The global industrial 3D printing market is witnessing significant growth due to increasing demand for accuracy and speed in printing, and introduction of new materials for 3D printing. Some of the other factors driving the global industrial 3D printing market are increased spending by several manufacturers on research and development activities, growing demand from end user industries, and enhanced regulatory support provided by different governments. Increasing adoption of 3D printing technology in aerospace, automotive, consumer goods and healthcare industries are supporting the demand for 3D printing. Automotive industry is the largest end user segment of the Global industrial 3D printing market and is expected to witness high growth during the forecast period.
The industrial 3D printing technology provides good opportunity to enhance the potential of manufacturing and supply chain management. The 3D technology helps in consolidating various components into a single product, and managing inventory complexity for industries. The industrial 3D printing technique is used to enhance productivity and reduce cost of production. However, lack of skilled labor, limitation in design tools and product size, and high cost and limited availability of materials is expected to hamper the growth of the global market.
3D printing is referred to the additive manufacturing process that creates a digital design from a physical object. The technology helps in reduction of waste material, repairing parts that are costly to replace, decreasing the lead time, and reducing tooling cost. Moreover, 3D printing technology can be used for printing variety of materials using a uniform technique, in which a digital model is turned into a solid three dimensional physical object by adding material layer by layer. The 3D printing technique is useful for production of spare parts which is otherwise difficult to obtain. Manufacturers are shifting their focus to mass production instead of low volume production, which can be used across various industries.
The industrial 3D printing is used for manufacturing, tooling and repairing heavy equipment, machinery and robotics in the industries such as aerospace and defense, electrical, food and beverage, jewelry and healthcare. Among different industrial 3D printing technologies, the laser metal deposition is expected to witness the fastest growth during the forecast period.
Geographically, North America is the largest market for industrial 3D printing, owing to the higher usage in aerospace and defense, industrial manufacturing, and health care companies. Also continuous technological up gradation and financial support from the government is supporting the growth of the North American market. The key growth drivers for the European market are increased initiatives by the government, extensive industrial base and high funding in research and development.
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