3D printing to span multiple applications [Bizcommunity (South Africa)]
(Bizcommunity (South Africa) Via Acquire Media NewsEdge) A new research report indicates that the 3D printing market is expected to grow at a compound annual growth rate of 23% from 2013 to 2020 and reach $8.41 billion in 2020.
The report from MarketsandMarkets, a global market research and consulting company based in the US, reviewed the technology, materials, application and geography of the market. All the major segments are further segmented into sub segments and are separately described in the report.Advanced technology
The elements behind the rapid upsurge in the 3D printing market are innovative and advanced technologies, customised products, governments funding, wide unexploited application market, rapid development of the products at a low cost and less time-to-market.
In addition, the 2014 expiration of patents of the Selective Laser Sintering (SLS) is also believed to provide a further impetus to the growth of the 3D printer market.
As of 2013, the Americas hold the largest revenue share followed by Europe in 3D printer machines, materials and related services. However, Europe is also expected to surpass Americas in terms of the 3D printing market revenue by 2020.
The foremost factors accountable for the expansion of 3D printing market include new 3D printing technologies, wide range of materials (polymers, metals/alloys, sand, ceramics, living tissue), government funding, broad application scope, and increased awareness regarding the benefits of 3D printing over traditional techniques (injection moulding and CNC machining). Easy to manufacture
Asia-Pacific (APAC) is the fastest growing and most promising market for 3D printing due to high industrial growth, technological awareness, supportive government policies and financial investment by the governments in R&D. The major companies operating in this market are 3D Systems (US), Stratasys (US), Arcam AB (Sweden) and Exone (US).
The major driving factors for the 3D printing market are ease in the manufacturing of low volume production of complex geometry components, and rapid manufacturing of customised products. In the report, different technologies such as stereo-lithography, laser sintering, and electron beam melting, fused disposition modelling and laminated object modelling are discussed. The materials market includes polymers and metals.
The 3D printing market finds its application in the aerospace, automotive, consumer, healthcare, government & defence, industrial machines, and education and research sectors. The geography market is categorised into Americas, Europe, APAC and rest of world.
For more information, go to MarketsandMarkets.
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