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3D Printer Market Statistics - 2030
A machine that allows the printing of any 3D object on a 3D model file is known as a 3D printer. This is achieved by placing a thin layer of material on top of another until the object is built. 3D printer market has developed significantly and has application in many industries such as manufacturing, medicines, architecture, custom art, and design. The cost of 3D printers and the material required to print the object was very high in the past. However, improvements and variations in technology in recent years have reduced both machines as well as the printing cost. This has made 3D printer market applications more popular in recent years across industries and education. One of the applications of 3D printing is in medicines where biomaterials, such as cells and growth factors, are combined tissues similar to their natural counterpart. The fabrication of a prototype, which required weeks can now be done within hours, thereby saving manufacturers’ time and cost.
As 3D printing involves successive addition of layers of material, 3D printing is also known as Additive Manufacturing (AM). 3D printer technology has been greatly adopted by the industrial verticals and is one of the leading contributors to its increased 3D printer market share. The increased adoption of 3D printers in the manufacturing, aerospace, healthcare industries is expected to drive market growth. Leading companies in 3D printer manufacturing are entering into collaborations with other companies and are also coming up with new solutions to expand their business.
COVID-19 Impact Analysis on 3D Printer Market
Top Impacting Factors: Market Scenario Analysis, Trends, and Drivers
An increase in the adoption of 3D printing parts is one of the key driving factors of this market. Difficult tasks, such as manufacturing and shipping of complex spare parts, have been a great challenge for manufacturing and also increase the production cost. Product designers and engineers use 3D industrial printing technology to produce cheaper faster and effective complex designs. Companies in aerospace and defense, healthcare, and consumer electronics are looking for innovative ways to automate their manufacturing process and have started adopting this technology. 3D printing technology has been adopted by medical professionals to create tissues, prosthetics, and medical implants. End-user verticals depending on the advanced technology for their fast, cost- effective, smooth manufacturing processes will be leading the 3D printer market.
However, the initial investment for 3D printed solutions is very high, and this is also one of the greatest disadvantages for the growth of 3D printer market. Although technology provides many solutions and benefits over the conventional manufacturing processes, there are still some limitations even for the technology to overcome.
Furthermore, there are only limited options to use the material for printing, such as metals and plastic, as not all metals can be easily temperature controlled. Manufacturing of these complex designs requires hardware, software, and materials, which increase the manufacturing cost of the product.
Due to high demand from customers, automotive companies Original Equipment Manufacturers (OEM) are required to respond to emerging developments in automobiles and electric cars. As a result, to remain competitive in the age of Industry 4.0, automotive manufacturers are implementing 3D printing technology and are more focused on 3D printer market. As the industry is shifting from internal combustion engines to electric cars, 3D printing technology can increase its production process. Electric vehicle manufacturers use this technology to produce lightweight automotive parts such as batteries, engines, and other components. Furthermore, to build a sustainable and successful additive manufacturing ecosystem, governments and private firms are investing in this technology. For instance, in October 2019, one of the key players of 3D printers Structo Pte Ltd. received an undisclosed amount of funding from a Singapore- based investor. Another instance is that the Government of India joined hands with the U.S. for the R&D of 3D bioprinting regenerative medicines in 2019. Recently, Stratasys Ltd. launched its J5 MediJet 3D Printer which is 30% faster along with a simple workflow. Stratasys is one of the leading brands producing products that use this technology and also the world's leading manufacturing companies turn to Stratasys for solutions regarding their manufacturing problems.
Major Benefits of the Research on 3D Printer Market
Questions Answered in the 3D Printer Market Research Report
Key Market Segments
Key Market Players