Global 3-D Printing Market Forecast to Hit $8.6 billion by 2020
Research report projects more than 20% CAGR between 2014-2020.
According to a new report from Allied Market Research titled "3D Printing Market (Technologies, Materials, Applications and Geography) - Global Opportunity Analysis and Forecast-2013-2020," the global 3-D printing market will reach $8.6 billion by 2020, registering a CAGR of 20.6% from 2014 to 2020. The surge in growth is primarily due to rising demand for faster and more efficient ways to manufacture complex objects using a wide array of materials.
The adoption of 3-D printing in various applications is growing due to its accuracy, efficient use of material, and ability to build customized products. However, the high cost of personal printing, expensive software, and lack of channel-partner assistance has been restraining the growth of the market, according to the report. The economies of scale gained through advancement in technology and improved manufacturing processes will help the market grow in future.
The increasing adoption of 3D printing in various application segments such as consumer products, industrial products, aerospace, automotive, defense, healthcare, education & research, architecture, and arts are facilitating the growth of 3-D printing market. The key industry segments such as healthcare and aerospace, which are growing at a promising rate, have witnessed significant penetration of 3-D printing technology. The consumer-product industry remains the largest application segment with about 22% of the market share, while the defense sector is expected to exhibit the fastest growth at a CAGR of 17.2% during the forecast period.
According to the report, North America currently leads the 3-D printing market with about 43.9% revenue share in 2013, followed closely by Europe. The dominance of the North American market is attributed to the growth in the healthcare, consumer, aerospace, and automobile industries. Asia-Pacific is projected to be the fastest growing market with a CAGR of 51.9% during 2014-2020, due to the faster adoption of 3-D printing in the developing industrial sectors.
The report also includes a competitive analysis and strategic overview of the key market players is also presented in the report, including such companies as 3D Systems, Stratasys, Arcam AB, Autodesk, ExOne, Hoganas AB, Optomec, Organovo Holdings, Ponoko, and Voxeljet Ag.
You can view the complete report at http://www.alliedmarketresearch.com/3d-printing-market