The 3D printing market is expected to grow at a CAGR of 25.76% between 2017 and 2023, to be worth USD 32.78 billion by 2023, according to the recent report 3D Printing Market by Reportsnreports. Aerospace and Defense, Engineering, and Healthcare are expected to hold large share of market while 3D Printing Industry Led by North America region with largest share
Ease of development of customized products, reduction in overall manufacturing costs, and government investments supporting the regional growth of the 3D printing technology are the factors driving the 3D printing market. Additionally, upbringing of new and innovative printing materials (such as blends of two materials, precious metal powders); demand from aerospace, automotive, medical and healthcare, consumer products, and education industries; growth of 3D printing service sector; and strong investments from certain big companies such as GE (US), Liebherr Group (Switzerland), Diehl Aero systems Holding GmbH (Germany), and BAE Systems (UK) are also drive the growth of the 3D printing market. However, the high cost of materials, limitation of size, and lack of standard process control are the key restraining factors for the market.
The report profiles the key players in the 3D printing market with their respective market rank analysis. The prominent players profiled in this report are Stratasys Ltd. (US) , 3D Systems Corporation (US), EOS GmbH (Germany), Materialise NV (Netherlands), SLM Solutions Group AG (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), The ExOne Company (US), Voxeljet AG (Germany), Proto Labs, Inc. (US), Optomec Inc. (US), ARC Group Worldwide, Inc. (US), GROUPE GORGE (France), EnvisionTEC GmbH (Germany), Mcor Technologies Ltd. (Ireland), Beijing Tiertime Technology Co. Ltd. (China), Renishaw plc (UK), XYZprinting (Taiwan), Ultimaker BV (Netherlands), Koninklijke DSM N.V. (Netherlands), Hoganas AB (Sweden), taulman3D, LLC (US), Nano Dimension (Israel), Carbon Inc. (US), Markforged, Inc. (US), and Cookson Precious Metals Ltd. (UK).
Industrial segment held larger share of market in 2016
Industrial printers held a larger share of the 3D printer market in 2016 and are expected to continue with the same in nearest future. Increased deployment of the technology for prototyping and functional parts creation is expected to be the key driving factor for the growth of said the 3D printer market. Industrial printers are used in the aerospace and defense, automotive, energy, engineering for die casting, injection molding, and tool repair. However, the market of desktop segment expected to grow at a higher CAGR during the forecast period owing to the reduction in printer prices along with technological advancements, leading to their growing deployment across the industries such as education, consumer products, food and culinary and printed electronics.
Aerospace and Defense, Engineering, and Healthcare to hold large share of market
Aerospace and defense, engineering, and healthcare verticals held a large share of the global 3D printing market in 2016. However, the consumer products and automotive verticals are expected to surpass the share of the healthcare vertical by 2023. The aerospace industry offers tremendous opportunity for 3D printing technologies and is expected to present a promising potential in the coming future. The stringent requirements such as lightweight components, and accuracy and precision in the designs of airplane parts are the major factors fueling the 3D printing market for the aerospace vertical. The market for the food and culinary, printed electronics, and education verticals are expected to grow at the leading CAGR during the forecast period.
North America to holds major market for 3D printing
North America held the largest share of the 3D printing market in 2016 and is expected to continue the trend in the near future. 3D printing is used in the major US-based companies operating in the verticals such as manufacturing, aerospace and defense, and healthcare, which is driving the North American 3D printing market.