3D printing market to be worth US$8.43 billion by 2020
November 26, 2014
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The 3D printing market is growing at a CAGR of 14.37% with applications across various sectors such as aerospace, automotive, consumer, government & defense, healthcare, industrial/business machines, and education & research, a new study has found. The overall market for 3D printing is expected to reach $8.43 billion by 2020. 3D printing makes it possible to manufacture a product of virtually any design complexity.
“Hence, it is very useful for producing highly customized products with high accuracy, for example, a jaw implant for a patient or a critical aircraft component,” the authors of the study conclude. “It also minimizes the overall wastage of materials.”
This report describes the market trends, drivers, and challenges with respect to the 3D Printing Market, and forecasts the market from 2014 to 2020, on the basis of technologies, materials, applications, and geographies. This report gives a detailed view of the market across geographies, namely, the Americas,Europe, Asia-Pacific, and RoW. The Americas dominates the market in terms of revenue generation, however, Europe has been growing at the highest CAGR in the 3D Printing Market. The initiative taken by the governments of the Americas to develop the technology is a major reason for the growth of the technology in the region.
The competitive landscape of the market presents an interesting picture, the authors of the report note, adding that the “market is witnessing new product launches and large scale collaborations and agreements & partnerships across the value chain, with only a handful of tier-one players around the globe.”
Further information on the report is available from www.marketsandmarkets.com.