3D Printing Market is expected to reach USD 31.7 billion in 2025 with a significant CAGR of 21.6% during the forecast period 2019-2025
Published | March 2019
According to BlueWeave Consulting, The Global 3D Printing Market is expected to reach USD 31.7 billion in 2025 with a significant CAGR of 21.6% during the forecast period 2019-2025 owing to the reduction of errors, decrease in development cost and time, and the ability to build customized products.
The demand for 3D printing in the medical industry for the manufacturing of personalized medical implants and prostheses will boost the 3D Printing market in the upcoming year. Mass production with the specified design for the aerospace industry will also advance the market. Moreover, the major factor driving the market is the growing use of 3D printing in rapid prototyping or real-time prototyping, which benefits the whole design and production process, ultimately leading to reduced lead time and speed.
Furthermore, demand from automotive, consumer products, and education industries, better 3D printing service sector accelerating the growth of the 3D Printing market. Additionally, 3D Printing technology helps consumers to develop products as per their requirements, such as customized toys, shoes, decorative items, jewelry, and more, thus, giving the freedom of producing articles as per the specification, which will contribute to 3D printing market growth during the forecast period. With technological advancements and product innovations, the use of 3D printing technology has got various applications in a wide variety of areas, such as jet engines, advanced prosthetics, and even living tissue will aiding to the growth of 3D Printing market.
FDM Technology type of 3D Printing market is projected to be the leading segment of the overall market during the forecast period
Based on Technology Type, the 3D printing market segmented into Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), and Stereolithography (SLA), Electron Beam Melting (EBM) and Digital Light Processing (DLP). FDM dominates the global 3D printing due application of FDM in producing objects that are durable and also used to print off that object that will endure large temperature changes, mechanical stress, and chemical corrosion. SLA is anticipated to the fastest growing market due to its properties to print parts in high resolution, and a smooth surface finishes directly out the machine. It can create perfect pieces with repeatable dimensions. SLS will drive by its ability to make very complex geometries directly from digital CAD data quickly.
Services segment projected to dominate in the 3D Printing market during the forecast period.
Based on Solution offering, the global 3D printing market has been segmented into Hardware, Software, and Services. Services segment anticipated to leads the market owing to an increase in demand for advancement in the printing technology and materials; the services sector is garnering significant growth as a source of profit generation, compared to printers and materials. Hardware segment will fuel by demand from various sectors such as Healthcare, aerospace, and automotive. The software segment will drive by rising demand for 3D printer and software type.
Healthcare is projected to lead the industry to utilize applications of 3D printing during the forecast period.
Based on application, the global 3D printing market segmented into Automotive, Healthcare, Industrial, Consumer Electronics, Aerospace & Defense, and Others. Healthcare will lead the market owing to applications of 3D printing as customized implants, prosthetics, medical models, and medical devices. Moreover, advancement in technology, improved healthcare infrastructure, coupled with the rising of the aging population, is pushing the market upward. Continous increase in investment for the research and development sector also supported the 3D printing market to move toward a positive quadrant. The automotive industry will drive by rapid prototyping, lower turnaround time, low consumption, and wastage and lower cost of production.
The Asia Pacific accounts for the lion’s share of the global 3D printing market during the anticipated period.
Based on region, the 3D Printing market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominates the world 3D Printing market over the forecast period owing to the growing demand for applications of 3D printing in various industries, such as consumer goods, Healthcare, education and research, defense, aerospace, and automotive. Furthermore, the automotive and aerospace industries use this technology to manufacture affordable, complex, and lighter components are one of the key factors estimated to encourage the growth of the Asia Pacific market in upcoming periods. North America will be the fastest-growing market owing to the efficient use of materials, minimized human errors, customization of products, and reduced production time and cost they are trying.
Global 3D Printing Market Competitive Landscape
Companies, such as Stratasys, Solidscape, 3D Systems EOS GmbH, GE Additive, SLM Solutions, HP, and EnvisionTEC, Arcam AB, Autodesk, Inc., The ExOne Company, Hoganas AB, Optomec, Inc., Organovo Holdings, Inc., Ponoko Limited, Concept Laser GmbH, Voxeljet Technology GmbH, Materialise NV (ADR), Proto Labs Inc., Citim GmbH and Digital Mechanics Sweden AB are the key players in manufacturing of 3D printing. In terms of services offerings, Solidscape, Inc., Stratasys, Ltd., and EOS GmbH.are the major players in the market.
Explore full report with detailed TOC, “Global 3D Printing Market, by Technology (Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), and Stereolithography (SLA), Electron Beam Melting (EBM), Digital Light Processing (DLP)), by Solutions (Hardware, Software, Services), by Applications (Automotive, Healthcare, Industrial, Consumer Electronics, Aerospace & Defense, and Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Size and Forecast, 2019-2025” at https://www.blueweaveconsulting.com/global-3d-printing-market-bwc19101