ALBANY, New York, July 1, 2019 /PRNewswire/ -- As per the latest report published by Transparency Market Research, the global 3D printing market is projected to generate an overall market revenue worth US$ 32.3 bn by the end of 2025. This growth is highly eye-catching as the market generated US$ 7.3 bn in the year 2016. This significant development of the global 3D printing market is expected to be achieved with a colossal CAGR of 18% during the given forecast period of 2017 to 2025.
As per the report, the global 3D printing market expects a very strong competitive landscape. This high competition in the market is due to the presence of several key players. Some of the big names in the global 3D printing market include names such as ExOne GmbH, SLM Solutions GmbH, Arcam AB, Volxeljet Technology GmbH, Concept Laser GmbH, EOS GmbH, Solidscape Inc., and Stratasys Ltd among others. This already stiff competition is expected grow in the coming years with a projecting an increase in the number of companies in the market. Numerous companies are now striving towards enhancing their product portfolios and extending their global outreach. As mentioned before, the fierce competition in the market is expected to continue due to increasing technological advancements and growth in the number of companies.
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Variety of Applications across Domains to Propel Market Growth
Today 3D printing has its applications in a wide range of fields ranging from healthcare and automobiles to aerospace and commodities. Such a broad spectrum of applications require high quality components. Manufacturing such components through traditional methods is both expensive and time-consuming. With the help of 3D printing technology, these demands are met quite easily while maintaining both the cost and time-effectiveness. This is one of the prime reasons behind the rise of the global 3D printing market. Several companies in the market are now investing to bring out better 3D printing technologies. They are also experimenting with new materials which is further fuelling the growth of the global market. As the key companies in the market concentrate on enhancing their sales pitch and regulate the prices, the 3D printing market is projected to move towards a brighter future.
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There are several advantages of using 3D printing. The products are more sturdy, attractive, and of a better quality as compared to the traditional models. Because of such advantages, there is an increased demand for such 3D printed models in the market. This increased demand is the also one of the key drivers of the overall growth of the global 3D printing market. Additionally, manufacturing companies and governments across the globe are announcing favorable initiatives and spreading awareness about the productivity and availability of the 3D products. This too acts is a key driver for the growth of the market.
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Lack of Skilled Workforce May Derail the Growth of Market
Despite several factors aiding to the growth of the global 3D printing market, there are some key challenges that need to be addressed. One of the primary challenge faced by the market is the lack of skilled personnel. 3D printing machines are predominantly complex and thus require people with specific skillsets. Due to the lack of such skilled workforce, the market has not been able to increase its reach across all the key geographical regions over the world. Additionally, fluctuations in the raw materials cost and availability is also hampering the growth of the market.
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This review is based on the research report published by TMR, titled "3D Printing Market (Use - Commercial and Personal; Technology - PolyJet, Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), and Stereolithography (SLA); By Application - Consumer Products and Electronics, Automotive, Medical, Industrial, Aerospace, Military & Defense, Architecture, and Education) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."
Key segments of the global 3D printing market are:
- Fused Deposition Modeling (FDM)
- Selective Laser Sintering (SLS)
- Stereolithography (SLA)
- Consumer products and electronics
- Industrial or business machines
- Military & Defense
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
- South America
- Rest of South America
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SOURCE Transparency Market Research