The industrial 3D printing market is expected to grow at a CAGR of 27.21% between 2018 and 2023, to grow from USD 1.73 billion in 2018 to reach USD 5.66 billion by 2023
NEW YORK, March 27, 2018 /PRNewswire/ -- Industrial 3D printing market is expected to grow at a remarkable CAGR between 2018 and 2023
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The industrial 3D printing market is expected to grow at a CAGR of 27.21% between 2018 and 2023, to grow from USD 1.73 billion in 2018 to reach USD 5.66 billion by 2023. The reduction in the manufacturing cost and process downtime, decrease in lead time due to lesser manufacturing steps, and ability to produce multiple individual parts which support customized tools and machinery parts production are the major factors driving the industrial 3D printing market.
Additionally, evolving industrial-grade materials help expand the application area of industrial 3D printing methods into niche sectors, such as printed electronics, and energy and power sector. Strong demand from aerospace and defense, automotive, and healthcare industries; growth of industrial 3D printing service sector; and government investments in 3D printing projects are also driving the growth of the industrial 3D printing market. However, limited availability and high cost of materials, difficulties associated with the use of 3D printing software, and lack of standard process control are the key restraining factors for the market growth.
Industrial 3D printing market for printed electronics industry is expected to witness a high CAGR during the forecast period
Industrial 3D printing holds great potential in the printed electronics industry as it provides the opportunity to engineers to develop objects with complex internal structures, which otherwise would be difficult to produce using traditional methods.The growing adoption of industrial robotics in the printed electronics industry is driving the industrial 3D printing market for the robotics application as it is used to develop robot arms, grippers, and body parts.
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.
Industrial 3D printing market in APAC is expected to witness the highest CAGR during the forecast period
APAC is the fastest-growing market for automotive and printed electronics industries, and offers new market opportunities for industrial 3D printing.Tooling and robotics are the major applications driving the market for industrial 3D printing in APAC.
Japan and China are the major contributors to this market.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the industrial 3D printing marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 = 30%, Tier 2= 45%, and Tier 3 = 25%
• By Designation: C-level Executives = 35%, Directors = 45%, and Others = 20%
• By Region: Americas = 45%, Europe = 30%, Asia Pacific = 20%, and RoW = 5%
The report profiles the key players in the 3D printing market with their respective market rank analysis. The prominent players profiled in this report are 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).
Research Coverage:
This research report categorizes the global industrial 3D printing market on the basis of offering, application, process, technology, industry, and geography. The report describes market dynamics that include key drivers, restraints, challenges, and opportunities for the growth of the industrial 3D printing market and forecasts the same till 2023.
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the industrial 3D printing market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
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