3D printing Market size to be worth US$39.640 billion by 2024

Knowledge Sourcing Intelligence announces the publication of a new report “3D printing Market - Forecasts from 2018 to 2024 " to their offering. The report has segmented the 3D printing market analysis by component (hardware, software, services and material), by technology (vat photopolymerization, metal extrusion, material jetting, binder jetting, direct energy deposition, powder bed fusion and sheet lamination), by end-user (healthcare, automotive, aerospace and defense, construction and others) and by geography. The global 3D printing market will grow from US$9.190 billion in 2018 to US$39.640 billion by 2024, at a CAGR of 27.59%.

3D printing is the process of making three dimensional solid objects from a digital file with the help of a 3D printer. The rapid growth of industries like automotive, consumer electronics, construction and healthcare among others and increasing focus of industry players towards reducing costs is steering them towards advanced technologies which can further streamline the development process while helping them improve their profit margins are driving the market for 3D printing during the forecast period. Heavy investments by major market players into research and development are speeding up technological advancements. As technologies become more advanced and more new and innovative products enter the market, their adoption can be expected to increase significantly both among professionals and hobbyists, further fueling the 3D printing market share in the coming years.

By component, the 3D printing market is segmented into hardware, software, services, and materials. The hardware segment holds a significant share in the market owing to the growing demand for 3D printing from both industrial and residential users, as multiple industries are adopting 3D printing solutions for the mass production of parts. 3D printing materials market is estimated to witness the fastest growth in the coming years on account of increasing investment and focus towards the development of the 3D printing materials to enhance the 3D printing speed, efficiency, and cost-effectiveness further increasing 3D printing market share over the forecast period. Besides, the material market is further segmented into metals, plastic, ceramics, and others.

By technology, the 3D printing market is segmented into Vat Polymerization, Metal Extrusion, Material Jetting, Binder Jetting, Direct Energy Deposition, Powder Bed Fusion, and Sheet Lamination. Due to their different properties and usability, the demand for different 3D printing technologies is based on multiple industry specifications and requirements. Owing to this, Powder Bed Fusion holds the major share in the market, owing to the technology’s ability to manufacture completely functional prototypes from multiple materials, for industries such as automotive, aerospace and defense, construction, and more. Similarly, Extrusion technology also holds a noticeable market share in the 3D printing market and is expected to show good growth in the coming years owing to its lower cost structure and extensive versatile allowing for its increasing adoption in residential and commercial usage.

By end-user, automotive and healthcare sectors are expected to hold a significant share in the 3D printing market. Particularly in automotive industry studios use 3D printers in creating complex parts and in speeding up tooling cycles, therefore, providing customization solutions across all aspects of the vehicle development process. Also, the 3D printing market size of the construction industry is expected to grow at a significant rate over the forecast period owing to rising investment by big market players,

Geographically, the 3D printing market size of North America holds a substantial share in the global market on account presence of a large number of players in the U.S. Being the early adopter of new technology, Europe also projected to hold a significantly large share in this market. The 3D printing market analysis of growth in this region is mainly attributed to the upswing being observed on account of demand for these printers from end-user industries like healthcare, automotive, and consumer electronics among others.

The key players of the global 3D printing market covered in this report include Stratasys Ltd., The Exone Company, Ultimaker BV, Xjet, HP, Materialise, SLM Solutions Group, Sciaky, Mcor Technologies Ltd, Optomec, DWS, 3DCERAM SINTO, and Luxexcel Group among others.

This report contains the 3D printing market analysis on the current trends and the opportunities for the vendors over the next six years. It provides deep insights into the drivers and restraints of the industry. 3D printing Market report also consists of an in-depth regional analysis. A lot of statistically relevant tools and detailed industry analysis models such as scenario analysis have been used to forecast the market trends and forecasts up to the year 2024.
The report also talks about the strategies adopted by the industry leaders to gain an advantage over competitors and the recent deals that they have gone into to position themselves better in this market.

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https://www.knowledge-sourcing.com/report/3d-printing-market

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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centring on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

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