CHICAGO, Feb. 26, 2019 /PRNewswire/ -- According to the new research report "3D Printing Market by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, Technology, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the overall 3D printing market is expected to grow from USD 9.9 billion in 2018 to USD 34.8 billion by 2024, at a CAGR of 23.25%. The ease in the development of customized products, reduction in manufacturing cost and process downtime, government investments in 3D printing projects, and development of new industrial-grade 3D printing materials are the key factors driving the growth of this market.
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Service offerings to gain significant share of 3D printing market by 2024
The service segment accounts for the largest share of the 3D printing market by offering. The projected growth of the market for service is attributed to the expected surge in the demand for custom design and manufacturing. The market for 3D printing has been growing at a significant rate with rapid progress in the industries such as healthcare (including medical, orthopedic, and dentistry), aerospace, and automotive as these industries have been the early adopters of the technology. However, with the advancement in the printing technology and materials, the 3D printing service sector is garnering significant traction as a source of profit generation, compared to printers and materials.
Power bed fusion process expected to hold largest share of 3D printing market by 2024
Power bed fusion process accounts for the largest share of the 3D printing market. The ability to produce complex geometries, high-feature resolution, good strength, and decent surface finish are the major drivers for the growth of the market for powder bed fusion process. The 3D printing procedures based on the powder bed fusion process in the aerospace, automotive, healthcare, and engineering industries most commonly use technologies such as direct metal laser sintering (DMLS), electron beam melting (EBM), selective heat sintering (SHS), selective laser melting (SLM), and selective laser sintering (SLS) for the development of functional parts.
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3D printing market in APAC to grow at highest CAGR during forecast period
The 3D printing market in APAC is expected to grow at the highest CAGR during the forecast period. Government initiatives, funding in research and development, and extensive industrial base are the major factors that make APAC a dynamic region for 3D printing, with Japan and China being the major contributors. The establishment of the centers for 3D printing research, training, and education and the efforts by leading players in the market, such as Stratasys Lt. (Israel), 3D Systems (US), EOS GmbH (Germany), ExOne (US), and EnvisionTEC (Germany), to expand their distribution networks to the emerging markets in the Asian countries are expected to drive the market in APAC.
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Key players in the overall 3D printing market include Stratasys (US), 3D Systems (US), EOS GmbH (Germany), GE Additive (US), Materialise (Belgium), SLM Solutions (Germany), ExOne (US), Voxeljet (Germany), HP (US), and EnvisionTEC (Germany). These players are increasingly undertaking agreements, partnerships, collaborations, and product launches and developments as the key strategies to increase their market shares.
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