The global 3D printing market is projected to achieve a market worth of approximately US$ 27.7 billion by 2023.
This growth is anticipated to continue at a remarkable CAGR of 21% from 2023 to 2033. Consequently, the 3D printing sector is forecasted to be valued at around US$ 186.4 billion by the end of 2033.
According to FMI reports, the market is estimated to accelerate at a robust pace as a result of the active three-dimensional printing R&D along with that the rising preference for prototype applications from different industrial verticals is bound to accelerate growth in the market.
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Similar to any other modern technology, 3D prints did not sell much in their initial years due to their high pricing but in the year 2014, more than US$2 billion in sales were reported by the global 3D printing market and surprisingly enough, not all of the sales were driven by big publicly traded firms. Rather, it was increasingly being utilized by the entertainment and media industry. It was predicted that existing transportation firms, and component manufacturers would all experience severe short-term disruptions by the 3D printing market trends.
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More Insights into the 3D Printing Market
The European market is anticipated to emerge as the second largest regional 3D printing market accounting for an overall market share of 28.5%.
North America dominated the global 3D printing market and generated more than 35% of worldwide revenue in the year 2022. Industries in the U.S. and Canada are widely adopting additive manufacturing, resulting in the 3D printing market growth.
In terms of geographical segmentation, the U.S. 3D printing market is the dominating region for the target market. Due to the presence of a number of industry participants in additive manufacturing that have extensive technical knowledge of the procedures, the net worth of the 3D printing market size is figured out to be around US$ 5.76 Billion in the United States.
With a CAGR of 21.63% anticipated for the Asia Pacific area over the projection period, it is figured out to be the fastest growing among all the broad geographical regions.
As per the FMI analysis, the Asia Pacific region is divided into East Asia and South Asia geographical regions with a net worth of US$ 3.7 billion and US$ 2.2 Billion respectively for the year 2022. The advancements made in the region’s industrial sector have contributed to the fast adoption of 3D printing in Asia Pacific countries.
3D Printing Market by Segmentation:
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 07, 2024