3D Printing Services Market - Global Industry Insights, Trends and Growth Opportunity Analysis to 2022
10th December 2018 - Global 3D Printing Services Market is anticipated to witness exponential growth in the forecast period. 3D printing is also known as “Additive Manufacturing”. It implies digitization of 3D objects. The factors that propel the growth of the market include ability to reduce overall manufacturing costs, ease of development of customized products, government investments in the 3D printing projects for the deployment and development of the technology, technological innovations, and a wide range of applications.
On the other hand, there are factors that may hamper the growth of the market including high cost of operating industrial 3D printers and industrial 3D printers. Globally, the market is anticipated to grow at a significant CAGR of 26.42% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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The market may be explored by product type, service offering, application, technology type and geography. Market may be explored by product type as Materials and 3D Printers. Based on service offering, market could span rapid prototyping, software services, expert services, and system maintenance.
The key applications that could be explored in the market include Aerospace, Consumer products, Automotive, Industrial, Healthcare, Education & research, Defense, and Others. The “Healthcare” segment led the 3D printing services market in 2016 and is anticipated to maintain its dominance over forecast period. The key factors that may be attributed to the growth of market include innovations in 3D printing technology.
The market could be explored based on technology type as Vat photopolymerization, Extrusion, Power bed fusion, and Jetting. The “Extrusion” segment led the market in 2016 and is anticipated to maintain its dominance over forecast period. The key factors that could be attributed to the growth of the market include increased demand from the manufacturing industry in established nations such as Germany and US. Extrusion segment is followed by photopolymerization segment.
Key vendors
• 3D Systems
• Arcam
• ExOne
• Materialise
• Stratasys
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North America accounted for the major share of the 3D printing services market in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include strong demand from defense and aerospace, education, consumer product, and healthcare industry, the presence of key manufacturers, and strong government support. The U.S. held the largest share of the North America 3D printing services. North America is followed by Asia-Pacific and European region owing to increasing expenditure of governments on growth of printing technology, and favorable government policies.