Industrial 3D Printing Market, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2027
Report ID: GMI4901
Industrial 3D Printing Market size is projected to grow exponentially during the forecast period owing to it offers faster product development, high design flexibility, customize & complex geometries, and improved quality of parts in lesser time. The benefits will increase the adoption of 3D printing in applications such as 3D-printed rocket & aircraft interior components, tooling, 3D printed custom seats, and spare & replacement parts, among others. Integrating products with technologies such as FDM & SLS will provide repeatability, manufacturing-grade accuracy, and the availability of 3D printed parts at 50% reduced cost. This will rise the 3D printing demand in new application areas such as tooling aids, functional prototypes, and visual.
The rising emphasis by startup companies to integrate additive manufacturing in business operations is accelerating growth opportunities for the market. One Click Metal, Laser Melting Innovations, and Spectroplast, Incus GmbH are some of the known startup companies for 3D printing technology that are continuously innovating their offerings for applications in the aerospace, automotive, and other sectors.
Several initiatives by private firms and government bodies to accelerate innovation among startup companies related to adhesive manufacturing will boost the industrial 3D printing market growth. In June 2020, Formnex, a European Trade Show for 3D printing, announced the launch of a start-up challenge for innovation in 3D printing. Industry leaders are also participating in funding activities for startup companies, accelerating the economic value of the market.
A rise in inconsistency due to uncontrolled variables & use of different materials and a lack in the availability of monitoring devices for tracking these inconsistencies are the factors restraining the market expansion. Owing to limited availability of data, it becomes difficult to develop complex applications with precision and accuracy that lead to manufacturing defect or improper output possibly, hampering the market demand. High initial investments required in the acceptance of adhesive manufacturing are also restraining the market value. Manufacturing of complex and lightweight components with 3D printing technology requires various software, hardware, and materials, thereby increasing the cost associated with manufacturing.
The printer segment is estimated to witness a major market share till 2027 led by the production of fast & flexible design, print on demand, rapid prototyping, strong & lightweight parts, and reduction in waste. Furthermore, extensive usage of 3D printing by several industries, such as aerospace & defense, automotive, & energy, to develop printed electronics for designing, prototyping, and modeling are factors accelerating the demand for 3D printers. It does not require tooling, which reduces the time and cost of production. Companies operating in the market are continuously involved in the development of new printers to deliver high efficiency and temperature capability, accelerating their demand in various applications.
The fused deposition modeling (FDM) in the industrial 3D printing market is expected to showcase major growth through 2027. FDM offers various advantages such as zero wastage, cheap rates, simultaneous production, development of complex geometrical parts, and elimination of support systems These factors will contribute growth opportunities in various high-end applications including aerospace & defense, and industrial, among others.
The prototyping application segment held a significant revenue share in 2019 as it delivers high precision and better accuracy in the designing and development of parts, components, & various complex systems. Prototype applications allow manufacturers to achieve high accuracy and enhance the development of reliable end products. This will accelerate their demand in a broad range of applications across the aerospace and automotive industries including radar systems, air conditioning systems, electrical parts, turbines, tire parts, brakes, fuel & vacuum pumps, and seats, among others.
The automotive sector is set to observe a major industry share during the forecast timeline impelled by increase in the manufacturing of lightweight components, such as air ducts and wall panels, by several major players including GE, Airbus, and Safran, among others. In addition, a rise in the adoption of latest technologies by major OEMs in the automotive sector will aid the market revenue.
North America industrial 3D printing market accounts for a significant revenue share during 2020 to 2027 on account of a rise in the acceptance of new technologies in the manufacturing sector of Canada and the U.S. For example, Organov, a medical laboratory and research company in the U.S., uses 3D printing for the development of bio-printed tissues. Rising initiatives by the government to accelerate the regional manufacturing sector have positively influenced local players to accelerate their R&D activities in the market.
Key players operating in the market are Stratysys Ltd., 3D Systems, Inc., Relativity Space, Cellink Global, MakerBot Industries, LLC, nTopology, Inc., Desktop Metal, Inc., Proto Labs, Xometry, Glowforge, Inc., FARO Technologies, Inc., Materialise, ExOne, and others. The key companies are focusing on continuous research & development activities to provide technically advanced products compared to others.
The market research report on industrial 3D printing includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027 for the following segments:
Market, By Product
Market, By Technology
- Fused Deposition Modeling (FDM)
- Selective Laser Sintering (SLS)
- Stereolithography (SLA)
- Digital Light Processing (DLP)
- Electron Beam Melting (EBM)
Market, By Industry Verticals
- Aerospace & defense
- Consumer electronics
- Power & energy
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
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