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The 3D printer market size is forecast to increase by USD 30.00 billion, at a CAGR of 23.16% between 2023 and 2028. Market growth hinges on factors such as rising consumer demand for customized 3D products, growing investments in additive manufacturing, and a focus on reducing time-to-market. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
The increasing investments by governments and industry participants in additive manufacturing are accelerating the development and adoption of 3D printers in the region. The high growth potential of additive manufacturing is encouraging industry participants to enter into strategic partnerships to tap the potential market. Additionally, Carbon Inc. company offers 3D printers such as M1, M2, M3, M3 Max and L1 3D printers. Also, EOS GmbH company offers 3D printers such as M 290 Series, M 300 Series, M 400 Series metal 3D printers, EOS P 396, INTEGRA P 450 polymer 3D printers.
Market Forecast 2024-2028
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The market encompasses various technologies including additive manufacturing (AM), which operates on layer-by-layer addition principles, creating objects from three-dimensional files. Providers offer installation services and consultation solutions, coupled with robust customer support. Legal aspects like copyrights, licensing, and patenting are crucial to protect intellectual property. Although production expenses can be significant, misconceptions persist around prototyping processes and technical knowledge requirements. Standard process controls ensure quality while regulatory scrutiny emphasizes safety and quality standards. The market's expansion spans diverse sectors like research & development, healthcare, and the creation of various printed products. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Customization involves tailoring or modifying products to meet specific customer needs and preferences. There is a growing consumer interest in personalized products, either by ordering from companies offering customization services or by utilizing desktop 3D printers to create products in-house. The affordability of desktop 3D printers has enabled individual consumers to produce customized items such as toys and home decor, albeit at a higher cost.
Moreover, consumers with ample disposable income are investing in 3D printers, while others are opting for online companies providing customized products. Beyond individual consumers, industry professionals are also embracing 3D printing technology to cater to customer expectations, enhance service quality, and boost profits. These trends are poised to drive the growth of the market, particularly in the context of additive manufacturing (AM), prototyping processes, and research & development in various sectors, including healthcare.
Outsourcing 3D printing is the business of hiring a third party to generate goods and services on behalf of a firm. Outsourcing is typically used to reduce the expenses of various production processes. Prototypes and production runs are both outsourced 3D printing projects. Many engineers and designers are abandoning their internal printers in favor of an external service provider due to 3D printing companies which can guarantee 24-hour production/delivery.
Furthermore, due to a scarcity of equipment, there is a considerable surge in outsourced 3D printing. For instance, a corporation may have an SLA machine that prints resin parts, but if it wants to 3D print a metal part, it will need to invest in a metal printer, which is more expensive. Thus, outsourcing is the best option in such cases. Another reason for outsourcing is the lack of the right knowledge and experience to operate the machine and set up the right mix of materials.
Basic training on these printers and the types of technologies and technical training are necessary at various levels such as designers, manufacturers, and consumers. Moreover, technical training helps the workforce understand the depth of technologies and helps decision-makers understand the ways of utilizing additive manufacturing. One of the main advantages of using additive manufacturing is the enhancement of the supply chain.
Furthermore, advanced training must be given to understand material handling, preprocessing, and post-processing. However, the cost of training is high as such printers and their materials come at a high cost, which directly impacts the cost of training among the different levels of the workforce. Therefore, the high cost of training the workforce in additive manufacturing is expected to hinder the growth of the market during the forecast period.
The market share growth by the industrial 3D printer segment will be significant during the forecast period. The major reason for the domination of the industrial sector is the increasing adoption of industrial printers for designing, prototyping, and tooling in several industries, such as aerospace and defense, automotive, consumer electronics, and healthcare.
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The industrial 3D printer segment was valued at USD 6.50 billion in 2018. In the aerospace industry, additive manufacturing is used to develop various components such as jet engines, injectors, valves, and several others, as it is almost impossible to imagine the manufacturing of components with a complex design using traditional manufacturing techniques. Hence, the aerospace industry is exploring various options for using additive manufacturing. Moreover, SpaceX claims that a rocket engine main oxidizer valve can be printed in just two days using additive manufacturing technology. This clearly shows that the use of additive manufacturing can significantly increase production and save time. Thus, such factors will drive the 3D printer market during the forecast period.
Based on technology, the market has been segmented into fused deposition modeling, selective laser sintering, stereolithography, and others. The fused deposition modeling?segment will account for the largest share of this segment.?Fused Deposition Modeling (FDM) utilizes 3D printing technology to create parts by heating thermoplastic filaments, commonly employed in prototyping, production, and modeling. It's also known as fused filament fabrication. FDM offers advantages such as minimal post-processing time, user-friendliness, and cost-effectiveness compared to other technologies like SLS and SLA. With a variety of affordable filaments available, FDM finds popularity in the automotive, aerospace, and consumer electronics sectors, with consumers utilizing it for in-house manufacturing via online platforms and apps.
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North America is estimated to contribute 36% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. North America dominated the market in 2023 and will continue leading during the forecast period, surpassing Europe and APAC. Increased government investments and rising demand in aerospace, defense, consumer electronics, and healthcare sectors drive this growth. Additive manufacturing investments accelerate development, with companies opening solution centers to educate customers. In aerospace and defense, cost reduction drives additive manufacturing adoption, while healthcare sees high usage for innovative designs. Consumer electronics also embrace 3D printing for futuristic products.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ANYCUBIC Technology Co. Ltd., Desktop Metal Inc., Formlabs Inc., General Electric Co., HP Inc., LuxCreo Inc., Markforged Holding Corp., Nano Dimension Ltd., Organovo Holdings Inc., Shenzhen Creality 3D Technology Co. Ltd, SLM Solutions Group AG, Stratasys Ltd., voxeljet AG, WANHAO 3D PRINTER, XYZPRINTING Inc., Zhejiang Flashforge 3D Technology Co. Ltd., and Zortrax S.A.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028.
The 3D Printing Market is witnessing significant growth driven by advancements in software and 3-dimensional printer technology. It caters to small and medium-scale manufacturers and enterprises, with a focus on market concentration and mergers & acquisitions among leading players. In the manufacturing sector, it competes with traditional methods like injection molding and CNC machining, offering rapid prototyping services and functional parts production. With applications in automotive, power and energy, and medical devices, it promises reduced time to market and fosters innovation. Moreover, industry standards and regulations drive the adoption of 3D printing technologies, especially in industrial printer segment and emerging additive manufacturing technologies.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.16% |
Market Growth 2024-2028 |
USD 30.00 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
22.4 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3D Systems Corp., ANYCUBIC Technology Co. Ltd., Carbon Inc., Desktop Metal Inc., EOS GmbH, Formlabs Inc., General Electric Co., HP Inc., LuxCreo Inc., Markforged Holding Corp., Nano Dimension Ltd., Organovo Holdings Inc., Shenzhen Creality 3D Technology Co. Ltd, SLM Solutions Group AG, Stratasys Ltd., voxeljet AG, WANHAO 3D PRINTER, XYZPRINTING Inc., Zhejiang Flashforge 3D Technology Co. Ltd., and Zortrax S.A. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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