CHICAGO, Oct. 9, 2020 /PRNewswire/ -- According to the new market research report "Industrial 3D Printing Market by Offering (Printers, Materials, Software, Services), Application (Manufacturing, Prototyping), Process, Technology, Industry (Aerospace & Defense, Automotive), and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the Industrial 3D Printing Market is projected to reach USD 5.3 billion by 2025 from an estimated USD 2.0 billion in 2020, it is expected to grow at a CAGR of 20.9% from 2020 to 2025. Factors such as huge investments in 3D printing by start-ups companies, increased focus on high-volume production using 3D printing, high demand for 3D printing software to produce industry-grade parts, and ease in development of customized products, significant demand for online 3D printing are driving the growth of the industrial 3D printing market are the major factors driving the growth of the industrial 3D printing market. Introduction of digital or smart manufacturing with emergence of Industry 4.0 and use of 3D printing in healthcare sector.
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Based on offerings, the services segment of the industrial 3D printing market is projected to grow at the highest CAGR from 2020 and 2025.
Based on offerings, the industrial 3D printing market has been segmented into printers, materials, software, and services. The market for services is expected to grow at the fastest rate as most manufacturers are prototyping or manufacturing parts on demand. Most of the top players offering 3D printers also offer on-demand printing services, which would further boost the market for industrial 3D printing services.
Based on process, the direct energy deposition segment of the industrial 3D printing market is projected to grow at the highest CAGR from 2020 and 2025.
Based on process, the industrial 3D printing market has been segmented into binder jetting, direct energy deposition, material extrusion, material jetting, powder bed fusion, sheet lamination, and vat photopolymerization. The direct energy deposition process is used for the development and repairing of new parts of heavy equipment and machinery in industries such as automotive and foundry and forging. This process allows a high degree of control over the grain structure, which makes the process suitable for repairing parts.
Based on technologies, the electron beam melting segment of the industrial 3D printing market is projected to grow at the highest CAGR from 2020 and 2025.
Based on technologies, the industrial 3D printing market has been segmented into stereolithography, fused deposition modeling, selective laser sintering, direct metal laser sintering, polyjet printing, inkjet printing, electron beam melting, laser metal deposition, laminated object manufacturing, and digital light processing. In electron beam melting, the 3D printing process takes place in a vacuum and high-temperature conditions, and an electron beam selectively melts down the metal powder. Printers based on electron beam melting technology produce high-density parts and have relatively good mechanical properties such as lower fatigue and higher yield strength than traditional manufacturing technologies.
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Based on applications, the manufacturing segment of the industrial 3D printing market is projected to grow at the highest CAGR from 2020 and 2025.
Based on applications, the industrial 3D printing market has been segmented into prototyping and manufacturing. The higher growth of the market for manufacturing application is mainly due to the adoption of 3D printers, materials, and services for manufacturing of components in various industries such as aerospace & defense, automotive, and healthcare.
Based on industries, the healthcare segment of the industrial 3D printing market is projected to grow at the highest CAGR from 2020 and 2025.
Based on industries, the industrial 3D printing market has been segmented into automotive, aerospace & defense, food and culinary, printed electronics, foundry and forging, healthcare, jewellery, oil & gas, consumer goods, and other industries. The industrial 3D printing market for healthcare is expected to grow at the fastest rate owing to the increasing adoption of this technology to manufacture several medical products, such as surgical equipment, prosthetics, implants, and tissue engineering products.
The industrial 3D printing market in APAC is projected to grow at the highest CAGR from 2020 to 2025.
The industrial 3D printing market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). The market in APAC is expected to grow at the highest CAGR between 2020 and 2025. Government initiatives, funding in R&D, and an extensive industrial base are the major factors that make APAC a dynamic region for industrial 3D printing, with Japan and China being the major contributors to the market in APAC.
Stratasys (Israel/US), 3D Systems (US), Materialise (Belgium), EOS (Germany), GE Additive (US), ExOne (US), voxeljet (Germany), SLM Solutions (Germany), EnvisionTEC (Germany), and HP (US) are some of the key players in the industrial 3D printing market.
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