Global 3D Printer Market to Reach Valuation of US$ 5.9 Bn by 2027: Industry Probe

December 03, 2019, Domain: Industrial Goods Machinery & Services

According to a new market report published by Industry Probe (www.industryptobe.com) titled ‘3D Printer Market (Technology: Stereolithography, Fused Deposition Modeling, Selective Laser Melting, Material Jetting, Electron Beam Melting, Selective Laser Sintering, and Binder Jetting; Substrate: Plastic, Metal, Ceramics, Wax, Paper, and Sandstone; and End-Use Application: Personal Use and Industrial (Automotive, Aerospace, Healthcare, Electronics, Consumer Products, and Others)) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’, the global 3D printer market is expected to expand at a CAGR of 10% from 2019 to 2027 and reach US$ 5,919.5 Mn by 2027.

Overview

  • With the continuous development of the 3D printing technology and mature applications in various industries, various industrial verticals such as healthcare, electronics, consumer products, automotive, aerospace, etc. are investing in 3D printers

  • Globally, the 3D printing sector is expanding at an exponential rate. The emerging economies in such as India, China, etc. are investing substantially in the 3D printing technology, which would create good growth opportunities for the manufacturers of industrial 3D printers during the forecast period.

Browse the full report at http://www.industryprobe.com/

Driving Factors

  • Globally, some of the major factors driving the development of the 3D printer market include: reduced errors, high accuracy, efficient use of raw materials, the ability to manufacture customized products, and printing with multiple materials at the same time effectively reducing production time and saving costs

  • The development of the 3D printing industry cannot be separated from the supporting industries, especially the CAD software and printing materials required for 3D printing. The introduction of advanced printing material, along with the innovation in CAD software is also one of the key factors projected to drive the global 3D printer market over the forecast period.

  • Advanced manufacturing is enhancing the competitiveness of the global industrial sector. Advanced manufacturing includes all production solutions that can increase productivity, production speed, operational accuracy, energy, and material consumption. Due to the increasing adoption of such advanced manufacturing techniques worldwide, the demand for 3D printers is anticipated to increase over the forecast period.

  • The global aerospace industry is increasingly adopting 3D printing rapid prototyping, one of the main factors for this adoption is to reduce the manufacturing costs of aircraft parts. Due to the complex shape of several parts on the plane, it is costly to manufacture traditionally, therefore the use of 3D printers is increasing rapidly in the aerospace sector, which in turn is anticipated to propel the global 3D market during the forecast period.

Key Challenges

  • The 3D printing substrates, especially metal powder are blocking the way ahead of the 3D printing revolution. In particular, the three materials, aluminum, titanium, and magnesium, are hardly made in Europe, and most of them are imported from China, but most of these powders cannot be optimized for 3D printing. This will bring great challenges in terms of manufacturing, quality, and surface accuracy for the Europe 3D printer market.

Market Preference

  • North America held a major share of the global 3D printer market in 2018, followed by the Asia Pacific and Europe. The Asia Pacific market is expected to show good growth opportunities for manufacturers of 3D Printers during the forecast period.

  • The economic growth of North America is driving the 3D printer market in the region. Additionally, the introduction of technologically advanced 3D printers and increasing adoption of the 3D printer are the major factors propelling the 3D printer market in the region. Moreover, expanding aerospace, electronics, and automotive industries in North America would generate a strong consumer base for electronic and automobiles gadgets, driving 3D printer engagement across these applications.

  • The American Medical Association has adopted a new 3D printed billing code, also known as the CPT code. The implementation of these Class III CPT codes makes it possible to collect data from hospitals using 3D printing, which will benefit the entire industry by providing the evidence needed to further realize medical insurance reimbursement.

  • The Asia Pacific is a fast-growing region economically. In addition to China and Japan, the region has some of the largest economies, including India, South Korea, Indonesia, and Vietnam, among others. Global manufacturing companies are investing heavily in the region due to which the 3D printer market in the Asia Pacific is projected to grow rapidly during the forecast period.

Competition Landscape

  • The global 3D printer market is dominated by several players who are focused on the development of new products to cater to changing consumer preferences

  • The report includes the below-mentioned pointers of major players operating in the global 3D printer market:

    • Company Overview

    • Product Profiling

    • Market Share Analysis (2018)

    • Business Strategies/Recent Developments

      • Technological advancements

      • Key Mergers & acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered under the Scope:

  • Stratasys Ltd.

  • HP Development Company, L.P

  • Seiko Epson Corporation

  • SLM Solutions Group AG

  • General Electric

  • 3D Systems Corporation

  • EOS

  • Envisiontec GMBH

  • Ultimaker BV

  • Kinpo Group

Market Segmentation/Research Scope

 

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3D Printer Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

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