Global Industrial 3D Printing Market - Technologies, Market share and Industry Forecast to 2024
Global industrial 3D printing market is expected to rise with a CAGR of 28% during the forecast period 2017-2024. Key factors driving the market growth are ease of developing customized products, development of new industrial 3D printing materials, reduction in the manufacturing cost and process downtime and government investments in 3D printing projects. Limited availability and high cost of materials, difficulties associated with the use of 3D printing software and lack of standard process control is expected to restrain the market growth. However, emerging applications in the manufacturing sector, and potential to improve manufacturing processes and enhance supply chain management are expected to provide lucrative market opportunities. Ensuring product quality and threat of copyright infringement is expected to challenge the market growth.
Geographically, North America is the leading market region for global industrial 3D printing market in terms of market revenue share. This is due to the increased adoption of industrial 3D printing in automotive, aerospace and defense and healthcare industries in U.S along with technological advancements in 3D printing technology. However, Asia Pacific is expected to emerge as the fastest growing region owing to the government initiatives to support 3D printing technology, increased expenditure on 3D printing to be used in education sector, growing industrialization and urbanization.
The report on global industrial 3D printing market includes offering, application, process, technology, industry and stakeholders. On the basis of offerings of industrial 3D printing, market is segmented into printers, materials, software and services. Materials is the dominating segment owing to the increased adoption of various materials such as plastics (such as thermoplastics, photopolymers), Metals (Steel, Aluminum, Titanium), ceramics etc. On the basis of applications of industrial 3D printing market is segmented into tooling, heavy equipment & machinery and robotics. Tooling is the dominating segment owing to the increased adoption of industrial 3D printing for the designing of various tools and equipment for several industrial applications. On the basis of process of industrial 3D printing market is segmented into VAT Photopolymerization, direct energy deposition, powder bed fusion, material extrusion, material jetting, sheet lamination and binder jetting. On the basis of technology of industrial 3D printing market is segmented into Direct Metal Laser Sintering (DMLS), Stereolithography (SLA), Laminated Object Manufacturing (LOM), Laser Metal Deposition (LMD), Selective Laser Sintering (SLS), Polyjet Printing, Electron Beam Melting (EBM), Inkjet Printing, Digital Light Processing (DLP), Fused Deposition Modelling (FDM) and other technologies. Laser Metal Deposition (LMD) is the fastest growing technology segment due to the increased deployment of laser metal deposition technology for repairing, cladding, and producing industrial equipment parts. On the basis of end user industries of industrial 3D printing market is segmented into automotive, aerospace & defense, food & culinary, printed electronics, foundry & forging, healthcare, jewelry and other industries. Printed electronics is the dominating industry segment owing to the increased adoption of industrial 3D printing to print light-emitting diodes, solar cells, shielding transistors, antennae and sensors and other active and passive components.
Global industrial 3D printing market is influenced by the presence of leading companies, such as Koninklijke DSM N.V. (Netherlands), 3D Systems Corporation (U.S.), Concept Laser GmbH (Germany), EOS GmbH (Germany) and Stratasys ltd. (U.S.). Product launch, merger and acquisition, joint venture, etc., are some of the crucial strategies adopted by the key market players to gain competitive advantage.
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