The global 3D printing market will achieve a compound annual growth rate of 21.68% in 2018-24

On March 5th, Energias Market Research released a report that by 2024, the global 3D printing market is expected to reach 38.95 billion US dollars, with a compound annual growth rate of 21.68%. The main reason for the market growth is the ease of developing customized products using 3D printing, the government's increasing investment in 3D printing projects, and the increasing adoption rate of 3D printing in the industrial sector. In addition, applications that reduce manufacturing costs and increase 3D printing in many end-use industries have further fueled market growth. In addition, the growing demand for 3D printing provides an opportunity for software-oriented companies to expand.

The development of 3D printing technology has made the overall creation of independent and complex structures possible. 3D printing or additive manufacturing (AM) is the process of making 3D objects by means of an electronic data source in which a continuous layer of material is placed under computer control. Additive manufacturing enables the use of digital information storage to create custom objects. In addition, 3D printing has various applications in fields such as medicine, mechanical engineering, and materials science. Market growth is also driven by continued technological development that guarantees greater flexibility and faster design. In addition, 3D printing can make the best use of materials, transportation and labor costs, and is further expected to increase market growth in the next few years.

Demand for customized products in various applications continues to grow, driving market growth
The emergence of additive manufacturing technology in the consumer electronics arena is at a rapid stage because it is easy to develop the custom products needed in a shorter period of time and it helps to produce finished products with reduced design verification. From anatomical models to early bioprinting applications, additive manufacturing seems to have great potential in medical verticals. In addition, rapid prototyping is expected to further drive market growth as it requires less production time to create 3D models and the process is also cost effective. In addition, it ensures better quality, better presentation and more design freedom.

Main conclusions of the report
On the basis of technology, the fused deposition molding (FDM) division occupied the largest market share in 2017. However, the Selective Laser Sintering (SLS) division may record the highest compound annual growth rate during the forecast period.

Based on the end-use, the consumer electronics division is expected to dominate the global 3D printing market in 2017. In addition, the automotive sector, followed by aerospace and defense, may become the fastest growing segment in 2018-2024.

The main players operating in the global 3D printing market include 3D Systems, Inc. ; 3DCeram; EnvisionTec, Inc. Electro Optic Systems Holdings Limited; ExOne; GE; HP; Materialized NV; Optomec, Inc. Proto Labs; Voxeljet AG; Stratasys Ltd; SLM Solutions; and Arcam AB.

Geographically, North America has the largest market share in 2017, followed by Europe, and is expected to maintain its dominant position during the forecast period. The emergence of well-known market players such as 3D Systems and Stratasys and the increase in government initiatives are expected to drive market growth in the region during the forecast period. In addition, the rapid adoption and demand of 3D printing components by the US armed forces has also contributed to market growth to some extent. The Asia Pacific region may record the highest compound annual growth rate between 2018 and 2024. The growing demand for consumer electronics and rapid urbanization have contributed to regional growth. In addition, an increasing number of R&D activities coupled with increasing capital investment have further expanded market growth in the region.