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Global 3D Printing Market to Reach $8.7 Billion by 2020
July 18, 2017 | PRNewswireEstimated reading time: 1 minute
Netscribes Inc. today announced the findings of its research on the global 3D printing market. According to Netscribes, the global 3D printing market is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.5% and will reach $8.7 billion by 2020.
Latest advancements in additive manufacturing technology have expanded the applications of 3D printing across various industries. The challenge for companies is to understand how these advancements can impact their existing business functions. Using its in-house market research capabilities, Netscribes compiled the latest 3D printing trends and impact of 3D printing across major industries, including defense and aerospace, automotive, healthcare, retail, general manufacturing, and supply chain in the infographic Global 3D Printing Market Outlook 2017.
Industry-wise impact of 3D printing advancements:
- Defense and aerospace
- In the immediate future, the use of 3D printing in aerospace will help in building aircraft components in low volumes and reducing the weight of aircrafts.
- In the coming years, we can expect fully 3D printed aircrafts, self-healing military vehicles, and printing on the battlefield.
- Automotive
- In the current and near-term, 3D printing will find applications in in design and prototyping, after-market customization, and vehicle restoration.
- Some of the likely developments include building of light-weight and specialized components in some vehicles, crowd-sourced vehicle design and manufacture, while in the future we can expect 3D printing to enable the development of more innovative vehicles.
- Healthcare
3D printed organ models are being used to help doctors plan complex surgeries. In the future, 3D bioprinting technologies will play a major role in building complex organs and manufacturing medicines.
Other takeaways from the report:
- Industrial design contributes to nearly 10% of the overall spend on 3D printing technology.
- Metal 3D printing is the most-preferred additive manufacturing technology.
- By the end of 2023, the average 3D printer production speed is expected to increase by 88%, thus helping improve volume capabilities.
- North America's market share is expected to decline towards the end of 2023, while Asia's market share is expected to increase, as China begins to leverage its existing manufacturing and distribution infrastructure.
About Netscribes
Netscribes is a global market intelligence and content management firm with services across the research and information value chain. Venture-funded by US and Singapore private equity firms, Netscribes provides tactical and actionable insights to its clients and enables effective decision-making and strategic implementation.
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