Increasing demand for technologies that can help create customized products or product parts is expected to fuel the growth of the global additive manufacturing market
Industries such as automotive, healthcare, pharmaceutical, aerospace and defense are constantly facing escalating demand for products and in turn a rise in demand for advanced product development technologies. 3D printing has emerged to be a promising solution to the challenging development of high-efficiency and high-quality products with a minimum error possibility. The additive manufcaturing market is hence expected to ascend substantially estimated to acquire a USD 26.5 billion in the forecast years 2018 to 2028.
Additive manufacturing or 3D printing has gained significant popularity with its crucial applications across the pharmaceutical industry besides the industrial sector. With the ability to design complex structure and customized therapeutic drugs, additive manufacturing could be a very critical technology to develop modern medicine with the advancements in artificial intelligence, big data analytics and machine learning.
Aerospace and automotive sector with constant need for development of products as well as product parts can benefit significantly with the capabilities of designing 3-dimensional models or prototypes.
The future and existing growth scales and patterns of the global additive manufacturing market reflect the market attractiveness with a detailed understanding of the core strengths and weakness. Key growth inducing variables of the additive manufcaturing market highlight the significance of the opportunistic landscape estimated during the forecast period.
Factors such as rapidly accelerating demand for technologically equipped and modern manufacturing assistance along with the cost effectiveness of the product services offered, and increasing rate of adoption by the industry verticals are propelling the growth of the global additive manufcaturing market during the forecast period.
In addition, extensive growth in the R&D sector and pharmaceutical industry expanding the drug development approach and aiming to enhance accessibility to personalized drugs is driving the demand for additive manufcaturing ultimately fuelling the market growth over the forecast years
Adroit Market Research report on the global additive manufcaturing market offers a comprehensive overview of the market status and trends between 2018-2028, integrating details on market drivers restrains, opportunities and challenges. The market analysis and insights have been assessed through the historic years from 2018 to 2020 followed by future forecast from 2021 to 2028 considering the year 2020 as the base year of evaluation between the past and future scenario analysis. The report derives exact understanding of the current market dynamics along with future traits of the market assessed at global and further compartmentalised to a country level analysis. The study also includes market evaluation based on Porter’s five forces analysis and delivers key player positioning based on their strategic initiatives, product portfolio, revenue contributions and geographic footprint ultimately studying the prominent players in depth.
The global additive manufacturing market has a solid competition between the pr-existing well-known players alongside the young players. Also, the additive manufcaturing industry players are approaching potential opportunities in the form of new potential markets in order to gain a competitive lead against other industry players through potential mergers and collaboration with strong players, acquisition of new start-ups and deals to collaborate broader expertise and strengthening business existence.
Based on the Component Segment, the market is categorised into hardware, software and services. In the year 2020, the hardware segment held a dominating chunk of market share and is likely to hold the flag throughout the forecast period. Owing to the aforementioned advantages and associated needs across the industry vertical, the hardware additive manufacturing demand is expected to rise significantly over the forecast years.
North America is the largest regional market for the global additive manufacturing space followed by Europe with second largest market landscape. The region will experience growth over the forecast years backed by lucrative opportunities in the U.S. and Canada driving a rapid rate of adoption of high technology systems and a constantly developing automotive and aerospace and defense industry. Europe is a region with robust geographic footprint housing large-scale additive manufacturing industry players. Asia pacific is anticipated to register a drastic hike in CAGR growth owing to the potential growth of the automotive sector offering lucrative opportunities for the additive manufcaturing market over the forecast.
The major players of the global additive manufacturing market are Autodesk, Stratasys, EnvisionTec, GE Additive, Materialise, 3D Systems, Made In Space, Voxeljet AG, General Electric, Exone Company, Evonik, Siemens Industry, Wipro, American Additive Manufacturing and Canon. The global additive manufacturing market consists of a diverse range of local players with strong competitive advantage along with international players expanding business presence. The determined players are introducing advanced strategic developments to enhance the product portfolio and sustain amidst the global market.
Key Segments of the Global Additive Manufacturing Market
Component Overview, 2018-2028 (USD Billion)
Software Type Overview, 2018-2028 (USD Billion)
- Printer Software
- Design Software
- Scanning Software
- Inspection Software
Printer Type Overview, 2018-2028 (USD Billion)
- Industrial 3D Printer
- Desktop 3D Printer
Technology Overview, 2018-2028 (USD Billion)
- Polyjet Printing
- Direct Metal Laser Sintering
- Inkjet printing
- Fused Deposition Modeling
- Electron beam Melting
- Selective Laser Sintering
- Digital Light Processing
- Laser Metal Deposition
- Laminated Object Manufacturing
Application Overview, 2018-2028 (USD Billion)
- Functional Parts
Industry Vertical Overview, 2018-2028 (USD Billion)
- Desktop Additive Manufacturing
- Educational Purpose
- Industrial Additive Manufacturing
- Power & Energy
- Aerospace & Defense
- Consumer Electronics
Material Type Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Europe
- Rest of Europe
Middle East & Africa