LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global 3D printers market is projected to grow to USD 11.92 billion by 2021, at a CAGR of more than 35% over the forecast period.
This research report titled ‘Global 3D Printers Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|3D printing is a type of printing technique that is capable of manufacturing 3D solid objects based on a digital file that is created using computer assisted design. The global 3D printers market is on an upward trend, with the rising demand for customized products acting as a key driver responsible for this growth.|
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Based on end-users, the report categorizes the global 3D printers market into the following segments:
- Consumer products
- Aerospace and defense
The top three revenue-generating end-user segments in the global 3D printers market are discussed below:
“The automotive segment is the largest end-user for the 3D printers market, due to the shift within the sector towards the highly customizable 3D printing manufacturing of functional parts and prototypes,” says Chetan Mohan, a lead analyst at Technavio for computing devices research.
The sales of 3D printers for manufacturing metal automotive parts have increased significantly in the past ten years, thereby acting as a major factor driving the growth of 3D printers in the automotive segment. For instance, the Fiat Chrysler Automobiles team has printed a number of model cars using 3D printing technology.
The consumer products segment of the global 3D printing market is projected to generate a revenue of around USD 2.39 billion by 2021. The decline in the average selling price of 3D printers has accelerated the market segment, which is witnessing a rise in the manufacture of home-made designer toys and other usable items, including jewelry and clothing.
The manufacturers use various 3D printing software such as SELVA to print out 3D designs per user requirements. The launch of more software and related apps for 3D printing is likely to drive the growth of the segment.
“3D printing is used to manufacture various surgical equipment, prosthetics, implants, and tissue engineering products in the healthcare sector. The demand for the development of advanced or next-generation rapid prototyping systems is likely to propel the growth of the segment,” says Chetan.
The increase in investments towards the improvement of the healthcare sector, the rise in consumer expenditure and income levels, and the low cost of manufacturing 3D printed products are expected to be other key factors impacting the growth of the market. Also, the rapid product development phase and the relatively competition free market space is conducive to the growth of existing players.
The top vendors highlighted by Technavio’s research analysts in this report are:
- 3D Systems
- Envision TEC
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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