WELLESLEY, Mass, Oct. 11, 2018 (GLOBE NEWSWIRE) -- Lower costs and technological advancements are two factors helping to drive remarkable growth in the global 3D printing market, according to a report by BCC Research. The market is gradually expanding into the construction and medical industries.
The industry expects to see a compound annual growth rate (CAGR) of 22.4% through 2023, when it could be worth nearly $22.9 million, according to the report Global Markets for 3D Printing.
Major players in the market include 3D Systems, Align Technology, Dassault Systèmes, Esun Industrial, Evonik Industries, Formlabs, Grafoid, iSquared, Keene Village Plastics, Lithoz, Makerjuice, Onshape, Nano3D, Oganovo, PTC, Rainbow Biosciences and Sketchup.
Research Highlights
- By component, the market size leaders is 3D printers, with an estimated 2023 value of $12.3 billion and a CAGR of 21.8%. Growth, however, will be strongest in services, with a CAGR of 23.5%.
- North America will lead the market by size, with an estimated 2023 value of $1.3 billion, though growth will be strongest in the Asia-Pacific region, with a CAGR through the period of 24.8%.
- By technology, the market will be led in size by material extrusion units, with an estimated 2023 value of $4.59 billion, followed by VAT photopolymerization at $2.79 billion and powder bed fusion at $1.85 billion.
“Increased spending on research and development activities and an innovative product range is driving the growth for the 3D printing market,” noted the report’s authors. “3D printing has emerged as a replacement of traditional time-consuming manufacturing processes.”
Market Restraints Include Lack of Expertise, High Cost of Materials
Although market growth will be robust through the forecast period, a number of challenges are conspiring to slow expansion. Chief among them is a lack of skilled technicians who understand 3D printer technology, processes and equipment; the industry needs skilled workers and engineers who can push past the limitations of the traditional industrial methods. Further, the high cost of materials and industrial printers may be keeping the units out of the hands of customers who have specific functional requirements such as the need for high-strength materials.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.