The study, conducted by Indian research firm MarketsandMarkets, forecasts a compound annual growth rate of 23% for 3D printing technology over the next seven years. According to MarketsandMarkets, one of the motivations for this growth is the adoption of the technology for end use applications.
The study highlighted high tech industries that require a low volume of parts with very complex geometries. An example of this is the aerospace industry, which has already proven to be an early adopter of advanced additive manufacturing techniques such as direct metal laser sintering (DMLS).
In addition to the advances made in metal 3D printing, MarketsandMarkets also sees a number of other factors that will spur on the industry’s growth. “The main driving factors responsible for the explosive growth of the 3D printing market include new and improved technologies, variety of materials ranging from polymers to living tissue, supportive regulations, government funding, and huge untapped market.”
The study also goes on to list some of the key areas of growth, both now and looking forward: “Among all the application sectors, automotive industry, consumer products, aerospace, and healthcare have contributed the largest market share. Moreover, aerospace and healthcare are estimated to grow exponentially in the coming future.”
Although the excitement generated by widespread industrial adoption is great news for 3D printing, MarketsandMarkets does emphasize that the concentration of 3D printing technology still lies in America and Europe. For the market to reach full maturity, APAC countries will need to begin developing novel 3D printing technologies to unseat industry giants. Although we should note here, the recent rise of Chinese 3D printing technology already hints at the beginnings of this change.
If APAC nations like Australia, India, Japan and Indonesia can follow the Chinese and American model, developing their own 3D printing technology, then there is no telling where the industry could find itself at the dawn of 2020. It could reach the estimate put forth by MarketsandMarkets, or it could even expand well beyond their $8.5 billion projection. Only time will tell.
Image Courtesy of MarketsandMarkets