Most analysis of the 3D Printing Technology Market suggests the industry is heading for significant gains over the next five to seven years. The global 3D printing market had a USD valuation of around $6 billion in 2016. Despite being a relatively young industry, 3D printing had already established significant value, thanks to its application in the healthcare, automotive, aerospace and defense industries.
With even more use in those industries, along with new applications for 3D printing, the industry is expected to make significant gains from the present to 2025. By the end of 2018, the revenues for the 3D printing technology market had reached $14 billion. More than double the 2016 figures!
It is difficult to provide accurate predictions about the future of any industry. But experts are able to understand trends and how those trends will continue to progress in the future. The trend line for 3D printing is most definitely an upward one. Additive manufacturing is taking over many industries, even those its full potential is still being realized.
And a recent market research report has indicated the 3D printing technology market could have a value of close to $33 billion by 2023. The major reasons for such an increase are the development of customized 3D printed products, how additive manufacturing will reduce overall manufacturing costs, government investment in additive manufacturing, and the increased use of additive parts in the aerospace industry.
Amid all the understandable focus on the industries that are taking advantage of additive manufacturing, it is easy to ignore the desktop market. But the same market research report indicates the desktop segment will also grow between 2018 to 2023.
The cost of desktop 3D printers, product innovation and the ability to create useful, customized products will encourage more consumers to buy 3D printers. The current use of such printers is limited to hobbyists and professionals who may work from home. Consumers have not jumped on the product as it is possible to buy low-cost items without needing to print them.
But 3D printers getting cheaper and more powerful will encourage consumers to give them a try. And the emergence of products that are cheap but very customizable will also see the trend of desktop 3D printing rise.
Aerospace and Defense Lead the Way
Much of the top news surrounding 3D printing comes from the healthcare industry. And it is with good reason, as additive manufacturing allows for so many possibilities in patient care that were not possible a decade ago. 3D-printed prosthetics are changing millions of lives, while 3D-printed organs could be a key player in the future.
But it is two other industries that are leading the way with the largest share of the global 3D printing market. The aerospace and defense industries provide the largest revenues for the 3D printing industry.
Additive manufacturing is already playing a key role within the aerospace industry, with 3D-printed parts on airlines. These parts are not only cheaper and quicker to 3D-print, but they are often lighter without sacrificing any durability.
NASA and other organizations dedicated to pursuing travel and life in space are also using 3D-printing to their advantage. NASA already has components within its spacecraft that use 3D printed parts. And the space organization is currently holding a competition where teams design 3D-printed homes for astronauts to use for living on Mars.
Emerging Players in the 3D Printing Market
Some of the expected growth between 2018 and 2023 will be due to industries that are only starting to see the usefulness of 3D printing. These industries include the food and culinary, education and energy industries.
The 3D printing technology market is set to undergo major growth in the coming five to seven years. While the exact figures are impossible to predict, a doubling of the market by 2023 is a safe bet!