The global 3D printing (3DP) market is estimated to reach USD
23.79 billion by 2025, according to the new report conducted by Grand View
Research, Inc. This technology is also called Additive Manufacturing (AM), is
referred to as a procedure that produces parts through the successive addition
of layers of materials in various 2D shapes. The layered 2D shapes are built
upon one another to form a three-dimensional object. The process is different
from the subtractive method of production where one begins with a block of
material and grinds out unnecessary materials to obtain the desired final shape
of the object.
The industry is well-established
in the industrial sector owing to enhanced product manufacturing and time
required for a product to reach the market. This technology is widely adopted
in the industrial vertical, which is expected to lead to the largest market
share of 3D printers in industrial applications. Additive manufacturing, which
is the industrial version of three-dimensional printing, is anticipated to
reach maturity over the forecast period.
However, desktop 3D printing is
likely to hold a promising future owing to the growing popularity of the
technology among hobbyists, innovators, and the education sector for technical
training and domestic/personal uses. The technology is expected to be highly
touted for its economic advantages rather than being perceived as a
labor-intensive industrial manufacturing technique. Local shops that install 3D
printers and offer 3D printing materials, filaments, 3D modeling, and 3D
printer software have become an alternative business model, especially in
developing economies such as Brazil, South Africa, and India.
The market is fragmented into
three major application areas, namely prototyping, tooling, and functional part
manufacturing. Apart from the industrial vertical, the automotive, healthcare,
and aerospace & defense verticals are the strong adopters of the
technology. Manufacturers in these verticals emphasize on the accuracy of
operations, enhancement in product designing, and reliability offered by the
parts, coupled with the time required for the product to arrive the market and
expenditures involved in the production. Benefits offered by the technology are
expected to lead to increased applications in these industry verticals in
future as well. Moreover, factors such as intensive R&D along with heavy
investments carried out by the public and private sectors are expected to
result in numerous advancements in 3D printers and related technologies, owing
to active government funding and initiatives carried out by developed economies.
North America held majority of
the market share in 2016, accounting for more than 35.0%. The large market
share is attributed to the extensive adoption of 3D printers for 3D designing,
3D modeling, and 3D manufacturing of objects in several sectors. The Asia
Pacific region has significantly emerged as a large manufacturing hub on
account of the presence of a huge consumer base and surplus foreign investments
in the region, thereby portraying a remarkable growth over the estimated
duration.
3D printing is a
capital-intensive technology and bears a few disadvantages, such as
misconceptions among manufacturers about prototyping. Furthermore, the market
currently lacks standard process controls and skilled workforce. These factors
currently hamper the market growth; however, they are anticipated to be
overcome over time owing to increasing government initiatives and growing
awareness among individuals regarding the benefits of 3D printers.
U.S. 3D printing market by vertical, 2014 - 2025 (USD
Million)
Browse full research
report on 3D Printing Market: http://www.grandviewresearch.com/industry-analysis/3d-printing-industry-analysis
Further key findings from the report suggest:
- 3D printing
is gaining interest among individuals owing to benefits such as accurate
and rapid prototyping along with the optimized time-to-market factors.
- The
increasing application of 3D printers in automotive, healthcare, and
aerospace & defense verticals are also expected to significantly drive
market growth over the forecast period.
- Desktop
printers are expected to gain noticeable attention over the forecast
period on account of increasing popularity among researchers, hobbyists,
small enterprises, personal users in domestic applications, and in the
educational sector for training purposes.
- The
prototyping application segment dominated the market in 2016 and is
projected to continue dominating in future as well, accounting for a
considerable market share by 2025.
- The others
vertical segment, which includes imitation & jewelry, clothing,
construction & engineering, architecture, toys, footwear, and so on,
is expected to witness an extensive adoption of 3D printers for
manufacturing goods & structures over the forecast period.
- The Asia
Pacific market is predicted to showcase a significant rise on account of
increasing applications in the automotive, consumer electronics,
infrastructure, urbanization, military & defense, and healthcare
sectors, among others, especially in countries such as China, Japan, South
Korea, Taiwan, and India.
- Prominent
players in the industry include Stratasys Ltd., 3D Systems, Inc., 3D Ceram,
GE Additive, HP Inc., Tiertime, Dassault Systemes, Made In Space, and
Voxeljet AG.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-3d-printing-market
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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