3D Printing Construction Market Size Worth $1,034,096.7 Thousand By 2028: Grand View Research, Inc.
SAN FRANCISCO, July 22, 2021 /PRNewswire/ -- The global 3D printing construction market size is expected to reach USD 1,034,096.7 thousand by 2028, registering a CAGR of 91.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rising awareness about 3D printing techniques in the construction industry and the significant increase in green construction projects globally. Various benefits offered by the technology, including increased construction speed, reduction in costs and waste, reduction of on-site accidents, and flexibility in creating complex architectural shapes, are also driving its adoption in the construction industry.
Key Insights & Findings:
Read 150 page market research report, "3D Printing Construction Market Size, Share & Trends Analysis Report By Construction Method (Extrusion, Powder Bonding), By Material Type, By End User (Building, Infrastructure), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
The funding received by the 3D printing construction providers from the respective governments for developing space-based construction systems is expected to create new opportunities for market growth in the forthcoming years. For instance, in October 2020, ICON Technology, Inc. announced that it was awarded a government contract called Small Business Innovation Research (SBIR) and funding from NASA to conduct a space-based construction project called "Project Olympus" on the Moon. In this project, ICON Technology, Inc partnered with BIG and SEArch+, a ompany specialized in space exploration, to develop lunar structures from the available material on the Moon.
The use of 3D printing technology in the construction industry can reduce the number of laborers required on-site, which can eventually resolve the labor shortage problem, particularly in countries where the industry is heavily dependent on migrant workers. However, 3D printing technology may not be favorable for countries where the construction industry is a key employer and labor is less expensive. Moreover, individuals using specialized 3D construction printers require proper training, which could add to the overall cost of a project.
The outbreak of the COVID-19 pandemic negatively impacted the market growth as supply chains were disrupted and several construction projects were stalled due to the lockdowns imposed by various governments across the globe. Construction companies rely on the supply of equipment and raw materials from their suppliers. However, as several governments restricted the movement of goods locally and across the border, companies had to halt their construction activities, given the stalled supply of raw materials and equipment.
Grand View Research has segmented the global 3D printing construction market based on the construction method, material type, end user, and region:
List of Key Players of 3D Printing Construction Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.