Double-Digit Growth Rates to Quadruple Global Market Value for 3D Printing Technologies
The global market for 3D printing totaled nearly $2.8 billion in 2013 and $3.8 billion in 2014, according to “Global Markets for 3D Printing,” a recent report from BCC Research. This segment is predicted to reach nearly $15.2 billion in 2019, with a compound annual growth rate (CAGR) of 32.2%. Because the 3D printing market is highly diversified, research and development efforts are continually introducing new technologies and systems to the market. These factors, as well as a sharp decline in the costs of production, should bump the growth rate of the 3D printing market to double-digit levels.
Services, the largest segment of the industry, comprises manufacturing services such as design development, toll processing and equipment repair. In 2014, this segment totaled nearly $2 billion. It should reach nearly $7.8 billion in 2019, with a CAGR of 31.4%. The 3D stereolithography segment, which totaled $525 million in 2014, is expected to near $1.8 billion in 2019, with a CAGR of 27.5%.
3D printing, also known as additive manufacturing (AM), refers to a group of technologies that create objects through the addition of material layer by layer. Invented about 30 years ago, AM is defined by ASTM International as “a process of joining materials to make objects from 3D model data, usually layer upon layer, as opposed to subtractive manufacturing methodologies.” The terms AM and 3D printing are used interchangeably.
Additive manufacturing spans industries ranging from automotive and aerospace to architecture and medical devices. The industry itself includes three segments: machines, software and services. The unique advantages of 3D printing in design, development, production and support over traditional manufacturing technologies could lead to intense disruption across many industries. The main areas of disruptions will include accelerated product development, enhanced product design and capabilities, smaller manufacturing footprints, and lower cost and greater flexibility in the mass production of custom designs.
“Because the market is highly diversified both regionally and by application, it is extremely attractive,” said Alessandro Varotto, BCC research analyst. “A number of technologies are available and many more are being developed. Overall, AM manufacturing offers general benefits in terms of cost reductions, flexibility of product development and being ideal for customization.”
For more information, visit www.bccresearch.com.