The growing number of investments in 3D printing, along with continuous technological advancements and increasing R&D activities, are the significant factors that are accelerating the growth of the market.
The reduction in the manufacturing cost and process downtime, ease in the development of customized products, and the increasing investment by the government in different 3D printing projects, are the major key drivers contributing to the growth of the 3D printing market in the next six years. The significant shift in the trend from prototyping to functional part manufacturing in different industry verticals, including medical, aerospace, automotive, and consumer goods, is further paving the way for the growth of the market for 3D printing. Additionally, the expanding number of R&D activities related to 3D printing is bringing several growth opportunities for the market.
3D printing technology has enabled manufacturers to deliver customized products according to consumer needs with better accuracy and well-defined smoothness. Moreover, this technology is being increasingly used for product design and offers several benefits such as risk reduction and real-time perspective. All these factors are responsible for the growth of the 3D printing market share in terms of revenues. However, on the other hand, the prevailing misconception with respect to the prototyping processes held by the small and medium-scale manufacturers is likely to hamper the growth of the market in the coming years.
As per the 3D printing market segmentation on the basis of the technology, the direct metal laser sintering segment exhibits substantial growth potential and is anticipated to gain traction during the forecast period. This is due to the increasing application of this technology, such as for tooling and manufacturing of fixtures and jigs. The direct metal laser sintering allows the creation of high-quality metal parts driven by its ability to facilitate the construction of complex geometrics of metals. The DMLS is being increasingly used for the manufacturing of complex structures such as aerospace and automotive for tooling and machinery parts. The cost-efficient production, quick and easy handling process, and the detailed resolution are the major drivers that are responsible for the growth of the segment.
As per the 3D printing market segmentation based on the application, the prototyping segment is projected to witness considerable growth in the next six years. The strong demand for the prototyping application in numerous industries is the key driver boosting the demand of the segment. The 3D printing produces prototypes from 3D computer-aided designs, which helps the organization to decrease the wastages and reduce the operational costs. It also enables the quick production of cost-efficient prototypes based on the customer’s requirements.
On the basis of the region, the North American region is anticipated to emerge as the maximum revenue generating segment over the forecast period. The increasing investments in the R&D activities to broaden the application areas of the 3D printing in various sectors such as academics, automotive, healthcare, consumer products, jewelry, aerospace & defense, and energy sector, is the key driver surging the growth of the market in this region. On the other edge, the Asia-Pacific region is anticipated to dominate the market during the forecast period. This is attributed to the high adoption of addictive manufacturing driven by the developments and upgradation in the manufacturing industry. Moreover, the accelerating production of consumer electronics and rapid urbanization is also enhancing the growth of the market.
The key players of the 3D Printing market include Stratasys, 3D Systems, EOS GmbH, GE Additive, Exone, Voxeljet, HP, Slm Solutions, Envisiontec, Protolabs, and Mcor Technologies, among others.
The research report on the 3D Printing market provides an in-depth analysis of the market revenue based on the offering, process, technology, application, vertical, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.