3D printing is an action of the process of making three dimensional solid objects from a digital file using a 3D printer. Increasing adoption of 3D printing technologies in industries such as consumer electronics, healthcare, and automotive among others aiming to reduce costs is expected to drive the growth of the market for 3D printing during the forecast period. In addition, the market also witnesses increasing investment by major market players in research and development which is further fuel the growth of the market.
By Component Insight
Based on the component, the 3D printing market has been segmented into hardware, software, services, and material. The software segment is holding a significant share in the market as it is considered as an essential tool for the designing and manufacturing of 3D printed models. Software not only the users to create and prepare the model for printing, but also allow for pre-printing repair and provide control over the production process. The demand for software for 3D printing is estimated to grow during the forecast period owing to the rising penetration of 3D printing technology for residential and commercial applications. Furthermore, rapid product launches and the introduction of innovative software to improve the efficiency and performance of 3D printers are also estimated to drive the 3D printing software market in the coming years. The software segment is further segmented based on CAD tools, slicers, and others. The rapid rise in the demand for 3D printing in multiple ends user industries such as automotive, aerospace and defence, electronics and more, has heavily impacted the demand for paid CAD software as these industries require technical and precise drawings for prototyping, tooling, and parts manufacturing. Furthermore, the rising availability of newer software and advanced features in this domain are expected to strengthen the growth of the 3D printing CAD tools market. However, the availability of free software and piracy concerns in the software domain is projected to hinder the market potential of this software in the coming years. A slicer software cuts the 3D model file that is needed to be printed into individual layers and generates machine code for the 3D printer to print the final design, thus making them a crucial part of 3D printing. This software is available in both free and paid versions, with the paid ones providing a string of additional features to aid pro-level designing.
By Technology Insight
By technology, the 3D printing market is segmented into Vat Polymerization, Material Extrusion, Material Jetting, Binder Jetting, Direct Energy Deposition, Powder Bed Fusion, and Sheet Lamination. The demand for vat polymerization technology is projected to witness exponential growth over the forecast period on account of increasing demand due to its high accuracy and smooth finish, enabling its high use in precision and specific industries such as healthcare, aerospace, and semiconductor industry. Vat photopolymerization is one of the earliest and most demanded 3d printing technology available, and the demand for this technology is further projected to improve in the coming years. The technology further comprises of stereolithography, digital light processing, and continuous digital light processing technologies. Besides, vat polymerization is further segmented based on stereolithography, digital light processing, and continuous digital light processing. Stereolithography (SLA) 3D printing technology is projected to witness good growth over the forecast period owing to the increasing demand for residential and commercial 3D printers all around the world. Furthermore, the 3D printing market trend also witnesses the rapid technological advancements in the industry which are further projected to shoot the demand for this technology in the coming years. For example, Formlabs, a US-based SLA 3D printer manufacturer, introduced the Form 3 and Form 3L to its professional 3D printer lineup. Additionally, multiple market players are also partnering up and expanding their portfolio in this technology to improve their share in the market, thus resulting in further growth during the forecast period. For instance, in September 2019, Nexa3D, a California based SLA 3D printer leading manufacturer collaborate with TWeatherford Inc., an additive manufacturing solutions provider to expand its reseller network in the mid-west. Furthermore, the company also partnered with Creat3D to expand its market reach to the United Kingdom in August 2019.
Furthermore, Powder bed fusion is a process where an energy source like laser or electron beam fuses with an atomized powder to create the layers of a 3D object. Among the various types of powder bed fusion technologies, industries like aerospace, automotive and transportation are utilizing these technologies as per their industry requirement and accuracy level. Amongst all, Select Laser Sintering (SLS) holds a majority share in the powder bed fusion technology as aerospace and automotive players are increasingly utilizing it to produce functional prototypes and complex parts at a high level of accuracy. The market for Direct Metal laser Sintering is poised to grow at the fastest rate during the forecast period on account of its growing utilization across industries like medical, satellite, and others.
February 2019, Xerox has acquired liquid metal 3D printing company Vader Systems to leverage its liquid 3D printing technology to produce parts at fast speed.
September 2019, Digital Metal announced the launch of its two new superalloys for its DM P2500 binder jetting platform, which are considered as the revolutionizing products.
December 2018, EnvisionTEC, a global 3d printer and material provider announced the launch of the company’s new cDLM systems with the name Envision One cDLM.
July 2018, the Lockheed Martin Space embraced a 3-D printed titanium dome for satellite fuel tanks that carry fuel on board satellites.
November 2018, HP announced the expansion of its installations of its HP Multi Jet Fusion 3D printing solutions aiming to meet the growing demand for production-grade 3D manufactured parts from various end-user industries such as manufacturing, transportation, medical and consumer.
April 2018, Prodways technologies has launched a wide range of 3D printers in the United States that are based on its latest PA612-GB 3800 laser sintering powder and high-temperature versions of its latest and advance P series of Selective laser Sintering 3D printer.
December 2018, Rocket Lab has launched First NASA Mission with 3D-printed Rocket that whose engine is developed using electron beam melting where metal powder or wire is placed under a vacuum and fused by heat from an electron beam, enabling them to create unique and relatively inexpensive engines.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to automotive, with a special knack for semiconductor. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets,visit www.knowledge-sourcing.com.