According to UnivDatos, The Industrial 3D Printing Market was valued at approximately USD 3.5 Billion in 2023 and is expected to grow at a robust CAGR of 21.5% during the forecast period (2024-2032) owing to the demand for customization and increasing industrial requirements.
Industrial 3D Printing—also referred to as additive manufacturing—Industrial 3D Printing is an advanced manufacturing technology for the creation of a physical product from a computer-aided design (CAD) digital file. The popularity of industrial 3D printing method, innovation in technology and rising industrial demands are all likely to contribute to the industrial 3D printing market. Manufacturing companies will invest more because it reduces labor costs and can produce goods locally, however, it requires heavy investment to use the 3D printing technology. To fulfil the growing industrial demands, companies are taking initiatives for investment through partnerships. For instance, in November 2022, 3D systems announced that the company has partnered with WeMatter for expanding its 3D printing metal and polymer materials. Similarly, in November 2022, Stratasys ltd made strategic investment in axial3D with a purpose to make patient-specific 3D printing solutions for hospitals and medical device manufacturers more accessible so it becomes a mainstream healthcare solution.
Based on the component, the market is segmented into Hardware, software and services. The hardware segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The market share was boosted by the rising global popularity of rising industrial demands and innovation in technology. The expansion of the hardware market is mostly credited to a number of factors, including quick industrialisation, rising consumer electronics penetration, improving civil infrastructure, quick urbanisation, and reduced labour costs.
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Based on application, the market is divided into prototyping, manufacturing and high voltage. The prototyping segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Manufacturers build trustworthy final goods and attain improved precision through prototyping and this is attributed to the extensive adoption of the prototyping process across several industry verticals.
For a better understanding of the market adoption of industrial 3D printing, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the industrial 3D printing industry due to various factors such as efficient use of materials, minimized human errors, customization of products and reduced production time and cost. Additionally, among all other regions, the Asia-Pacific market is expected to expand quickly with the highest CAGR that can be attributed to the developments and upgrades across the manufacturing industry within the region.
Some of the major players operating in the market include 3D Systems Corp, Xometry Inc, Stratasys Ltd, Proto Labs Inc, Velo3D Inc, Desktop Metal Inc, Materialise NV, Nano Dimension Ltd – ADR, Markforged Holding Corp, Shapeways Holdings Inc, among others.
Global Industrial 3D Printing Market Segmentation
Market Insight, by Component
· Hardware
· Software
· Services
Market Insight, by Application
· Prototyping
· Manufacturing
· High Voltage
Market Insight, by Technology
· Stereolithography (SLA)
· Fused modelling Deposition (FDM)
· Selective laser sintering (SLS)
· Direct Metal Sintering (DMLS)
· Polyjet printing
· Inkjet printing
· Others
Market Insight, by End User
· Aerospace
· Automotive
· Defense
· Healthcare
· Power & Energy
· Others
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Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· 3D Systems Corp
· Xometry Inc
· Stratasys Ltd
· Proto labs, Inc
· Velo3D Inc
· Desktop Metal Inc
· Materialise NV
· Nano Dimension Ltd – ADR
· Markforged Holding Corp
· Shapeways Holdings Inc
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