3D printing market to grow at ‘remarkable’ CAGR
According to the new study, the 3D printing market is expected to be worth $32.78 billion by 2023. Driving the growth are three key factors: ease of development of customized products, reduction in overall manufacturing costs, and government investments supporting the regional growth of 3D printing technology.
Additional drivers include new printing materials; demand from a variety of industrial, consumer, and education industry sectors; the growth of 3D printing services; and investments from major industrial companies like multinational conglomerate General Electric, Swiss equipment manufacturer Liebherr Group, German aerospace company Diehl Aerosystems Holding, and UK defense contractor BAE Systems.
Key factors likely to restrain the market’s growth include a high cost of materials, limitation of size, and lack of standard process control, according to the report.
In the near term, industrial printers are expected to continue with the largest growth and share of the market. However, the desktop printer segment of the market will likely show higher growth over the forecast period, says the study.
This is reflected in the relative market share of various industry sectors over the period, which is expected to shift from the large global share of the market currently held by aerospace/defense, engineering, and healthcare. According to the report, consumer products and automotive are expected to surpass the share of the healthcare segment by 2023, while aerospace, food/culinary, printed electronics, and education segments are “expected to grow at the leading CAGR” during the period.
North America is expected to continue the current trend of holding the largest share of the 3D printing market into the near future. Finally, the report profiles the key players in the 3D printing market with their respective market rank analysis.
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