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3D Printing Market to be Worth $76.17 Billion by 2030: Million Insights
FELTON, Calif., Nov. 8, 2022 /PRNewswire/ -- The global 3D printing market is projected to be worth USD 76.17 billion by the year 2030, progressing at a substantial CAGR of 20.8% from 2022 to 2030. 3D printing, also known as additive manufacturing, is an automated process that is used for creating functional end-use parts and rapid prototypes for serving specific end-use areas.
Key Industry Insights & Findings from the report:
- The number of 3D printers shipped has grown consistently over the years and is expected to pick up the pace during the forecast period. Reports state that around 2.2 million units were shipped worldwide in 2021, and this number is expected to rise to around 21.5 million by 2030.
- The demand for 3D printers has been ever-growing, and continued investments in this sector have created a very positive perception of the industry. According to an article by Toner Buzz, over 23% of the companies that utilize 3D already stated that they had made investments of over USD 100 thousand into 3D printing technology in 2020.
- The use of 3D printing is fast becoming the primary function of a sizeable proportion of companies. An article by Toner Buzz states that 38% of the companies using 3D printing consider it to be their main activity; on the other hand, 18% of the companies have a dedicated in-house department, while 16% make use of 3D printing in multiple departments.
- Industrial printers account for a substantial share of the global market, on account of their extensive adoption in vital industries such as aerospace & defense, automotive, healthcare, and consumer electronics. In these industries, the primary use of 3D printing is in the areas of prototyping, tooling, and designing.
- With regards to software, the design software segment held the largest market share of over 30% in 2021 and is expected to maintain this position through 2030. This is because it performs a bridge role between the hardware of the printer and the objects to be printed. It is widely used across automotive, construction & engineering, and aerospace & defense verticals.
- In terms of components, the 3D printing market is classified into hardware, software, and services, with the hardware segment accounting for the largest share of over 60% in 2021. The rising importance of rapid prototyping and the establishment of advanced manufacturing practices has helped in expanding the segment's growth.
- The launch of new products and brands is one of the time-tested strategies undertaken by competitors to ensure growth in the industry. For instance, in February 2022, Desktop Metal announced the launch of a new 3D printing brand called 'ETEC' that will enable EnvisionTEC, which was acquired by Desktop Metal in 2021, to focus on industrial customers in the coming years.
Read 250 page full market research report for more Insights, "3D Printing Market Size, Share & Trends Analysis Report By Component, By Printer Type, By Technology, By Software, By Application, By Vertical, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
3D Printing Market Growth & Trends
The process involves the transformation of virtual designs taken from CAD software into virtual, thin, and horizontal layered cross-sections, until the completion of the model. Although widely used across the industrial sector, 3D printing has steadily come to be more accepted among innovators and hobbyists, with individuals utilizing 3D printing techniques for personal purposes.
Developing economies have seen their machining shops increasingly shift towards alternative business models through the adoption of 3D printers, which has made the market more advanced in recent years. 3D printing has helped manufacturers in the areas of prototyping, designing, modeling, and time-to-market of products, aiding in the reduction of production expenses and helping companies offer products at very reasonable costs. However, there are still various constraints when it comes to the adoption of 3D printing, especially with regard to small and medium-sized organizatons. This is because rather than learning about the benefits of the 3D printing process, they are more concerned with the investments required in this area, which they consider to be expensive. However, supportive policies and initiatives by governments to provide a boost to the adoption of 3D printing are expected to turn these doubters into deployers in the coming years.
The market is characterized by the presence of several international players along with loads of regional companies and start-ups. With new technologies still being developed and launched by companies, competitors have embraced the challenge of launching innovative solutions for end-users. The COVID-19 outbreak impacted the industry substantially during the first wave, as lockdown restrictions and labor shortages led to significant disruption in the production output of manufacturers in the market. However, this period also highlighted the importance of 3D printing, especially in the healthcare sector, as the heightened demand for masks and other medical supplies was effectively managed using 3D printers. Many of the 3D printing companies dedicated a sizeable portion of their manufacturing to this cause through 2020 and 2021.
3D Printing Market Segmentation
Million Insights has segmented the global 3D printing market based on component, printer type, technology, software, application, vertical, material, and region:
3D Printing Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
3D Printing Market - Printer Type Outlook (Revenue, USD Million, 2017 - 2030)
- Desktop 3D Printer
- Industrial 3D Printer
3D Printing Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Stereolithography
- Fuse Deposition Modelling
- Selective Laser Sintering
- Direct Metal Laser Sintering
- Polyjet Printing
- Inkjet printing
- Electron Beam Melting
- Laser Metal Deposition
- Digital Light Processing
- Laminated Object Manufacturing
- Others
3D Printing Market - Software Outlook (Revenue, USD Million, 2017 - 2030)
- Design Software
- Inspection Software
- Printer Software
- Scanning Software
3D Printing Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Prototyping
- Tooling
- Functional Parts
3D Printing Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)
- Industrial 3D Printing
- Automotive
- Aerospace & Defense
- Healthcare
- Consumer Electronics
- Industrial
- Power & Energy
- Others
- Desktop 3D Printing
- Educational Purpose
- Fashion & Jewelry
- Objects
- Dental
- Food
- Others
3D Printing Market - Material Outlook (Revenue, USD Million, 2017 - 2030)
3D Printing Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- South America
- Middle East & Africa
List of Key Players of 3D Printing Market
- Stratasys, Ltd.
- Materialise
- EnvisionTec, Inc.
- 3D Systems, Inc.
- GE Additive
- Autodesk Inc.
- Made In Space
- Canon Inc.
- Voxeljet AG
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About Million Insights:
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
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