3D printing referred to as additive manufacturing, is the process of creating a 3D object from a Computer Assisted Design (CAD) or digital 3D model. It can be done utilize a variety of techniques that typically include layer-by-layer combining, connecting, or hardening of materials under the supervision of a computer (such as fusing plastics, liquids, or powder grains).

In 2021, the market for 3D printing was USD 14 billion, and it will reach USD 77.83 billion by 2030, growing at a 21% CAGR during the forecast period.

The market is expanding primarily due to the steadily increasing demand for 3D printing gases from various end-use sectors, including design and manufacturing, healthcare, automotive, and others. 

Market Dynamics

Drivers

The market is expanding primarily due to the advantages of 3D printing for manufacturers, including prototyping, product development, innovation, and time-to-market. The market is expanding more quickly due to the ongoing commercialization of technologies to increase market share and provide cutting-edge products. Globally active R&D in 3D printing technology and rising government investments are further boosting the market value. The market value is also increase by the simplicity of creating bespoke items with lower manufacturing costs and process downtime.

Restraints

Concerns about 3D printing’s capital-intensive technology and high material costs will restrain its expansion throughout the projection period. Moreover, the absence of common process controls on the market will impede expansion during the projection period.

Opportunity 

3D printing has shifted from primarily designing and prototyping to producing useful parts. Because 3D printing doesn’t require tooling like traditional manufacturing methods, it can help businesses overcome obstacles like expensive tooling. Low-volume manufacturing is more expensive than conventional manufacturing, despite lower per-unit expenses because of the high initial tooling requirements. The 3D printing approach helps lessen the waste produced during manufacturing by building components layer by layer.

Market Segmentation 

By Component

On the basis of components, the market is segment into hardware, service, and software. 

In 2022, the hardware segment led the entire market with the largest revenue share of 64.01%. The demand for sophisticated production techniques and rapid prototyping has greatly benefited the hardware industry. The expansion of the hardware market is mostly due to quick industrialization, rising consumer electronics penetration, quick urbanization, improved civil infrastructure, and reduced labor costs.

By Software 

On the basis of software, the market is segment into printed software, scanning software, design software, and inspection software. 

In 2022, the design software segment ruled the entire market, with the largest revenue share of 36.70%. Particularly in the automotive, aerospace and military, construction, and engineering verticals, design software is utilize to create the designs of the thing to be printed. The printer’s hardware is connect to the objects that will be printed via design software.

By Application 

On the basis of application, the 3D printing market is segment into tooling, prototyping, and manufacturing functional parts. 

The prototyping segment was the largest market segment in 2022, with a revenue share of 54.0%. It is due to the widespread adoption of the prototyping process across numerous business verticals. Prototyping is use extensively in the automotive, aerospace, and defense industries to design and build parts, components, and complex systems precisely. Manufacturers can build trustworthy final goods and attain improved precision through prototyping. Thus, the prototyping category will continue to rule the market during the projection period.

By Technology

The stereolithography segment was the market leader in 2022, with a revenue share of 10.0%. Stereolithography is the most traditional printing technology. Although the benefits and ease of use of stereolithography technology promote its adoption, technological advancements and aggressive research and development activities carried out by industry experts and researchers are creating opportunities for other effective and dependable technologies.

Regional Overview

In 2022, North America ruled the market with 33.34% of the revenue share. This is because additive manufacturing is widely use in the North American region. The U.S. and Canada are two examples of North American nations that were among the leading and early users of these technologies in various manufacturing processes.

Asia Pacific will expand rapidly during the forecast period. The advancements made in the region’s manufacturing sector have contributed to the rapid adoption of AM in the Asia Pacific. Also developing as a manufacturing powerhouse for the healthcare and automotive sectors is the Asia Pacific area.

Key Players 

  • HP Inc
  • 3D Systems Inc
  • Envision TEC Inc
  • Autodesk Inc.
  • Materialise
  • Canon Inc
  • Stratasys Ltd
  • Voxeljet AG
  • Made In Space
  • GE Additive
  • Autodesk Inc
  • The ExOne Company

In 2021, the market for 3D printing was USD 14 billion, and it will reach USD 77.83 billion by 2030, growing at a 21% CAGR during the forecast period. The market is expanding due to the intensive R&D in three-dimensional printing and the rising demand for prototype applications from several industrial verticals, particularly in the healthcare, automotive, and aerospace & military sectors.

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