According to a report by Grand View Research, Inc., global 3D printing is anticipated to value USD 23.79 billion by 2025. Growing requirement for prototyping applications originating from various sectors is anticipated to propel demand for 3D printing. This technology is also called additive manufacturing (AM), which can be referred to procedure that can produce parts through successive addition of layers of materials in various 2D shapes.
3D printing process is expected to include use of 3D printer, compatible software, and relevant printing technology. The next stage can involve on-demand services such as consultation, installation, solution offerings, licensing, patenting, and copyrights. 3D printing can be largely preferred in manufacturing sector where prototyping is of utmost importance. Rapid prototyping is estimated to offer accurate designing of end-products, enable enhanced modeling, and possesses optimized time-to-market capabilities to considerable extent. All these factors are likely to fuel growth of market during the forecast period (2014 to 2025).
Full Research Report On 3D Printing Market Analysis:
U.S. 3D printing market by vertical, 2014 – 2025 (USD Million)
The 3D printing market can be segregated on the basis of type, technology, software, application, vertical, and region. Based on type, the market can be bifurcated into industrial printer and desktop 3D printer. In 2016, industrial printer segment dominated the market accounted for largest market share.
Based on technology, the market can be classified into stereo lithography, fuse deposition modeling, selective laser sintering, direct metal laser sintering, polyjet printing, inkjet printing, electron beam melting, laser metal deposition, digital light processing, and laminated object manufacturing.
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3D printing market by software, 2016 (%)
Based on software, the market can be segmented into inspection software, design software, printer software, and scanning software. In 2016, design software segment dominated the market and accounted for largest market share. It can be used particularly for constructing designs of objects to be printed, specifically in automotive, aerospace & defense, and construction & engineering sectors.
Based on application, the market can be divided into tooling, prototyping, and functional parts. In 2016, prototyping segment dominated the market and accounted for largest market share attributed to rising adoption of prototyping process across various industrial verticals. It can be applied by aerospace, automotive, and defense sector to design and develop precise parts, components, and complex systems. It is likely to allow manufacturers to achieve higher accuracy and develop reliable products.
On the contrary, functional parts segment is anticipated to witness significant growth at CAGR of 17.3% from 2017 to 2025. Rising demand for 3D printers for designing and building functional parts can augment market growth. Functional parts can include small joints and other connecting metallic hardware components.
Based on vertical, the market can be segregated into automotive, aerospace & defense, healthcare, consumer electronics, industrial, power & energy, and others. Healthcare, aerospace and automotive segments are likely to contribute majorly during the forecast period by actively adopting additive manufacturing in several production processes.
Healthcare segment is driven by growing need for technological innovations to address health related issues globally. In addition, 3D printing can allow development of artificial tissues as well as muscles replicating natural human tissues to effectively be used in replacement surgeries in medical sector. All such factors are likely to drive adoption of 3D printing in healthcare. It can facilitate growth of market during the forecast period. The segment is predicted to generate significant revenue by 2025.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share. Continual technological advancements and region’s potential to invest in emerging technologies can influence growth of market. The United States and Canada are likely to be prominent and early adopters of these emerging technologies across several manufacturing practices. All these factors are likely to create lucrative opportunities for 3D printing in various applications in the region.
Similarly, Europe is expected to be the largest region in the world and consists of several market players actively operating in additive manufacturing sector. This region is likely to have strong hands on technical expertise and absolute know-how of additive manufacturing.
On the contrary, Asia Pacific is predicted to witness significant growth of market during the forecast period. The region is estimated to register CAGR of 20.4% from 2017 to 2025. Countries such as China, Japan, and South Korea are likely to emerge as major adopters of additive manufacturing during the forecast period.
Some of the leading companies offering 3D printing are 3D Systems, Inc.; Autodesk, Inc.; Canon, Inc.; GE Additive; Voxeljet AG.
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