GVR: Global 3D Printing Market Size was $11.58 Billion in 2019

The global 3D printing market size was valued at $11.58 billion in 2019 and is expected to expand at a CAGR exceeding 14% from 2020 to 2027, according to Grand View Research’s latest report, “3D Printing Market Size, Share & Trends Analysis Report By Material, By Component (Hardware, Services), By Printer Type (Desktop, Industrial), By Technology, By Software, By Application, By Vertical, And Segment Forecasts, 2020 – 2027.”

Globally, 1.42 million units of 3D printers were shipped in 2018 and this number is expected to reach 8.04 million units by 2027. The aggressive R&D in three-dimensional printing (3DP) and growing de-mand for prototyping applications from various industry verticals, particularly healthcare, automotive, and aerospace and defense, are the factors expected to drive the market growth.

The use of 3D printing in industrial applications usually refers to additive manufacturing (AM). Addi-tive manufacturing involves a layer-by-layer addition of material to form an object referring to a three-dimensional file with the help of a software and a 3-dimensional printer.

3D printing benefits manufacturers in terms of prototyping, structural designing the structures and end products, modeling, and reduced time to market.

Based on printer types, the 3D printing market has been segmented into industrial and desktop 3D printers. The industrial printers segment accounted for the largest market share of 77% in 2019 and is anticipated to continue its dominance over the forecast period.

Both desktop as well as industrial 3-dimensional printer segment are further divided into hardware, software and services. The higher share of the industrial printer segment can be attributed to the ex-tensive adoption in heavy industries, such as automotive, electronics, aerospace and defense, and healthcare. Prototyping, designing, and tooling are some of the most common industrial applications of the product type.

The adoption of desktop 3-dimensional printers was initially limited to hobbyists and small enterprises. However, they are being increasingly used for household and domestic purposes. The education sector, which comprises schools, educational institutes, and universities, is also deploying desktop printers for technical training and research purposes. Small businesses are particularly adopting desktop printers and are diversifying their business operations to offer 3D printing and other related services. For in-stance, the concept of fabshops is gaining popularity in U.S.

Based on technology, the market is segmented into stereolithography, Fuse Deposition Modeling (FDM), Direct Metal Laser Sintering (DMLS), Selective Laser Sintering (SLS), inkjet, polyjet, laser metal deposi-tion, Electron Beam Melting (EBM), digital light processing, laminated object manufacturing, and others. Stereolithography technology happens to be one of the oldest and conventional printing technologies. The segment accounted for approximately 11% market share in 2019.

Based on material, the market has been segmented into polymer, metal and ceramic. The polymer segment accounted for the largest market share in 2019. The metal segment is expected to expand at the highest CAGR of above 19% over the forecast period.