Global 3D Printingis Markert is estimated to expand with a CAGR of 15.3% from 2016 to 2023 : Credence Research

According to a new industry research report published by Credence Research“3D Printing (Polyjet, Stereolithography (SL), Fused Deposition Modelling (FDM), Electron Beam Melting, Selective Laser Sintering (SLS), Others) industry – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”,the global 3D printing industry stood at US$4.83Bn in 2015and is estimated to expand with a CAGR of 15.3% from 2016 to 2023.

The complete report is available at http://www.credenceresearch.com/report/3d-printing-market

Industry Insights

3D printing, also called as additive manufacturing, refers to a process of making three-dimensional (3D) solid objects using a digital model. In 3D printing, the object is prepared by placing down successive layers of material. Since the introduction of 3D printing technology in 1984, the technology is steadily becoming popular and is expected to gain substantial traction in the coming years. Till date, the 3D printing technology is used in various applications such as jewelry, consumer goods, industrial design, aerospace, construction, automotive, healthcare, geographic information systems and others. The technology is, however, used majorly for prototyping and industrying purposes. End-users are still hesitant in shifting towards 3D printing for large scale manufacturing which may challenge the industry growth.3d-printing-industry

The 3D printing industry is majorly driven by the superior advantages of the technology as compared to the traditional (subtractive) manufacturing. Some of the most significant advantages observed of using 3D printing technology are listed below:

Efficient use of raw materials with minimal wastage
Easy customization of the desired end-products
Reduced output time
Less error possibility
Additive manufacturing offers better overall efficiency as compared to the traditional manufacturing processes. As a result, the technology is expected to expand exponentially in the coming years.

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Competitive Insights:

The global 3D printing industry is highly fragmented in nature with large number of players striving to establish their remarkable presence in the industry. The companies operating in the industry compete primarily on the basis of technology, ease of process and providing a full suite of products and services. The industry comprises various technologies that are designed for specific applications. Thus, no company has established monopoly in the overall industry over the period of time. Nevertheless, with various tech giants such as Google, Inc., Hewlett-Packard (HP) Company, Lenovo Group Ltd. and others, the industry is expected to emerge highly competitive in the coming years. Major companies plan to expedite their operation in the 3D printing segment from the year 2016 onwards.

Key Trends:

3D printing for manufacturing end-use products rather than simply prototyping
Focus on gaining expertise in different 3D printing technologies
Acquisition of other players for strengthening technological position as well as global presence
Focus on specific applications such as residential, automotive and healthcare

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