NEW YORK, Feb. 22, 2023 /PRNewswire/ -- Major players in the 3D printing service market are 3D Systems Corporation, Stratasys, Materialise NV, ExOne, Arcam, ProtoLabs – 3D Rapid Prototyping Company, HP Inc., SLM Solutions Group, ARC Group Worldwide, and Carbon.
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The global 3D printing services market will grow from $4.98 billion in 2022 to $6.11 billion in 2023 at a compound annual growth rate (CAGR) of 22.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The 3D printing services market is expected to grow to $12.39 billion in 2027 at a CAGR of 19.3%.
The 3D printing services market includes revenues earned by entities by quickly creating product models, prototypes, and final products. The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
3D printing services refer to a technique for building three-dimensional objects layer by layer from a computer-generated design. A 3D item is produced by the additive method of 3D printing, which involves building up layers of material. It is known as additive manufacturing.
Asia Pacific was the largest region in the 3D printing services market in 2022.North America was the second largest region in the 3D printing services market.
The regions covered in the 3D printing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main service offerings of 3D printing service are tooling, parts production, software services, system maintenance, expert service. It is used for prototyping, tooling, functional parts manufacturing by various end users including consumer products, automotive, healthcare, aerospace and defense.
Prototyping is a fundamental step in the process of creating a new product by physically representing a concept. Designers use prototyping to transform a concept into a working product.
It consists of several steps that assist designers, product owners, or business analysts in determining essential concerns such as user demands, navigation, information architecture, usability, accessibility, and user interface (UI) or visual design.
Reduction in manufacturing cost and process downtime contributed to the growth of the 3D printing services market. 3D printing technology helps companies greatly reduce their manufacturing costs, reduce downtime and minimize waste. With the use of 3D printing for prototyping, companies can significantly lower the cost of developing new products. The minimal labor/workforce involved in this process also contributes to the low manufacturing costs. Due to 3D printing the manufacturing time can be reduced from months to days. For instance, to print a phone case it takes around 20 minutes, and similarly a 2*4 Lego can be printed in 4 minutes. Therefore, reduction in manufacturing costs and process downtime increased demand for the 3D printing services market.
Intellectual property on printing anything which has property rights issues is considered unauthorized and subjected to an act of patent infringement. This factor hampers the growth of 3D printing service market growth.
In 3D printing market, the products which are available to print are less. 3D printing products are widely used in the health care industry. Pharmaceutical companies can drastically improve the drug research and development (R&D) by 3D printing as the technology could even be used to print human organs and tissue. However, to print an organ one should buy the patent of the 3D building product code, which makes the product cost high. Therefore, intellectual property on printing products hampers the growth of the 3D printing service market.
3D printing Services providers are implementing Cloud-based 3D printing services. Cloud-based 3D printing management platform can be used by any individual, enterprises, schools, and service bureaus to render, fix, store 3D design securely and stream 3D design to the 3D printer with complete data tracking and analytics. For instance, in October 2021, BCN3D, a Spain-based manufacturer of desktop 3D printers, launched its New 3D printer cloud management technology on its acquired 3D printing cloud software management platform, AstroPrint. This technology would make it possible to centralise the use of distant 3D printers and enhance resource management by creating a single location for the straightforward management of organised workflows.
In December 2021, Stratasys Ltd., an American-Israeli manufacturer of 3D printers and 3D production systems, signed an agreement to acquire 3D printing start-up Origin Inc. for total consideration of up to $100 million, including cash and stock. The acquisition will enable Stratasys to use Origin's photopolymer platform and extensive materials ecosystem to expand into the mass production parts segment with a next-generation photopolymer platform.
The countries covered in the 3D printing service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The 3D printing services market research report is one of a series of new reports that provides 3D printing services market statistics, including 3D printing services industry global market size, regional shares, competitors with a 3D printing services market share, detailed 3D printing services market segments, market trends and opportunities, and any further data you may need to thrive in the 3D printing services industry. This 3D printing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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