The global 3D Printing Construction Market size is expected to reach USD 1,034,096.7 thousand by 2028,
registering a CAGR of 91.5% from 2021 to 2028, according to a new report by
Grand View Research, Inc. The market growth can be attributed to the rising
awareness about 3D printing techniques in the construction industry
and the significant increase in green construction projects globally. Various
benefits offered by the technology, including increased construction speed,
reduction in costs and waste, reduction of on-site accidents, and flexibility
in creating complex architectural shapes, are also driving its adoption in the
construction industry.
The funding received by the 3D printing construction
providers from the respective governments for developing space-based
construction systems is expected to create new opportunities for market growth
in the forthcoming years. For instance, in October 2020, ICON Technology, Inc.
announced that it was awarded a government contract called Small Business
Innovation Research (SBIR) and funding from NASA to conduct a space-based
construction project called “Project Olympus” on the Moon. In this project,
ICON Technology, Inc partnered with BIG and SEArch+, a company specialized in
space exploration, to develop lunar structures from the available material on
the Moon.
The use of 3D printing technology in the construction
industry can reduce the number of laborers required on-site, which can
eventually resolve the labor shortage problem, particularly in countries where
the industry is heavily dependent on migrant workers. However, 3D printing
technology may not be favorable for countries where the construction industry
is a key employer and labor is less expensive. Moreover, individuals using
specialized 3D construction printers require proper training, which could add
to the overall cost of a project.
The outbreak of the COVID-19 pandemic negatively
impacted the market growth as supply chains were disrupted and several
construction projects were stalled due to the lockdowns imposed by various
governments across the globe. Construction companies rely on the supply of
equipment and raw materials from their suppliers. However, as several
governments restricted the movement of goods locally and across the border,
companies had to halt their construction activities, given the stalled supply
of raw materials and equipment.
Related Press Release@ 3D Printing Construction Market Report
3D Printing Construction Market
Report Highlights
- The extrusion segment is expected to witness the highest growth due
to the introduction of extrusion-based 3D printers by the companies
operating in the 3D printing construction space
- The concrete segment is expected to witness the highest CAGR over
the forecast period. The segment growth can be attributed to the increase
in the demand for 3D printed concrete formwork as it requires less-skilled
workers compared to conventional concrete construction
- The building segment dominated the market in 2020 and is expected
to show similar trends during the forecast period. The segment growth can
be attributed to the increase in the need for houses globally
- The Asia Pacific regional market is expected to witness the highest
CAGR owing to the increasing industrial expansion and development in the
emerging economies of the region
About Us:
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.
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