The global 3D printers market is projected to grow to $11.92 billion by 2021, according to a new market study released by research firm Technavio. The U.K.-based firm expects the growth to occur at a compound annual growth rate (CAGR) of 35% from 2017-2021.
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.
The top three revenue-generating end-user segments in the global 3D printers market include the following:
Chetan Mohan, a lead analyst at Technavio for computing devices research, says 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.”
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,” Mohan said.
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.
For more information from the study, click here.