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3D Printing Market Projections 2024: Printers and Beyond
3D Printer Market Segments
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According to The Business Research Company's, The 3d printer market size has grown rapidly in recent years. It will grow from $20.98 billion in 2023 to $24.61 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in use of 3d printed products in automotive industry and rise in government investments in 3d printing.
The 3d printer market size is expected to see rapid growth in the next few years. It will grow to $48.67 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to high demand for 3d printed medical devices during pandemic, growing demand for prototyping applications and government initiatives. Major trends in the forecast period include technological advancements by major companies in the 3d printer manufacturing market, rapid shift from prototyping to functional parts manufacturing, launch of innovative products to help expand product portfolio, use of 3d printers in the building and construction industry for green and environment-friendly projects and increase in mergers and acquisitions.
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Market Drivers and Trends:
The expanding automotive industry is expected to propel the growth of 3D printer market going forward. The automotive industry refers to a sector that involves various companies and organizations engaged in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. 3D printing has revolutionized the automotive industry in several ways, including the ability to produce highly customized parts, reduce lead times and tooling costs, and create complex geometries that would be difficult or impossible to produce with traditional methods. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. Therefore, the expanding automotive industry is driving the growth of the 3D printer market.
Major companies in the 3D printer manufacturing market are producing printers that have the vast Asia-Pacific and can print faster than conventional 3D printers. For instance, the stereo lithograph apparatus (SLA) 3D printer from Nexa3D will be 6 times faster than the machines of the other competitors and it's the Asia-Pacific would also be 2.5 times larger. The project production time for prototypes is also reduced from hours to minutes and it is equipped with durable materials that can withstand ultra-fast 3D printing. For instance, in 2022, Xact Metal, a US-based 3D printer manufacturer, launched the XM300G 3D printer. The Xact Metal XM300G Series is intended to provide small-to-medium-sized businesses with industrial-grade 3D printing capabilities at a competitive price. It is programmable with single, dual, or quad lasers. With its new 3D printer, the company is going after a number of industries, including aerospace, automotive, and general manufacturing.
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Major Key Players of the Market:
3D Systems Corporation, Stratasys Ltd., GE Company, EOS GmbH, Hewlett Packard, SLM Solutions Group AG, The ExOne Company, Formlabs, MarkForged Inc., Voxeljet AG, Bharma3, JGroup Robotics, Altem, Novabeans, CMK Corporation, Modix, Karkhana.io, Breezam, Addentax, mago, BMF Precision, Fuji Xerox, Think 3D, UnionTech 3D, Sichuan Revotek, Regenovo Biotech, Tiertime, Shining 3D, Winsun, HuaShang Tenda, Prodways, BeAM, AddUp, 3D Ceram, The BigRep GmbH, Renishaw, AMMA Solutions, 3D Parts Ltd, Volumic, 3D Criar, 3D Procer, Alcateia, AMS, 3D Bioprinting Solutions, Anisoprint, AMT Spetsavia, UrbanAlps, Hewlett Packard (HP), Proto Labs, Materialise, Nano Dimension, Organovo, SondaSYS, Cosine Additive, 3D Print Pulse, Sethi3D, Sciaky Inc., BigRep 3D, Robtec, Optomec, Zortrax, Kikai Labs, CHIMAK 3D, Trimaker, Trideo, VOXEL 3D, 3D Manzil, 3Dvinci, Immensa, Shisan, Etba3ly 3D, Akhani 3D, Rapid 3D, Artec 3D, 3D Africa
3D Printer Market 2024 Key Insights:
• The 3d printer market size is expected to see rapid growth in the next few years. It will grow to $48.67 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%.
• Expanding Automotive Industry Fuels Growth In The 3D Printer Market
• Innovative Advancements In 3D Printer Manufacturing
• North America was the largest region in the 3D printer market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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