Analysts at MarketsandMarkets have confirmed that the lucrative 3D printing market is projected to grow at a CAGR of 23% from 2013 to 2020, ultimately reaching $8.41 billion in 2020. The rapid growth is attributed to a wide range of diverse factors including innovative and advanced technologies, customized products, government funding, a wide unexploited app space and rapid development of products.
Currently, the major companies operating in this market are 3D Systems (U.S.), Stratasys (U.S.), Arcam AB (Sweden) and Exone (U.S.). As of 2013, the United States holds the largest revenue share, followed closely by Europe in 3D printers materials and related services. However, Europe is expected to surpass America in terms of 3D printing market revenue by 2020.
“The foremost factors accountable for the expansion of 3D printing market include new and improved 3D printing technologies, a wide range of materials government funding, broad application scope and increased awareness regarding the benefits of 3D printing over traditional techniques (injection molding and CNC machining),” a MarketsandMarkets rep explained. “However, APAC is the fastest growing and most promising market for 3D printing due to high industrial growth, technological awareness, supportive government policies and financial investment by the governments in R&D.”
As we’ve previously discussed on Bits & Pieces, the DIY Maker Movement has been using Atmel-powered 3D printers like MakerBot and RepRap for some time now. However, 3D printing recently entered a new and important stage in a number of spaces including the medical sphere, architectural arena, science lab and even on the battlefield.
Indeed, the meteoric rise of 3D printing has paved the way for a new generation of Internet entrepreneurs, Makers and do-it-yourself (DIY) manufacturers. So it comes as little surprise that the lucrative 3D printing industry is on track to be worth a staggering $3 billion by 2016 – and $8.41 billion by 2020.