The Global Energy Industry Will Be The Fastest Growing End User Of The 3D Printing Market
9 Aug, 2019
Currently, the global energy industry is a smaller part of the 3D printing devices, services and supplies market than the other main segments by end user industry. However, while the aerospace 3D printing devices market, the healthcare 3D printing devices market, the automotive 3D printing devices market, the industrial 3D printing devices market and the jewelry 3D printing devices market are all growing rapidly, the energy 3D printing devices market is growing fastest, increasing by more than a third every year. For the energy producers, as for the aerospace, automotive and industrial segments, the ability of 3D printing devices to bring mass customization, new capabilities, supply chain simplification and waste reduction is proving revolutionary. Due to the relatively simple technology, 3D printing devices decrease lead times and increase production speeds. 3D printing also has the potential to reduce tooling costs and accelerate regulatory submissions substantially when compared to conventional methods.
In 2018, the global 3D printing market segmented by end user industry was valued at $10.9 billion, out of which the energy industry accounted for $0.6 billion. The healthcare industry, at $2 billion, was the largest end user of the 3D printing market. The large share of the healthcare industry can be attributed to the increase in public and private funding to develop 3D printing technologies. Healthcare as an end user of 3D printing services, supplies and devices is expected to grow at an annual rate of almost 29% to 2022.
Segmented by geography, the global energy industry will grow at annual growth rates of 38.1%, 35.1%, and 31.3% to 2022, in Asia Pacific, EMEA (Europe, Middle East and Africa), and the Americas respectively. Asia Pacific is the fastest growing for the energy industry in the 3D printing market. Countries such as China, Japan and India are key markets in this region with large manufacturing companies increasing the adoption of 3D printing technologies, still in its nascent stage, in the manufacturing of their products. 3D printing technologies are expected to offer large growth opportunities with the potential growth of various manufacturers in the coming years. Other key drivers of the market in Asia Pacific include increasing awareness about 3D printing technologies, favorable public and private funding, and introduction of education and training centres in various countries. Asia pacific is also the fastest growing region in the global 3D printing market, at around 30% annual growth rate to 2022.