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The global industrial 3D printing market is anticipated to grow from over USD 2.0 billion in 2020 to more than USD 5.0 billion by 2026 at a CAGR of around 20.2% during the period.
Industrial 3D Printing, also referred to as additive manufacturing , is an innovative technology that involves a computerized layer-by-layer deposition of suitable materials to form an object referring to a 3D file with a range of printing materials including a 3D printer.
The materials used in 3D printing comprise of different grades of polymers, ceramics, and metals. 3D printing offers methodologies that can manufacture and design complex and novel architectural forms, construction systems, and materials that were previously either not feasible a viable reality.
Different sorts of 3D printing technologies are deployed in various industries including consumers, automotive, construction, defense, education & research, aerospace, and medical for a wide range of applications such as production of rapid prototypes, functional end-use parts and architectural models for tooling and repairing heavy equipment and machinery and robotics etc.
Industrial 3D printing materials offer a range of advantages, including high durability, sensitivity, flexibility, stability and accuracy per inch of part dimension, customization of products, faster printing speed, null count of errors, and a decreased time-to-market and exclusion of raw material waste etc.
The primary factors influencing the growth of the market include: the burgeoning acceptance and implementation of 3D printing from prototyping to low volume manufacturing of customized products across different industry verticals around the globe, the surging focus of industries on high-volume production and effortless manufacturing of products using 3D printing, the growing expertise and awareness regarding the 3D printing technology and the rapidly augmenting demand for tailor-made unique design solutions across various end user industries etc.
Additionally, the manufacturers in the 3D printing market are putting in substantial effort and funds on research and development activities to introduce new and innovative technology-based products into the market. Their major emphasis is on developing low cost and low volume products along with rapid advancements in material composition, fused deposition modeling methods, and the fusion of AI and ML into the products. Along with that, the leading corporates and consultants worldwide are also extending considerable amount of support in the development of 3D printing knowledge and capabilities. The 3D printing technology therefore is playing a vital role in the introduction of digital smart manufacturing with the emergence of Industry 4.0 and is projected to grow exponentially in the foreseeable future.
Moreover, with the ongoing phase revolution from legacy production philosophies to computerized philosophies such as AI in the production approach of different industries, the governments across regions have been to promote higher productivity enforcing strict regulatory mandates, quality standards and principles in the manufacturing sector. These collective efforts by the governments will ensure that industries meet the quality standards and aligned environmental protection norms, which will aid substantially in propagating and adopting several budding technologies, including the 3D printing technology in the years to come.
Furthermore, other factors such as introduction of new materials, rapid urbanization, frequently changing workplace and technology dynamics, the increasing shortcomings of traditional manufacturing, the declining prices of additive manufacturing -based machines and the rising demand for online 3D printing across various industry verticals further bolster the industrial 3D printing market growth.
However, factors such as the lack of standards and protocols leading to manufacturing failure and inaccurate outputs, the increased threat of copyright infringement, the involvement of high material costs and initial principal funding in 3D printing, the limitations associated with product size, the rising misconceptions concerning the prototyping processes held by the small and medium-scale manufacturers and the lack of technical knowledge and skilled labors are anticipated to hinder the growth of the market in the forecast years.
INDUSTRIAL 3D PRINTING MARKET SEGMENTATION:
By End-Use Industry:
Geographically, the North American region is the most prominent regional market for industrial 3D printing with over 35% share in the market and the same is further poised to remain at the top in the forecast period also. The growth of the market in the region can be attributed to factors such as the rapidly increasing technological advancements and the high adoption of technology in a vast range of industries in the region, the augmenting adoption of industrial 3D printing technology by various manufacturing industries in the region, the growing financial support pertaining to the development of 3D printing technology from the governments in the region, the frequent new product launches and product innovations and developments in the region and the high presence of well-established industry players in the region etc. The major contributors to the region include the U.S. and Canada.
The European region holds the second largest share in the global industrial 3D printing market and is expected to witness substantial growth in the years to follow. The growth in the region can be attributed to the rising demand for 3D printing from industry verticals in the region, the escalating number of government initiatives focused on increasing the adoption of the technology in the region, the proliferating demand for quick prototyping across various industries in the region and the increasing presence of several key additive manufacturing industry players in the region etc. The major contributors to the region include the U.K, Germany and France.
On the other hand, the Asia Pacific region is the fastest growing regional market for industrial 3D printing with robust growth in its market size predicted in the next few years. This can be accounted to factors such as the rapid proliferating adoption of additive manufacturing in the region, the expanding industrial bases in the region, the growing number of developments and upgrades across the manufacturing industry within the region and the increasing distribution networks and establishment of centers for industrial 3D printing training, education and research by the major players in the region etc. The major contributors to the region include India, China and Japan.
FEW KEY PLAYERS IN INDUSTRIAL 3D PRINTING MARKET:
The global industrial 3d printing market is highly fragmented and competitive with the presence of key operating players including:
Some of these players from time to time adopt different strategic business collaborations and partnerships in the form of mergers and acquisitions to increase their revenue, market share, and geographical footprints across different regions around the globe.
The report offers a comprehensive insight on the Industrial 3D Printing Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
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