NEW YORK, March 05, 2019 (GLOBE NEWSWIRE) -- The global 3D printing market is estimated to reach USD 38.95 billion by 2024 at a CAGR of 21.68%. The market growth is primarily driven by ease in development of customized products using 3D printing, rising government investments in 3D printing project, and rising adoption of 3D printing in industrial sectors. In addition, reduced manufacturing cost as well as increasing applications of 3D printing in many end-use industries is further propelling the growth of the market. In addition, increasing demand for 3D printing is providing an opportunity for the expansion of software oriented companies.
The evolution of printing technologies has enabled the creation of freestanding sophisticated structures in one piece. Three- Dimensional (3D) printing or additive manufacturing (AM) is a process of making 3D objects with the help of an electronic data source in which successive layers of material are laid down under computer control. Additive manufacturing enables fabrication of customized objects by utilizing digital information storage. Furthermore, 3D-printing has various applications in fields such as medicine, mechanical engineering, and materials science among others. The growth in the market is also driven by constant technological developments, which promise higher flexibility and enable faster design. In addition, 3D printing offers optimum utilization of material, transportation and labor cost that is further projected to augment the market growth over the years to come.
Growing demand for customized products in various applications driving the market growth
The emergence of additive manufacturing technology in consumer electronics sector is in rapid phase owing to the ease of developing desired customized products in lesser time, as well as it aids in fabricating finished products with reduced design validation. From anatomical models to early bioprinting applications, additive manufacturing also seems to have huge potential in healthcare vertical. Moreover, rapid prototyping is further expected to impel the growth of the market significantly, since it requires less production time to create 3D models, and the process is simultaneously cost effective. Besides, it ensures better quality, better presentation, and more design freedom.
Key findings from the report:
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Global Three-Dimensional Printing Market - Regional Insight
Geographically, North America is accounted to hold the largest market share in 2017, followed by Europe, and is expected to retain its dominance over the forecast period. Presence of prominent market players such as 3D Systems and Stratasys, and increasing government initiatives is anticipated to boost the market growth in the region over the forecast period. Furthermore, rapid adoption and demand for 3D printed parts in U.S. armed forces is also fueling the market growth upto some extent. Asia-Pacific is likely to register the highest CAGR during 2018-2024. The growing demand for consumer electronics as well as rapid urbanization is contributing to the regional growth. Moreover, increasing research and development activities coupled with growing capital investments are further augmenting the market growth in the region.
The report segments the global 3D printing market on the basis of technology, application, end-use, and region.
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