Global 3D Printing Market Characteristics
After the launch of the first 3D commercial printers in the 1900s, the printing market witnessed a transformation which led to the development of the 3D printing market. 3D printing or additive manufacturing is a process of producing 3D solid objects from a digital file. This 3D printing technology is further replacing the conventional methods of printing in industries which include architecture, automotive, aerospace and defense, electronics and medical equipment. This is mainly due to the growing awareness of the benefits of 3D technology such as mass customization, reduction in lead time and tooling costs, easy to use maintenance, and providing high accuracy among consumers.
The 3D printing market is estimated to grow significantly by 2022. However, factors such as high cost of the 3D printer system, lack of experts in 3D technology and concerns over product quality by end users might restraint the growth of the global 3D printing industry.
Global 3D Printing Market Competitive Landscape
Major companies in the 3D printing market include D Systems Corporation, Arcam AB, The ExOne Company, Stratasys Ltd., EOS GmbH Electro Optical Systems and EnvisionTEC.
3D Printing Market Size
The global 3D printing market is expected to reach $27.8 billion by 2021, growing at a double digit CAGR in the forecast period. The growth in the 3D printing market is primarily due to the increasing potential for 3D printers in major industries such as aerospace, automotive, energy and healthcare.
Global 3D Printing Market Segmentation
The 3D printing market can further be segmented by industry, by product and by geography.
By Industry – The 3D printing market segmented by industry covers aerospace, healthcare, automotive, industrial, jewelry, energy and others.
By Product – The 3D printing market segmented segmented by product into software, services, hardware and materials.
By Geography – The global 3D printing market is segmented by region into Asia Pacific, Europe and Middle East, North America and South America.
Global 3D Printing Market Trends
The use of 3D printing technology in medical and bio printing and metal manufacturing is seen as an emerging trend in the 3D printing industry. Increasing expertise in 3D technology and integration of 3D printing in supply chain systems are the other trends followed in the 3D printing market.
Potential Oppurtunities In The Global 3D Printing Market
The potential of the 3D printing industry is expected to grow significantly in the forecast period. The replacement of traditional methods of printing with 3D technology would allow customers to reduce their lead time, costs and waste. Furthermore, the increasing adoption of 3D printing technology in markets such as medical equipment, metal manufacturing and architecture is expected to increase the scope of the 3D printing market.