Benefits offered by 3D printing technology such as minimization of errors, reduction in development cost & time, and ability to provide customized products coupled with technological advancements in the automotive industry are expected to boost the growth of the global 3D printing market
Allied Market Research published a report, titled, 3D Printing Market by Technology (SLA, FDM, SLS, EBM, DLP and Others), Component (Hardware, Software and Services) and End User (Automotive, Healthcare, Industrial, Consumer Electronics, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. This report offers comprehensive analyses of the global 3D printing market along with the market trends, drivers & opportunities, key player positioning, top investment pockets, and competitive landscape. According to the report, the global 3D printing market generated $8.62 billion in 2017, and is expected to reach $44.39 billion by 2025, registering a CAGR of 21.8% from 2019 to 2025.
The growth of the 3D printing market is attributed to factors such as increased use of 3D printing in the automotive industry and benefits associated with the use of this technology such as minimization of errors, reduction in development cost and time, and ability to provide customized products. However, high cost of 3D printing and lack of skilled labor hinder the market growth. On the contrary, increased application of this technology in healthcare and other sectors would provide lucrative prospects for the market players.
FDM segment to contribute highest share through 2025
Among technologies, fused deposition modelling (FDM) segment accounted for about half of the total market share in 2017 and is expected to retain its lead through the study period. This is due to its use in a wide range of applications such as automobiles, aerospace, jewelry & art, architecture, packaging, biomedical, consumer, electrical & electronic products, and others. Moreover, it is widely adopted due to its lower cost as compared to other technologies. The electron beam melting (EBM) segment would grow at the fastest CAGR of 30.5% from 2019 to 2025. The report analyzes selective laser sintering (SLS), stereolithography (SLA), digital light processing (DLP), among others.
Hardware segment to maintain lion's share through 2025
Hardware segment captured 58% share of the total market revenue in 2017 and is projected to maintain its lead through the forecast period. However, the services segment would register the fastest CAGR of 24.9% from 2019 to 2025 because numerous companies have been offering 3D printing services to customers who do not wish invest in the technology or hardware for manufacturing 3D models. The software segment would grow at a steady pace during the study period.
Healthcare segment to lead in terms of growth rate
Among end users, the aerospace & defense segment accounted for about 27% of the total market share in 2017 and is expected to maintain its dominance through 2025. This is due to the large number of applications of 3D printing in this industry, especially prototyping and manufacturing complex geometrical parts that are not possible using traditional methods. However, the healthcare segment would exhibit the fastest CAGR of 26.6% from 2019 to 2025 due to the ability of 3D printing to print customized tailored prosthetics according to the requirements. The report also analyzes industrial, automotive, consumer electronics, among others.
North America to lead in terms of revenue, LAMEA to grow the fastest through 2025
North America contributed 40% of the total market share in 2017 and is expected to retain its dominance throughout the forecast period. On the other hand, Latin America, Middle East, and Africa (LAMEA) is expected to register the fastest CAGR of 28.20% from 2019 to 2025. The other regions discussed in the report are Europe and Asia-Pacific.
Frontrunners of the industry
The key players analyzed in the report include 3D Systems, Arcam AB, Autodesk, Inc., Stratasys Ltd, The ExOne Company, Hoganas AB, Optomec, Inc., Organovo Holdings, Inc., Ponoko Limited, and Voxeljet AG. The companies have adopted expansion, product development, collaboration, joint ventures, and merger strategies to sustain the intense market competition in the industry.