A digital model is transformed into a tangible, solid, three-dimensional object using the 3D printing process, typically by adding numerous thin layer
A digital model is transformed into a tangible, solid, three-dimensional object using the 3D printing process, typically by adding numerous thin layers of a material in succession. Because it makes manufacturing more accessible than ever, 3D printing has quickly gained popularity. The market worth of 3D printing in 2021 was USD 14 billion and will reach USD 77.83 billion by 2030 at a 21% CAGR during 2021-2030.
Industries using 3D printing
Due to the process flexibility, 3D printing has applications in a variety of industries, including:
Due to its ability to produce lightweight yet geometrically complex parts, like blisks, 3D printing is widely used in the aerospace (and aerospace) industry. The ability to create an item as one complete component using 3D printing reduces lead times and material waste compared to traditional manufacturing methods.
Due to the inherent weight and cost savings, the automotive industry has embraced 3D printing. Additionally, it enables the quick prototyping of novel or customized components for testing or small-scale production. As a result, if a specific part is no longer available, it can be produced as part of a small, custom run that also includes producing spare parts.
Making custom implants and devices using 3D printing has applications in the medical field. For instance, a digital file matched to a scan of the patient’s body can quickly produce hearing aids. Costs and production times can both be significantly decreased with 3D printing.
Increasing Adoption of 3D Printing Technology
The market will experience strong growth due to the expanding switch from conventional printing to 3D printing technology. A few advantages of 3D printing include less waste, more complex designs, cost-effectiveness, and improved design modification. Additionally, the growing understanding of the undeniable benefits of 3D printing technology has attracted producers from various industries. The method is being used to produce new products more affordably in the food, footwear, music, jewelry, and medical industries. The market share for 3D printing materials will grow in the coming years. Additionally, the market will grow quickly throughout the projection period due to the rising demand for 3D-printed parts in aerospace, automotive, and military applications.
The high initial costs of this technology are said to be the main obstacle to its adoption. The cost of employee training, materials, certification, and education in additive manufacturing is included in this investment. Spending on hardware, software, and other components is also included. A 3D system setup costs significantly more than traditional printing methods and requires more resources. However, since the professional Desktop 3D printer is now readily available, the manufacturers are helping the end users cut back on significant up-front costs. Compared to a 3D system, desktop printers are more practical and less expensive.
On the basis of components, the market is segmented into service, hardware, and software.
The hardware segment maintained the largest market position, with a revenue share of 60% in 2021. The expansion of the hardware market is largely credited to several factors, including quick industrialization, developing civil infrastructure, quick urbanization, rising consumer electronics penetration, and reduced labor costs.
On the basis of software, the market is segmented into scanning software, design software, inspection software, and printer software.
In 2021, the design software market segment was the largest market, with a revenue share of 30%. In the automotive, aerospace and defense, construction, and engineering verticals, design software is used to create the designs of the object to be printed. The hardware of the printer is connected to the objects that will be printed by design software.
In 2021, the prototyping segment ruled the market with a 55% revenue share due to the widespread use of the prototyping process in various industry sectors. Prototyping is used extensively in the automotive, aerospace, and defense industries to precisely design and develop parts, components, and complex systems.
In 2021, the stereolithography segment ruled the market with 8% of the revenue share. One of the earliest & widely used printing technologies is stereolithography. Although the benefits and ease of use of stereolithography technology are promoting its adoption, technological advancements and aggressive R&D activities carried out by industry experts and researchers create opportunities for several other effective and dependable technologies.
Printer Type Insights
The industrial printer segment ruled the market in 2021 with the largest revenue share of 70%. The widespread use of industrial printers in heavy industries like automotive, electronics, aerospace and defense, and healthcare is responsible for the significant market share of industrial 3D printers.
Material Type Insights
In 2021, the largest share was contributed by the metal segment, with 50% of the revenue share, and it will grow at the fastest rate throughout the projected period. The polymer Segment was the second-largest market in 2021.
North America maintained the biggest market position with a revenue share of 30% in 2021 due to the widespread use of additive manufacturing in this region. The U.S. and Canada are two North American nations that were among the leading and early adopters of these technologies in various manufacturing processes.
Key Players Analysis
- Autodesk Inc
- The ExOne Company
- GE Additive
- Voxeljet AG
- Stratasys Ltd
- HP Inc
- Autodesk Inc.
- EnvisionTEC Inc
- Made In Space
- Canon Inc
- 3D Systems Inc