According to a new market report published by Industry Probe, the global 3D printer market is expected to expand at a CAGR of 10% from 2019 to 2027 and reach US$ 5.91 Bn by 2027.
New York, NY -- (ReleaseWire) -- 07/07/2020 --According to a new market report published by Industry Probe, titled '3D Printer Market (Technology: Stereolithography, Fused Deposition Modeling, Selective Laser Melting , Material Jetting, Electron Beam Melting, Selective Laser Sintering, and Binder Jetting; Substrate: Plastic, Metal, Ceramics, Wax, Paper, and Sandstone; and End Use Application: Personal Use and Industrial (Automotive, Aerospace, Healthcare, Electronics, Consumer Products, and Others)) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027', the global 3D printer market is expected to expand at a CAGR of 10% from 2019 to 2027 and reach US$ 5.91 Bn by 2027.
The report from Industry Probe anticipate that owing to the continuous development of the 3D printing technology, rising number of mature applications in various industrial verticals such as healthcare, electronics, consumer products, automotive, aerospace, etc. are investing in 3D printers. Industry Probe states that the 3D printing sector is expanding at an exponential rate. The major emerging economies such as India, China, etc. are investing heavily on the 3D printing technology, which would create significant growth opportunities for the manufacturers of industrial 3D printers during the forecast period. As per the report, some of the major factors driving the development of the 3D printer market include: reduced errors, high accuracy, efficient use of raw materials, the ability to manufacture customized products, and printing with multiple materials at the same time effectively reducing production time and saving costs.
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The major factor enhancing the competitiveness of global industrial sector is advanced manufacturing, according to 3D printer market. Advanced manufacturing includes all production solutions that can increase productivity, production speed, operational accuracy, energy, and material consumption. The increasing adoption of such advanced manufacturing technique worldwide has augmented the demand for 3D printers. Additionally, global aerospace industry is increasingly adopting 3D printing rapid prototyping, one of the main factors for this adoption is to reduce the manufacturing costs of aircraft parts. Due to the complex shape of several parts on the plane, it is costly to manufacture traditionally, therefore the use of 3D printers is increasing rapidly in the aerospace sector, which in turn is anticipated to propel global 3D market during the forecast period.
In terms of geographical perspective, North America held a major share of the global 3D printer market in 2018, followed by Asia Pacific and Europe. The Asia Pacific market is expected to show significant growth opportunities for manufacturers of 3D Printers during the forecast period. Additionally, the introduction of technologically advanced 3D printers and increasing adoption of 3D printer are the major factors propelling the 3D printer market in the region. Moreover, expanding aerospace, electronics, and automotive industries in the North America would generate a strong consumer base for electronic and automobiles gadgets, driving 3D printer engagement across these applications.
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The global 3D printer market is dominated by several players who are focused on the development of new products to cater to changing consumer preferences. The report includes the below mentioned pointers of major players operating in the global 3D printer market:
? Company Overview
? Product Profiling
? Market Share Analysis (2018)
? Business Strategies/Recent Developments
? Technological advancements
? Key mergers & acquisitions
? Expansion strategies
? Company Financials
Some of the major players operating in the 3D printer market are featured in this report to give a better competitive analysis of the market and these include Stratasys Ltd., 3D Systems Corporation, HP Development Company, L.P, EOS, Seiko Epson Corporation, Envisiontec GMBH, SLM Solutions Group AG, Ultimaker BV, General Electric and Kinpo Group.
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About Industry Probe
Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings. Based on a unique amalgamation of our big data technology and human intelligence, our services are dedicated to serve the businesses operating in the consumer goods and industrial machinery sectors. Our offerings comprise syndicated research, strategic consulting & advisory services, competitive intelligence, and full-time engagement to bring true & actionable insights into our clients' business environment. Combining research & technology adoption, playing the perfect mix of the best data, and centered on consumer goods & industrial machinery sectors, Industry Probe believes in targeting one industry at a time.
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