Report Title: “Global 3D Printing Market – Segmented by Technology, Solutions, End Users (Automobiles, Aerospace & Defense, Healthcare, Food, Energy, Construction & Architecture), Material Type and Region – Growth, Trends, and Forecasts (2018 – 2023)”
Global “3D Printing Market” (2018 – 2023) Report Provides Overall study of Approximate CAGR, Leading Manufacturers, Key Development, Market Dynamics and SWOT analysis for Key Players. The 3D Printing market is expected to register a CAGR of approximately 27.29% during the forecast period of (2018 – 2023)
3D Printing Market Report Covers Leading Manufacturers: Stratasys Ltd,3D Systems Corporation,EOS GmbH,Electro Optical Systems, Concept- Laser GmbH,Sisma S.P.A., ExOne Co,Arcam AB,SLM Solutions Group AG,Materialise NV (ADR),Proto Labs Inc,Citim GmbH,Digital Mechanics Sweden AB
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The global 3D printing market was valued at USD 8.312 billion in 2017, and is expected to reach a value of USD 35.36 billion by 2023, at a CAGR of 27.29% over the forecast period (2018 – 2023). The scope of the report considers hardware, software, and services’ solutions offered by major players in the market. This report focuses on adoption of these solutions by various end users across the globe. The study also emphasizes on latest trends and industry activities that have a lasting impact on the market.
With technological advancements and product innovations, use of 3D printing technology has found various application in a wide variety of areas, such as jet engines, advanced prosthetics, and even living tissue (with a potential to disrupt the entire manufacturing industry). The industry is being constantly driven by technological developments, which promise higher flexibility and enable faster design. Further, manufacturers have realized the advantages that 3D printing offers, such as optimizing material, labor, and transportation costs. Manufacturing units have been able to cut down on material wastage through the use of 3D printing.
Governments across the world have already started investing in R&D on 3D printing, which has had a positive impact on technology propagation and adoption. In 2016, the Dutch government invested an additional USD 150 million in 3D printing related research and innovation. However, the market remains constrained by high costs of equipment needed to deploy 3D printing on an industrial scale. The lack of an international standards body regulating manufacturers also limits the market growth.
Cloud Deployment of These Solutions Driving their Adoption
After witnessing the potential of the 3D printing technology across the supply chain, governments around the world have started investing in R&D of 3D printing technology. One of the biggest limitations in wider adoption of 3D printing technology on an industrial scale, is the high cost of equipment and materials involved in developing both the technology and the final product. Government funding is helping to bridge the gap within the industry.
The Canadian government is actively promoting R&D of 3D printing technology. The Scientific Research & Experimental Development (SR&ED) encourages Canadian businesses to innovate by offering increased wages, contractors, materials, and overhead costs. According to the UK 2017-2018 budget proposals, a majority of the government R&D funding will be focused toward technology development and support of scientific talent. The new proposals include the use of GBP 4.7 billion, which is diverted toward different aspects like R&D on electric vehicles, drug manufacturing technologies, artificial intelligence and robots for work in space, power plants and mining projects. In addition, the South Korean government announced plans to invest WON 41.2 billion (approximately USD 37 million) toward the development of 3D printing technology in 2017. Investments toward developing efficient 3D printing equipment are being encouraged by the respective governments, as the technology offers a cost-effective and viable solution to conventional manufacturing in the long run.
3D Printing Market Redefining Future of Healthcare and Cutting Down Operating Costs and Time
3D printing is enabling companies in the medical & pharmaceutical sector to manufacture unique, personalized products cost-effectively; for instance, they play a crucial role in the production of surgical instruments and personalized implants, to provide perfect fit, and support bone growth.
In March 2016, 3D Systems, a 3D printer manufacturer and service provider opened a “Healthcare Technology Center” for producing 3D printing healthcare solutions. Employment of these solutions is helping medical organizations to save thousands of dollars per surgery, with a reduction in surgical planning time of 93% and reduced operating room time of three to four hours. Meanwhile, the US Food and Drug Administration (FDA) has already approved production of the first, 3D printed tablet by Aprecia Pharmaceuticals’ prescription adjunctive therapy, named SPIRITAM, for seizures and epilepsy. Such innovative practices are expected to further spur the growth of the 3D printing market over the forecast period, particularly in the healthcare industry.
North America to Hold the Largest Share of the Market in 2018
There have been a series of new product launches, mergers, and acquisitions in North America to utilize the potential on offer through 3D printing. The major factor influencing the rise in investments has been the continuous evolution and application of new technologies exploring an untapped market in the manufacturing sector. With these series of investments, healthcare, aerospace & defense, industrial, and consumer product applications in North America are set to boom over the next five years. For instance, University of Dayton Research Institute was awarded USD 8 million from America Makes, the National Additive Manufacturing Innovation Institute, in July 2016, to lead a national program that will use additive manufacturing to help the Air Force more efficiently and affordably sustain aging aircraft. Funding for the award was provided by the Air Force Research Laboratory, and directed to UDRI by America Makes under a new cooperative agreement between America Makes and AFRL. Moreover, the United States had increased its military expenditure, as of 2017, under the Trump administration, which has greatly benefited the aerospace & defense industry. This could lead to development of new jets and military grade helicopters, which will increase the adoption of 3D printing technology.
Various government organizations, such as NASA, have identified that heavy investments in 3D printing technologies can contribute significantly in space applications, and develop zero- G technologies, driving the growth of the market. Fitness trackers, and smart apparel are also expected to be driving factors for the 3D printing technology in the United States. It is estimated that, around 19% of the broadband households had a wearable fitness device in 2016. Changing consumer preferences and a rising need for customization has bought about a need to create a flexible band and electronics systems that could be realized using 3D printing technology, thereby driving its growth.
The key players in this market include: Stratasys Ltd, 3D Systems Corporation, EOS GmbH
Electro Optical Systems, Concept- Laser GmbH, Sisma SpA., ExOne Co, Arcam AB, SLM Solutions Group AG, Materialise NV (ADR), Proto Labs Inc., Citim GmbH, and Digital Mechanics Sweden AB., among others.
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Reasons to Purchase 3D Printing Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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