The global 3D printing market was valued at approximately USD 20.37 billion in 2023, with an expected compound annual growth rate (CAGR) of 23.5% from 2024 to 2030. Key drivers of this market growth include intense research and development efforts in three-dimensional (3D) printing and the rising demand for prototyping applications across various industries, particularly in sectors like healthcare, automotive, and aerospace & defense.
In industrial settings, 3D printing is often referred to as additive manufacturing (AM). This process involves adding materials layer by layer to construct a 3D object based on a digital file, utilizing specialized software and a 3D printer. Specific 3D printing technologies are chosen from a range of options to suit the requirements of each unique project. The process is then implemented across different industry sectors depending on the need.
Deploying 3D printing includes services such as installation, consulting solutions, customer support, and addressing intellectual property aspects, including copyright, licensing, and patenting. 3D printing offers manufacturers substantial benefits in areas like prototyping, structural design, product modeling, and reducing time to market. These advantages have significantly lowered production costs, enabling manufacturers to offer improved products at competitive prices. Given these benefits, demand for 3D printers is expected to increase further in the years to come.
Gather more insights about the market drivers, restrains and growth of the 3D Printing Market
Market Concentration & Characteristics:
The 3D Printing Market growth stage is high. The 3D printing market has witnessed a significant degree of innovation, marked by continuous advancements in 3D printing materials market, printing technologies, and the expansion of applications across diverse industries. Ongoing research and development efforts have led to the introduction of more sophisticated and efficient 3D printers, enabling the production of complex and functional objects with improved speed and precision. The dynamic landscape reflects a continuous quest for innovation, with 3D printing increasingly positioned as a transformative technology driving advancements in manufacturing and design processes.
The target market is also characterized by a high level of mergers & acquisitions by the leading players. The high level of mergers and acquisitions (M&A) in the 3D Printing (3PL) market is driven by the pursuit of market consolidation and strategic expansion. Companies engage in these transactions to access complementary technologies, broaden their product portfolios, and achieve economies of scale. The dynamic nature of the industry, coupled with the need for innovation and global competitiveness, motivates businesses to pursue mergers and acquisitions as a strategic approach to enhance their position in the evolving 3D printing market.
Printer Type Segmentation Insights:
The industrial printer segment led the market in 2023, capturing over 76% of the global revenue share. The market for 3D printers is divided into industrial and desktop 3D printers. The dominance of industrial 3D printers is attributed to their widespread adoption in heavy industries, including automotive, electronics, aerospace & defense, and healthcare. Within these sectors, 3D printing is primarily used for applications like prototyping, designing, and tooling, which have become standard processes across these industries.
Given the extensive use of 3D printing for designing, prototyping, and tooling, the demand for industrial 3D printers is expected to remain strong during the forecast period. While desktop 3D printers were initially popular only among hobbyists and small enterprises, they are now increasingly used for household and domestic purposes. The education sector, encompassing schools, colleges, and universities, is also adopting desktop 3D printers for technical training and research, helping students and researchers develop practical skills in 3D printing technology.
Small businesses are also embracing desktop 3D printers and expanding their operations to offer 3D printing and related services. For instance, the concept of “fabshops” is gaining traction in the United States. Fabshops are businesses that provide on-demand 3D printing services for parts and components, tailored to designs and specifications provided by customers. This trend is expected to drive a significant increase in demand for desktop 3D printers over the forecast period.
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