3D print to hit £29.7bn by 2026
A report by Supply Demand Market Research has predicted the global 3D printing market will reach a value of $41.4bn (£29.7bn) by 2026.
Wednesday, 28 Apr 2021 09:53 GMT
The value of 3D printing is expected to hit almost £30bn in five years’ time
This is a 31 billion increase from its valued worth in 2019 of $10.4bn (£7.47bn) with a predicted compound annual growth rate (CAGR) of 27% from 2017 to 2023.
According to the report, easy manufacturing and heavy cost reductions, reduction of errors, optimum utilisation of raw materials, production of customised products, and savings in cost and time are all contributing factors to this growth.
This can already be seen as sectors such as car manufacturing and trainlines move more of their productions to 3D printing to reduce downtime and to save money.
Often in these industries where parts break and quick repairs are needed to avoid disruption to production or travel, delays in part orders can significantly impact the running of a business.
3D print can offer a solution as it enables manufacturers and businesses to produce specific parts quickly and on-demand.
3D bioprinting is described by Supply Demand Market Research as “developing very furiously””
As well as a growth in additive manufacturing in these industries, 3D printing technology in the defence industry in the US in particular is predicted to experience CAGR of 24% over the next five years.
3D bioprinting is described by Supply Demand Market Research as “developing very furiously” as it is supported by the applications in In-Vitro Testing for the development of new medicines and the prototype printing of organs and body parts.
3D printing also has environmental benefits as it reduces the production of waste and offcuts, and this week the US Department of Energy (DOE)’s Office of Fossil Energy announced $6m in funding for R&D into the processing of coal waste into 3D printable materials.
There has been huge backing and investment in the 3D printing industry with GE investing around $1.4bn (£1.01bn) on Acram AB and SLM Solutions Group - two European 3D printing firms. According to the report, this acquisition is expected to save the company $3bn-$5bn (£2bn-4bn) through design and material cost reductions as a result of 3D printing.
If you have any news, please email carys@linkpublishing.co.uk or join in with the conversation on Twitter and LinkedIn.
Tags:
