- Industrial 3D printing is utilized to create architectural models for tooling and repairing heavy equipment, machinery, and robotics.
- Industrial 3D printing has extensive applications in various industries such as automotive, aerospace & defense, healthcare, jewelry, architecture and construction, and consumer products, among others.
- Rising investment in 3D printing by start-ups, increasing focus on high-volume production using 3D printing, growing demand for 3D printing software to produce industry-grade parts, and significant demand for online 3D printing are the factors likely to propel the growth of the industrial 3D printing market during the forecast period.
Expansion of Software Component
- Based on component, software is the fastest expanding segment of the industrial 3D printing market since businesses are moving toward advanced manufacturing processes and adoption of software printers for complex designs and prototypes.
- Moreover, industrial 3D printing software is widely used in different industry verticals for the design and execution of manufacturing parts.
- Aerospace & defense segment is expected to expand at a substantial rate during the forecast period due to the significant adoption of 3D printers, materials, and services by this industry. The aerospace industry is projected to offer lucrative opportunities for industrial 3D printing technologies in the near future.
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- In February 2020, 3D Systems, a US-based company expanded its contract with Sanmina, a global leader in integrated manufacturing services, to manufacture and supply specific plastic 3D printing platforms.
- High initial investment associated with 3D printing solutions, economic slowdown due to COVID-19, and lack of standardization are the factors that hinder the global industrial 3D printing market.
North America to Lead the Industrial 3D Printing Market
- In terms of region, the global industrial 3D printing market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to dominate the industrial 3D printing market throughout the forecast period due to the adoption of 3D printers and materials in several sectors, such as printed electronics, healthcare, energy, and jewelry in this region.
- Technological development in manufacturing in the US and Canada also propels the growth of the industrial 3D printing market.
- The market in Europe and Asia Pacific is expected to expand at a substantial rate during the forecast period due to the increasing demand for 3D printing from automotive and aerospace & defense industries in the regions.
- On the other hand, the industrial 3D printing market in Middle East & Africa, and South America is estimated to expand at a moderate pace during the forecast period.
Key Players Operating in the Global Industrial 3D Printing Market
Key players operating in the global industrial 3D printing market are focusing on technological advancements and expansion to meet the rising demand for industrial 3D. Moreover, key market players are emphasizing on strategic initiatives to enhance business and establish their manufacturing facilities.