PUNE, India, March 21, 2018 /PRNewswire/ --
According to the market research report "Industrial 3D Printing Market by Offering (Printers, Materials, Services, Software), Application (Tooling, Heavy Equipment & Machinery, Robotics), Process, Technology, Industry (Aerospace & Defense, Automotive), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to grow from USD 1.73 Billion in 2018 to reach USD 5.66 Billion by 2023, at a CAGR of 27.21% between 2018 and 2023. The growth is attributed to the factors such as the evolution of 3D printing from developing prototypes to end-use parts production, ease of developing customized products, developments in existing industrial 3D printing materials market, government investments in 3D printing projects, and improvement in manufacturing efficiency.
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Browse 81 market data Tables and 63 Figures spread through 231 Pages and in-depth TOC on "Industrial 3D Printing Market - Global Forecast to 2023"
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Industrial 3D printing market for materials expected to grow at highest CAGR during forecast period
The market for the industrial 3D printing materials is expected to grow at the highest CAGR between 2018 and 2013. Rising demand for metals for printing customized functional parts, mainly across automotive, and aerospace and defense industries, is a key factor fueling the growth of this market. The overall growth of industrial 3D printing material market is also attributed to the increasing demand for biomaterials used in the healthcare industry and certain specialized materials (such as printed electronic materials) in emerging applications. Evolving needs of end-user industries and emerging application areas for 3D printed materials are further expected to increase the consumption of printing materials, which would contribute to the significant CAGR of the market for this offering in the next 5 years.
Industrial 3D printing market for printed electronics expected to grow at highest CAGR during forecast period
The industrial 3D printing technology has been witnessing the increase in deployment across the printed electronics industry. Common electronic materials including conductor, dielectric, resistor, and semiconductor inks can be processed to print sensors, antennae, shielding transistors, solar cells, light-emitting diodes, and other active and passive components. Recently, Optomec, Inc. (US) achieved a breakthrough by introducing 3D printed antenna that can be used in smartphones; this antenna was produced using the aerosol jet technology. The market for the printed electronics industry is expected to grow at a high CAGR as industrial 3D printing provides the opportunity to engineers to develop objects with complex internal structures, which would be difficult to produce using traditional methods
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Industrial 3D printing market for laser metal deposition expected to grow at highest CAGR during forecast period
The laser metal deposition technology is used for repairing, cladding, and producing parts. Some of the common applications of this technology include repair of mold tool surfaces and repair and production of machinery parts, and robotics. The benefits of laser metal deposition printing technology include reduction of material wastage, reduced tooling costs, repair of parts that are costly to replace, decreased lead time, and customization of parts according to customers' requirements.
North America held largest share of industrial 3D printing market in 2017
North America held the largest share of the market in 2017, followed by Europe and APAC. Major industries such as aerospace and defense, and automotive are increasingly using industrial 3D printing technology for tooling, producing robotics parts such as arms and grippers, and manufacturing machinery parts to maximize functional integration and consistency while minimizing costs.
Major players in the global industrial 3D printing market include 3D Systems Corporation (US), Stratasys Ltd. (US), EOS GmbH (Germany), Materialise NV (Belgium), The ExOne Company (US), Voxeljet AG (Germany), EnvisionTEC GmbH (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), Optomec Inc. (US), SLM Solutions Group AG (Germany), GROUPE GORGÉ (France), Renishaw plc (UK), Koninklijke DSM N.V. (Netherlands), Höganäs AB (Sweden), ARC Group Worldwide, Inc. (US), Markforged, Inc. (US), Cookson Precious Metals Ltd. (UK), and Sculpteo (France).
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