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Industrial 3D Printing Market to be Worth $5.6B by 2023
April 18, 2018 | Business WireEstimated reading time: 1 minute
The industrial 3D printing market is expected to grow at a CAGR of 27.21% between 2018 and 2023, to grow from $1.73 billion in 2018 to reach $5.66 billion by 2023.
The reduction in the manufacturing cost and process downtime, decrease in lead time due to lesser manufacturing steps, and ability to produce multiple individual parts which support customized tools and machinery parts production are the major factors driving the industrial 3D printing market.
Additionally, evolving industrial-grade materials help expand the application area of industrial 3D printing methods into niche sectors, such as printed electronics, and energy and power sector. Strong demand from aerospace and defense, automotive, and healthcare industries; growth of industrial 3D printing service sector; and government investments in 3D printing projects are also driving the growth of the industrial 3D printing market.
However, limited availability and high cost of materials, difficulties associated with the use of 3D printing software, and lack of standard process control are the key restraining factors for the market growth.
Industrial 3D printing holds great potential in the printed electronics industry as it provides the opportunity to engineers to develop objects with complex internal structures, which otherwise would be difficult to produce using traditional methods. The growing adoption of industrial robotics in the printed electronics industry is driving the industrial 3D printing market for the robotics application as it is used to develop robot arms, grippers, and body parts.
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