Expanding Applications and Technological Advancements Drive Growth in the Global 3D Printer Market
SkyQuest projects that the 3D printer market will attain a value of USD 149.4 billion by 2030, with a CAGR of 20.5% over the forecast period (2023-2030). The deployment of 3D printing technology involves providing installation services, consultation solutions, customer support and handling aspects related to copyrights, licensing and patenting. The technology has proven beneficial to manufacturers in terms of prototyping, designing the structure and end products, modeling and reducing the time to market. As a result, production expenses have been significantly reduced and manufacturers can now offer better products at reasonable prices.
Westford, USA, June 21, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, small businesses are increasingly adopting desktop printers and diversifying their operations to offer 3D printing and related services. This trend is particularly evident in the United States, where the concept of ‘fabshops’ is gaining popularity. These fabshops offer on-demand 3D printing of parts and components according to the designs and requirements provided by customers. As a result, the demand for desktop printers is expected to rise significantly in the coming years.
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Browse in-depth TOC on “3D Printer Market”
- Pages – 242
- Tables – 63
- Figures – 75
3D printing is a technology used to produce three-dimensional objects by building up material layer-by-layer in an additive process. Initially, a digital model of the object is created using computer-aided design (CAD) software. Next, the model is sliced into layers to convert it into a format that a 3D printer can understand. The resulting data file is then transferred to the 3D printer, and the printer settings are configured to begin the printing process.
Prominent Players in 3D Printer Market
- Carbon, Inc.
- Stratasys
- 3D Systems
- Ultimaker
- Formlabs
- HP Inc.
- EOS
- Materialise
- XYZprinting
- EnvisionTEC
- MakerBot
- Markforged
- Desktop Metal
- Renishaw
- SLM Solutions
- Prodways Group
- Arcam AB
- Mcor Technologies
- Optomec
- Additive Industries
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Industrial Printers Segment is Dominating the Market Due to the Growing Demand for Prototyping
The industrial printer segment is expected to continue dominating the market during the forecast period. Furthermore, although the adoption of desktop 3-dimensional printers was initially limited to small businesses, they are now being increasingly used for household and domestic purposes. This trend can be attributed to the availability of affordable and user-friendly desktop printers, making 3D printing accessible to a wider audience. As a result, the demand for 3D printers is expected to continue rising in the coming years.
North America is projected to see significant growth owing to its strong track record of technology adoption. The market is expected to expand further due to many new product launches and innovations. Numerous 3D printing solution providers worldwide are also increasing their footprint in the market to establish a more substantial market presence.
Stereolithography Segment is Expected to Grow the Market Due to its High Precision and Accuracy in Creating Complex Designs
The stereolithography segment is leading the market, accounting for more than 10% of the global revenue in 2022. The market is segmented into various technologies, including stereolithography, fuse deposition modeling (FDM), direct metal laser sintering (DMLS), selective laser sintering (SLS), inkjet, polyjet, laser metal deposition, electron beam melting (EBM), digital light processing, laminated object manufacturing and others.
Regional markets in Asia Pacific are expected to have the highest compound annual growth rate (CAGR) in the market. Governments and manufacturers in the region have been supporting implementing policies and legislative proposals to create a sustainable environment for 3D printing. China may lead the adoption of 3D printing technology in the region owing to the significant funding provided by the government to the sector. This support has led to increased research and development activities and the establishment of more 3D printing companies in the region, further boosting the market growth.
A comprehensive analysis of the major players in the 3D printer market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in 3D Printer Market
- 3D printing technology has gained significant momentum in recent years due to its potential to revolutionize various industries. The department of science and innovation (DSI) in South Africa launched a pilot project to build around 25 houses using 3D printing technology in 2022. The project aims at combating the housing shortage in the country, especially in the low-income areas. This initiative highlights the potential of 3D printing technology to address some of society’s critical challenges.
- 3DGence, a European manufacturer launched a new industrial FFF machine in 2022, INDUSTRY F421, designed to be compatible with high-performance materials. Furthermore, the company introduced AS9100, a new high-temperature filament made from polyether ether ketone (PEEK), certified for use in the defense and aerospace sectors. These innovations in 3D printing technology demonstrate the increasing capabilities of this technology to cater to various industry demands and applications.
Key Questions Answered in 3D Printer Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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