Return to site

North America to Hold Major Share in 3D Printing Market

Introduction

3D printing is a process of making three dimensional solid objects from a digital file using a 3D printer. It is also known as desktop fabrication or additive printing technology. According to competitive intelligence section of the report prepared by Knowledge Sourcing Intelligence, the key players include Stratasys Ltd., The Exone Company, Ultimaker BV, Xjet, HP, Materialise, SLM Solutions Group, Sciaky, Mcor Technologies Ltd., Optomec, DWS, 3DCERAM SINTO, Luxexcel Group, EnvisionTEC, and Arcam EBM among others. The players are expanding globally to mirror their customers’ requirement. As a result, they are increasingly integrating with other players.

3d printing market

Drivers of 3D Printing Market

The 3D printing market is projected to grow at a CAGR of 27.59% to reach the market size of US$39.640 billion by 2024 from US$9.190 billion in the year 2018. The market of 3D printing is driven by growth of the end user industries like consumer electronics, healthcare and automotive among others due to its ability to reduce errors, saving time and building of customized products. Growing demand for advanced technologies that can streamline the development process and also help in increasing the profit margin to reduce the operational cost is boosting the market growth. Increasing investments in research and development for technological advancements and product launches are increasing the 3D printing market size. However, the high cost of printing and the scarcity of skilled labor in the market is a concern for the market.

Market Segmentation

The 3D printing has been segmented based on component, technology, end-user, and geography. Based on component, the market has been segmented into hardware, software, services, and material. By technology, the market has been classified into vat photopolymerization, metal extrusion, material jetting, binder jetting, direct energy deposition, powder bed fusion, and sheet lamination. On the basis of end-user, the market is segmented as healthcare, automotive, aerospace and defense, construction, and others. The 3D printing market analysis shows that the healthcare segment is expected to have a significant market share. 3D printing techniques are used in medical sector as it helps in combining cells, works a growth factor, and biomaterials by fabricating biomedical parts to enhance characteristics of natural tissue to the maximum extent. The technology is growing in the healthcare industry due to the benefits offered by it such as efficiency, cost-effectiveness, and convenience.

Geographically, the market has been segmented as North America, South America, Europe, Middle East and Africa, and The Asia Pacific. The North America region holds a substantial share in the global 3D printing market share. The market share is projected on account of presence of a large number of key players and early adoption of new technology in the region. US holds major share of the North America region. Europe region is also projected to hold a significantly large share in this market owing to the increasing demand for these printers from end-user industries such as healthcare, automotive, and consumer electronics among others. Asia Pacific region is expected to grow at a rapid pace in the coming years as emerging economies like India and China offer many untapped opportunities.

Key questions answered in the report:

  • What has been the performance of Global 3D Printing Market and how it will perform in the future?
  • What are the key players in the target market study?
  • What are the various segments on which the market research is conducted?
  • What are the driving factors that are leading to the growth of the market?
  • What are the recent developments happening in the industry?

Follow Us: