Pune, India, April 27, 2021 (GLOBE NEWSWIRE) -- The global industrial 3D printing market size is expected to reach USD 54.96 billion by 2027, exhibiting a CAGR of 23.5% during the forecast period. Rising application of 3D printing technology in healthcare is set to gain prominence as a key growth driver for this market in the forthcoming years., states Fortune Business Insights, in a report, titled “Industrial 3D Printing Market Size, Share & Covid-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (FDM, SLS, SLA, DMLS/SLM, Polyjet, Multi Jet Fusion, DLP, Binder Jetting, EBM, CLIP/CDLP, SDL, and LOM), Application (Prototyping, Production, Proof of Concept, and Others), End-User (Automotive, Aerospace and Defense, Healthcare, Architecture and Construction, Consumer Products, Education, and Others) and Regional Forecast, 2020-2027.” As per the report, the global market size stood at USD 10.41 billion in 2019.
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The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report on the industrial 3D printing market incorporates:
- An elaborative overview of the general industry outlook;
- SWOT analysis of the market through a comprehensive analysis of its drivers, trends, and restraints;
- Meticulous segmentation of the market and a piece-meal study of the individual segments; and
- In-depth evaluation of the regional and competitive dynamics shaping the market in the given time period.
- COVID-19 effect on the market
Market Driver:
Heavy Investments in 3D Printing Projects to Drive Market
The increasing digitalization has enabled speedy progress for the additive manufacturing industry, in turn, boosting the growth of the market. The growing government participation and investments to build a sustainable and successful additive manufacturing ecosystem will have a tremendous impact on the market. For instance, in October 2019, Structo Pte Ltd, a dental 3D printed solution provider based in Singapore received an undisclosed amount of funding from EDBI Pte Ltd, a Singapore-based investor. The company aims to use this round of funding to create innovation in the dental industry and strengthen its footprints. Similarly, in November 2018, BASF SE, a chemical company based in Germany invested in Prismlab, a 3DP solution provider headquartered in Shanghai, China. Such business ventures can augur well for the global market.
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Utilization of 3D Printing in Medical Devices to Encourage Market Amid Coronavirus
The market is expected to remain unaffected by the outbreak of coronavirus. Moreover, the increasing application of 3D technology in the manufacturing of personal protective equipment (PPE), personal accessories, medical and testing devices will enhance the prospects of the market amid the covid-19 pandemic. The use of 3D printing technology as a major line of defense against the virus will simultaneously uplift the market scenario. For instance, in July 2020, Structo Pte Ltd, a major leader initiated the manufacturing of 3D printed Pre-Sterilized Nasopharyngeal (NP) swab testing kits to be delivered in different hospitals and testing labs across Singapore.
Enhanced Productivity Benefits to Boost Additive Manufacturing Market Growth
3D printing technology carries a variety of benefits for manufacturers. For example, on account of its accuracy in printing different items, 3D printing tools are being heavily utilized in primary production stages to identify defects and thereby increase the overall quality and performance of the final product. Furthermore, 3D-printed products can be more easily modified than conventionally manufactured objects, accelerating the 3D printing solutions market revenue. Lastly, this technology allows manufacturers to customize and personalize products as per the customer’s choice, which is likely to govern the 3D printing market trends in the near future.
Regional Analysis:
Surging Investments in Aerospace and Defense to Foster Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest share in the global market owing to the rapid adoption of additive manufacturing in the region. The heavy investments in the aerospace, defense, and healthcare industries will incite the development of the market in the forthcoming years. The booming automotive industry is expected to contribute positively to the market growth in the region. The market in Europe is likely to hold the largest share in the global market during the forecast period owing to the popularity of 3D printing technology across industries. The high capital investments coupled with government initiatives for advanced manufacturing technologies will contribute positively to the growth of the market in Europe.
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Key Development:
November 2020: Fusion3 Design, LLC, a 3D printer manufacturer based in North Carolina introduced REACTOR 3D printing software for its line of 3D printers. REACTOR is powered by Create it REAL’s REALvision slicing engine, the newly launched software provides speed configuration with minimum print settings.
Rising Focus on R&D Activities to Characterize Market Competition
The 3D printing market analysis reveals that key players in this market are intensely focused on elevating their R&D capacities to develop innovative products for different industries and consolidate their position.
The Report Lists the Key Companies in the Industrial 3D Printing Market:
- 3D Systems, Inc. (South Carolina, United States)
- Arcam EBM (GE Additive) (Cincinnati, Ohio)
- EnvisionTEC Inc. (Gladbeck, Germany)
- Höganäs AB (Höganäs, Sweden)
- Materialize NV (Leuven, Belgium)
- SLM Solutions Group AG (Lübeck, Germany)
- voxeljet AG (Augsburg, Germany)
- Made In Space, Inc. (Florida, United States)
- Canon Inc. (Tokyo, Japan)
- Ponoko Inc. (Wellington, New Zealand)
- Renishaw plc (Wotton-under-Edge, United Kingdom)
- Koninklijke DSM N.V. (Heerlen, Netherlands)
- Ultimaker B.V. (Geldermalsen, Netherlands)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Industrial 3D Printing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Hardware
- Software
- Services
- By Technology (Value)
- FDM
- SLS
- SLA
- DMLS/SLM
- Polyjet
- Multi Jet Fusion
- DLP
- Binder Jetting
- EBM
- CLIP/CDLP
- SDL
- LOM
- By Application (Value)
- Prototyping
- Production
- Proof of Concept
- Others
- By End User (Value)
- Automotive
- Aerospace and Defense
- Healthcare
- Architecture and Construction
- Consumer Products
- Education
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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