The global 3D Printing Market size is expected to reach USD 76.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.8% from 2022 to 2030. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM) as it involves successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.
3D printing is widely adopted in the industrial sector
owing to the growing need for enhanced product manufacturing and a shorter time
to market. The industrial vertical happens to be the most significant adopter
of the 3D printing technology, eventually leading to the largest market share
of 3D printers for industrial applications over the forecast period. Additive
manufacturing is anticipated to evolve over the forecast period.
3D printing continues to gain popularity among
hobbyists and innovators. While individuals are using 3D printing for domestic
and personal purposes, universities and educational institutes are using 3D
printing for conducting technical training. The market is subject to witness a
considerable economical appearance rather than being just a labor-intensive
industrial manufacturing technique. Particularly in developing economies, such
as Brazil, South Africa, and India, machining shops have managed to adopt
alternative business models by installing 3D printers and offering related
services, such as 3D printing materials, filaments, 3D modeling, and 3D printer
software.
Apart from the industrial vertical, the automotive, healthcare,
and aerospace & defense verticals are among the leading adopters of 3D
printing technology. Incumbents of these verticals have an emphasis on
accuracy, enhanced product designing, reliability, shorter time to market, and
economical production processes. Given that additive manufacturing can offer
all these benefits, the adoption of three-dimensional printers by the
automotive, healthcare, and aerospace & defense verticals is expected to
gain traction over the forecast period.
3D printing and related technologies are evolving
continuously in line with the intensive R&D activities being undertaken,
and the aggressive investments being made by the private and the public
sectors. Government funding and encouraging initiatives being undertaken in
developed economies are prompting manufacturers to pursue improvements in
technology and the adoption of new technologies.
North America accounted for the largest revenue share
of more than 30.0% in 2021, as a result of the extensive adoption of 3D
printers for 3D designing, 3D modeling, and 3D manufacturing in several
industries. The Asia Pacific region has emerged as a manufacturing hub owing to
an expanding consumer base as well as the continued foreign investments
happening in the region. The Asia Pacific market is expected to witness
remarkable growth over the forecast period.
3D printing technology happens to be a
capital-intensive technology. At the same time, manufacturers are holding on to
their misconception about prototyping, rather than realizing the advantages
associated with 3D printing. Moreover, the market lacks the standard process
controls and a skilled workforce required for 3D printing. These are some of
the factors that are expected to restrain the market growth. However,
government initiatives aimed at increasing awareness and promoting the benefits
of adopting 3D printers are expected to help in countering the market
restraints.
Related Press Release@ 3D Printing Market Report
3D Printing Market Report
Highlights
- 3D printing technology is gaining traction owing to the ability of
the technology to offer accurate and rapid prototyping and optimize the
time to market. Increasing adoption of 3D printers in the healthcare,
automotive, and consumer electronics verticals is likely to drive the
market significantly
- The prototyping application segment dominated the market in 2021
and is expected to maintain its lead over the forecast period
- The metal material segment led the market in 2021 and is expected
to maintain its lead over the forecast period. This is attributed to the
increasing demand for metal 3D printing from industrial verticals such as
automotive and aerospace and defense
- The desktop 3D printer type segment, which has been segmented
further into educational purpose, fashion and jewelry, objects,
dental, food, and others, is expected to adopt the 3D printing technique
aggressively over the forecast period
- Demand for desktop 3D printers is expected to increase over the
forecast period as 3D printing is gaining popularity among hobbyists for
domestic, household, and personal usage, as well as in the education
sector for training purposes
- The Asia Pacific market, which is emerging as a manufacturing hub
for several industry verticals, is expected to grow significantly as the
continued urbanization triggers the need for infrastructure and prompts
the automotive, consumer electronics, aerospace and defense, and healthcare
verticals to adopt 3D printing, particularly in countries including China,
Japan, and South Korea
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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment