According to a new report by Allied Market Research titled, "World 3D Printing - Market Opportunities and Forecasts, 2014 - 2020", the world 3D printing market is estimated to garner $8.6 billion by 2020, registering a CAGR of 21% during 2015 to 2020. This surge in growth is primarily attributed to the rising demand for faster and efficient ways to manufacture complex design objects using a wide array of materials.
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Conventional printing manufacturing techniques find large application in industries such as automotive, aerospace, medical & healthcare, consumer products and others. The growing adoption of 3D printing in these applications is supplemented by the higher accuracy, efficient use of material and ability to build customized products. Its competency over traditional processes, time efficiency and simultaneous use of multiple materials are factors that further boost its adoption. However, the higher cost of personal printing, expensive software and the lack of channel partner assistance restrains the growth of this market. The economies of scale gained through advancements in technology and improved manufacturing processes will further boost the market growth.
Stereolithography would continue to be the leading technology in 3D printing over the forecast period, majorly supplemented by its utilization in blow molding, injection molding and other metal casting processes. However, with the growing adoption of Selective Laser Sintering and Electron Beam Melting technologies, the overall revenue contribution of stereolithography technology would decline over the forecast period. Electron Beam Melting technology would register the fastest CAGR during the forecast period, as it is an ideal process for building parts with high resistance and strength, which are highly desired in aerospace, automobile, medical and industrial sector.
3D printing finds significant application in consumer products amongst all the other applications. This segment accounted for about one-fifth share in the 3D printing application market, in 2014. The defense sector is estimated to register the highest CAGR of 25.6% during the forecast period, as countries around the world are making high investments in technological advancements in defense sector. 3D printing also finds major application in the design and manufacturing of fighter jets and military aircrafts.
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North America is the largest market of 3D printing, accounting for nearly 43% of the overall global market revenue. However, European market would surpass North America in 2018, becoming the biggest 3D printing market worldwide. The Asia-Pacific region would register the highest CAGR during the forecast period.
Key findings of the study:
- The materials segment would exhibit significant growth due to the increasing demands of 3D printing across various commercial and non-commercial sectors
- Electron Beam Melting segment is expected to witness fastest growth during the forecast period owing to its increasing application in aerospace, automobile, medical and industrial sectors
- Consumer products would continue to account for the leading market application during the forecast period (2015 - 2020)
- Europe would occupy approximately 2/5th share of the world 3D printing market by 2020
The prominent players in the world 3D printing market are, Stratasys Ltd, Arcam AB, Autodesk, ExOne, Hoganas AB, Optomec, Organovo Holdings, Ponoko and Voxeljet Ag. The leading players are focusing on the development of novel technologies complimented by product launch. For example, 3D Systems launched Cube 3 and CubePro 3D printers in 2014. These printers provide great speed with concurrent multi material and multi-color printing.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research
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