys Ltd.;
3D Systems, Inc.; 3D Ceram; GE Additive; HP Inc.; Tiertime; EnvisionTec,
Inc.; and Dassault Systemes
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/3d-printing-industry-analysis/request/rs1
Grand View Research has segmented the global 3D printing market
based on component, printer type, technology, software, application, vertical,
material, and region:
3D Printing Component Outlook (Revenue, USD Million,
2016 - 2027)
- Hardware
- Software
- Services
3D Printing Printer Type Outlook (Revenue, USD Million,
2016 - 2027)
- Desktop
3D Printer
- Industrial
3D Printer
3D Printing Technology Outlook (Revenue, USD Million,
2016 - 2027)
- Stereolithography
- Fuse
Deposition Modelling
- Selective
Laser Sintering
- Direct
Metal Laser Sintering
- Polyjet
Printing
- Inkjet
printing
- Electron
Beam Melting
- Laser
Metal Deposition
- Digital
Light Processing
- Laminated
Object Manufacturing
- Others
3D Printing Software Outlook (Revenue, USD Million, 2016
- 2027)
- Design
Software
- Inspection
Software
- Printer
Software
- Scanning
Software
3D Printing Application Outlook (Revenue, USD Million,
2016 - 2027)
- Prototyping
- Tooling
- Functional
Parts
3D Printing Vertical Outlook (Revenue, USD Million, 2016
- 2027)
- Industrial
3D Printing
- Automotive
- Aerospace
& Defense
- Healthcare
- Consumer
Electronics
- Power
& Energy
- Others
- Desktop
3D Printing
- Educational
Purpose
- Fashion
& Jewelry
- Objects
- Dental
- Food
- Others
3D Printing Material Outlook (Revenue, USD Million, 2016
- 2027)
- Polymer
- Metal
- Ceramic
3D Printing Regional Outlook (Revenue, USD Million, 2016
- 2027)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia
Pacific
- China
- Japan
- India
- South
Korea
- Singapore
- South
America
- Brazil
- Middle
East & Africa
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
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