Global 3D Printing Market Poised To Witness A Growth Rate Above 15% In Terms Of Revenue Till 2021
The global 3D printing market is expected to grow at a CAGR above 15% between 2014 and 2021. Increasing application scope of 3D printing particularly in significantly growing industry sectors such as consumer goods and automobile is expected to drive market growth over the next few years. Additionally, declining costs of 3D printers and 3D printing materials is expected to play an important role in the growth of the market over the next few years. Furthermore, growing demand for 3D printed objects from the healthcare and military sectors is expected to positively influence the growth of the market during the forecast period. However, high cost of 3D printing materials is expected to hamper the growth of the market. Moreover, inability of 3D printers to mass produce within a short stipulated time period is expected to adversely affect the demand for 3D printing within the forecast period. Nonetheless, technological advancement in the field of 3D printing, which would enable bulk printing within a short span of time is expected to open new growth opportunities for the marketin the near future.
3D printing can be used for both personal as well as commercial applications. Commercial applications accounted for over 90% of the market revenue share in 2013 on a global level. However, personal application usage of 3D printing is expected to grow tremendously till 2021, owing to the decreasing cost of 3D printers and its materials.
Numerous technologies such as Fused Deposition Modeling (FDM), Polyjet, Stereolithography (SLA) and Selective Laser Sintering (SLS) among others are used within the 3D printing market. In 2013, polyjet was the widely used technology and accounted for around 40% of the market revenue share. SLS, SLA and polyjet are expected to be the fastest growing technologies within the market during the forecast period on account of their low cost and ease of availability.
3D printing is used in a wide range of application industries such as electronics, healthcare, automotive, industrial, military, aerospace, architectural and educational among others. In 2013, electronics was the largest application segment of the market and the segment is expected to exhibit substantial growth during the forecast period. Aerospace, military and architectural applications of 3D printing are expected to tremendous growth over the next few years on account of an increasing consumer trend towards the adoption of the technology. These applications are expected to grow at a CAGR of approximately 20% between 2014 and 2020.
3D Systems, Inc., Arcam AB, Concept Laser GmbH, EOS GmbH, Ex-One, Optomec, SLM Solutions GmbH, Stratasys Ltd., Solidscape, Inc., and Voxeljet Technology GmbH are some of the key players of the global 3D printing market. Stratasys Ltd. dominated the 3D printing market in 2013.