3D printing market poised to garner maximum revenues
Demand of 3D printing in the medical industry for manufacturing of personalised medical implants and prostheses, as well as mass production without high cost with specified design in aerospace industry, will boost the 3D Printing market in upcoming years. Moreover, the major factor driving the market growth is the growing use of 3D printing in rapid prototyping, or real-time prototyping which benefits the whole design and production process, ultimately leading to reduced lead time and speed to market.
With technological advancements and product innovations, use of 3D printing technology has got various applications in a wide variety of areas, such as jet engines, advanced prosthetics, and even living tissue will be aiding to the growth of 3D Printing market.
On the basis of Technology type, the 3D printing market has been segmented into segmented into Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), and Stereolithography (SLA), Electron Beam Melting (EBM) and Digital Light Processing (DLP).
FDM dominates the global 3D printing owing application of FDM in producing objects that are durable and also used to print of that object that will endure large temperature changes, mechanical stress, and chemical corrosion. SLA is anticipated to fastest growing market due to its properties to print parts in high resolution and a smooth surface finish directly out the machine and can create accurate parts with repeatable dimensions. SLS will drive by its ability to easily make very complex geometries directly from digital CAD data.
On the basis of Solution offering, the global 3D printing market has been segmental into Hardware, Software, and Services. Services Solutions is anticipated to leading the market owing to increase in the demand of advanced in the printing technology and materials, services sector is garnering significant growth as a source of profit generation, compared to printers and materials. Hardware segment will fuel by demand from various sectors such as healthcare, aerospace, and automotive. The software segment will drive by rise in demand of 3D printer and software type.
On the basis of application, the global 3D printing market has been segmented into Automotive, Healthcare, Industrial, Consumer Electronics, Aerospace & Defense, and Others. By application type, Healthcare will lead the market owing to applications of 3D printing as customised implants, prosthetics, medical models and medical devices.
Moreover, the advances in technology and improvement in the healthcare infrastructure, on the one hand, and an increase both in the percentage of the aging population and in the investment in research and development sector, on the other. Automotive sector will drive by rapid prototyping, lower turnaround time, low consumption and wastage andlower cost of production.
On the basis of region, the 3D Printing market has been segmental into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific dominates the world 3D Printing market over the forecast period owing to growing demand for applications of 3D printing in various industries, such as consumer goods, healthcare, education and research, defense, aerospace, and automotive.