3D Printer Market Poised for Rapid Expansion, Projected to Reach $48.67 Billion by 2028
3D Printer Global Market Report 2024
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, June 17, 2024 /EINPresswire.com/ -- The global 3D printer market is experiencing rapid growth, expected to surge from $20.98 billion in 2023 to $24.61 billion in 2024, marking a significant compound annual growth rate (CAGR) of 17.3%. It will grow to $48.67 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. This expansion is driven by robust economic development in emerging markets, increased adoption of 3D printed components in the automotive sector, and substantial government investments in 3D printing technologies.
Expanding Automotive Industry Fuels Market Growth
The automotive industry plays a pivotal role in propelling the 3D printer market forward. This sector encompasses a wide array of activities ranging from vehicle design and manufacturing to sales and aftermarket services. The integration of 3D printing technology has revolutionized automotive production by enabling the customization of parts, reducing lead times and tooling costs, and facilitating the creation of intricate geometries previously unachievable with traditional manufacturing methods. For instance, in July 2023, vehicle production in the United States rose to 11.77 million units, underscoring the industry's expansive influence on the 3D printer market.
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Key Players and Market Trends
Major companies such as 3D Systems Corporation, Stratasys Ltd., and GE Company are at the forefront of technological advancements in 3D printing. These firms continuously innovate to enhance printer speed, precision, and material capabilities, expanding their product portfolios to meet diverse market demands. For instance, Nexa3D's stereo lithograph apparatus (SLA) 3D printer boasts six times the speed of competitors' machines and a 2.5 times larger build area in the Asia-Pacific region, illustrating a significant leap in printer capabilities.
In another strategic move, Xact Metal launched the XM300G Series in 2022, targeting aerospace, automotive, and general manufacturing sectors with its industrial-grade capabilities and competitive pricing.
Key Market Segments
• Printer Type: Desktop 3D Printer, Industrial 3D Printer
• Technology: Stereolithography (SLA), Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), Direct Metal Laser Sintering (DMLS), PolyJet or MultiJet Printing (MJP), Inkjet Printing, Electron Beam Melting (EBM), Laser Metal Deposition (LMD), Direct Light Projection (DLP), Other Technologies
• End-use Industry: Automotive, Aerospace & Defense, Healthcare, Food, Construction & Architecture, Other End-Use Industries
Geographical Insights: North America Leads, Asia-Pacific Shows Rapid Growth
North America dominated the 3D printer market in 2023, driven by extensive technological advancements and high adoption rates across various industries. Meanwhile, Asia-Pacific emerged as a rapidly expanding region, fueled by increasing investments in 3D printing technologies and growing applications across diverse sectors.
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3D Printer Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The 3D Printer Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on 3d printer market size, 3d printer market drivers and trends, 3d printer market major players, competitors' revenues, market positioning, and market growth across geographies. The 3d printer market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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