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:
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.
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