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3D Printing Market Projected to reach $34.8 billion by 2024 | Key players include Stratasys, 3D Systems, EOS GmbH, GE Additive and Materialise

03-06-2019 07:52 AM CET | IT, New Media & Software

Press release from: MarketsandMarkets™

MarketsandMarkets

MarketsandMarkets

According to the new research report "3D Printing Market by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, Technology, and Geography - Global Forecast to 2024", the overall 3D printing market is expected to grow from USD 9.9 billion in 2018 to USD 34.8 billion by 2024, at a CAGR of 23.25%. The ease in the development of customized products, reduction in manufacturing cost and process downtime, government investments in 3D printing projects, and development of new industrial-grade 3D printing materials are the key factors driving the growth of this market.

Browse 78 market data Tables and 53 Figures spread through 240 Pages and in-depth TOC on "3D Printing Market - Global Forecast to 2024"
View detailed Table of Content here -
https://www.marketsandmarkets.com/Market-Reports/3d-printing-market-1276.html

Service offerings to gain significant share of 3D printing market by 2024

The service segment accounts for the largest share of the 3D printing market by offering. The projected growth of the market for service is attributed to the expected surge in the demand for custom design and manufacturing. The market for 3D printing has been growing at a significant rate with rapid progress in the industries such as healthcare (including medical, orthopedic, and dentistry), aerospace, and automotive as these industries have been the early adopters of the technology. However, with the advancement in the printing technology and materials, the 3D printing service sector is garnering significant traction as a source of profit generation, compared to printers and materials.

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Power bed fusion process expected to hold largest share of 3D printing market by 2024

Power bed fusion process accounts for the largest share of the 3D printing market. The ability to produce complex geometries, high-feature resolution, good strength, and decent surface finish are the major drivers for the growth of the market for powder bed fusion process. The 3D printing procedures based on the powder bed fusion process in the aerospace, automotive, healthcare, and engineering industries most commonly use technologies such as direct metal laser sintering (DMLS), electron beam melting (EBM), selective heat sintering (SHS), selective laser melting (SLM), and selective laser sintering (SLS) for the development of functional parts.

3D printing market in APAC to grow at highest CAGR during forecast period

The 3D printing market in APAC is expected to grow at the highest CAGR during the forecast period. Government initiatives, funding in research and development, and extensive industrial base are the major factors that make APAC a dynamic region for 3D printing, with Japan and China being the major contributors. The establishment of the centers for 3D printing research, training, and education and the efforts by leading players in the market, such as Stratasys Lt. (Israel), 3D Systems (US), EOS GmbH (Germany), ExOne (US), and EnvisionTEC (Germany), to expand their distribution networks to the emerging markets in the Asian countries are expected to drive the market in APAC.

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Key players in the overall 3D printing market include Stratasys (US), 3D Systems (US), EOS GmbH (Germany), GE Additive (US), Materialise (Belgium), SLM Solutions (Germany), ExOne (US), Voxeljet (Germany), HP (US), and EnvisionTEC (Germany). These players are increasingly undertaking agreements, partnerships, collaborations, and product launches and developments as the key strategies to increase their market shares.

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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