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Rising investments by major market players is a key factor driving 3D printing market revenue growth
VANCOUVER, BC, CANADA, June 15, 2022 /EINPresswire.com/ -- The global Three-Dimensional (3D) printing market size reached USD 16.86 Billion in 2021 and is expected to register a revenue CAGR of 21.8% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for 3D printing technology across healthcare and aerospace industries is driving market revenue growth. Adoption of 3D printing technology across various industries has been increasing due to improved accuracy of end products created using the technology.
3D printing opens up new possibilities for design, manufacture, and performance of architectural forms, materials, and construction systems. It is a novel and adaptable method of product development that employs digital software such as Computer-Aided Design (CAD) to create multiple thin layers, which are then sent to the 3D printer for manufacturing. The technology enables manufacturers to print customized products as per specified standards.
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The key companies studied in the report are:
3D Systems, Inc., Stratasys Ltd., GE Additive, EOS, voxeljet AG, SLM Solutions, Optomec Inc., Proto Labs, Nano Dimension, and Materialise.
In various industries such as medical, automotive, consumer goods, and aerospace, there is a growing trend of shifting from prototyping to functional manufacturing. Extensive research in this area has resulted in development of advanced techniques such as 3D printing, which can effectively mold materials, including plastics, biomaterials, and polymers to produce desired products. Furthermore, 3D printing is also used for educational purposes such as for facilitating improved learning, skills development, and for enhancing student and teacher engagement. Increasing R&D initiatives are leading to reduced cost of procuring 3D printing devices, which in turn, is increasing global demand and thus, boosting growth of the 3D printing market.
Some Key Highlights from the Report
Aerospace & defense industries were among the first to use 3D printing technology. Real functional aircraft parts such as wall panels, air ducts, and even structural metal components are printed and using this technology. Aircraft manufacturers such as Airbus and Boeing use 3D printing technology to create complex geometries without the need for expensive tools. Additionally, metal 3D printing is increasingly being used in manufacturing rockets as it enables manufacturers to print parts more quickly.
Printer segment accounted for largest revenue share in the global market in 2021, owing to increasing adoption of printers due to design flexibility, affordability, rapid prototyping, and cost-efficiency this process offers. Furthermore, these printers can be configured to print any part or module continuously, reducing material costs and ensuring little or no raw material waste. Printers are, therefore, widely being used for personal, professional, and industrial purposes.
In November 2020, Materialise, headquartered in Leuven, Belgium, announced the release of its new Mimics Virtual Reality (VR) Viewer, which adds Virtual Reality (VR) capabilities to its popular 3D modeling platform. Furthermore, the Mimics Viewer's VR environment complements 3D printed anatomical models, allowing for faster and lower-cost visualization via more interactive models for planning, education, and communication.
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Emergen Research has segmented the global 3D printing market on the basis of offering, process, application, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2019-2030)
Process Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
End-use Outlook (Revenue, USD Billion; 2019-2030)
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Regional Outlook (Revenue, USD Billion; 2019-2030)
The report addresses the following key points:
The report estimates the expected market size from 2020-2027
The report provides a forecast of market drivers, restraints, and future opportunities for the 3D Printing market
The report further analyses the changing market dynamics
Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
Extensive competitive landscape mapping with profiles of the key competitors
In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
Revenue forecast, country scope, application insights, and product insights
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At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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