An increase in the adoption of 3D printing parts is one of the key driving factors of this market. Difficult tasks, such as manufacturing and shipping of complex spare parts, have been a great challenge for manufacturing and also increase the production cost. Product designers and engineers use 3D industrial printing technology to produce cheaper faster and effective complex designs.
Companies in aerospace and defense, healthcare, and consumer electronics are looking for innovative ways to automate their manufacturing process and have started adopting this technology. 3D printing technology has been adopted by medical professionals to create tissues, prosthetics, and medical implants. End-user verticals depending on the advanced technology for their fast, cost- effective, smooth manufacturing processes will be leading the 3D printer market.
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However, the initial investment for 3D printed solutions is very high, and this is also one of the greatest disadvantages for the growth of 3D printer market. Although technology provides many solutions and benefits over the conventional manufacturing processes, there are still some limitations even for the technology to overcome.
COVID-19 Impact Analysis on 3D Printer Market
- The emergence of COVID-19 has a great impact on 3D printer market, not only the countries but also different industries across the world. Furthermore, lockdown and restrictions have forced people to work from home. Logistical problems and restrictions on globalization and free trade have not only reduced the supply chain but have created a shortage of vital goods and logistics. Furthermore, COVID-19 has also created a shortage of laborers and manufacturing materials due to lockdown imposed in many countries across the world.
- Due to the disturbance created in supply chain and transport legislation, the global 3D printer market is expected to witness a setback for the short term. However, equipment, such as personal protection equipment (PPE), personal accessories, medical, and testing devices, need to be manufactured. Technology is playing a key role in manufacturing this equipment.
- 3D printer manufacturing companies are taking action to use this industrial technology as a line of defense against the spread of the COVID-19 virus. Though 3D printer market has witnessed a fall during the COVID-19 period, in post COVID-19 period, the global market is expected to grow exponentially as 3D printer technology gives manufacturers to transform their traditional manufacturing unit into an advanced manufacturing unit.
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Due to high demand from customers, automotive companies Original Equipment Manufacturers (OEM) are required to respond to emerging developments in automobiles and electric cars. As a result, to remain competitive in the age of Industry 4.0, automotive manufacturers are implementing 3D printing technology and are more focused on 3D printer market. As the industry is shifting from internal combustion engines to electric cars, 3D printing technology can increase its production process. Electric vehicle manufacturers use this technology to produce lightweight automotive parts such as batteries, engines, and other components.
Furthermore, to build a sustainable and successful additive manufacturing ecosystem, governments and private firms are investing in this technology. For instance, in October 2019, one of the key players of 3D printers Structo Pte Ltd. received an undisclosed amount of funding from a Singapore- based investor. Another instance is that the Government of India joined hands with the U.S. for the R&D of 3D bioprinting regenerative medicines in 2019. Recently, Stratasys Ltd. launched its J5 MediJet 3D Printer which is 30% faster along with a simple workflow. Stratasys is one of the leading brands producing products that use this technology and also the world’s leading manufacturing companies turn to Stratasys for solutions regarding their manufacturing problems.
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Major Benefits of the Research on 3D Printer Market
- This study presents the analytical depiction of the 3D printer market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the 3D printer market share.
- The current market is quantitatively analyzed to highlight the 3D printer market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed 3D printer market analysis based on competitive intensity and how the competition will take shape in the coming years
Furthermore, there are only limited options to use the material for printing, such as metals and plastic, as not all metals can be easily temperature controlled. Manufacturing of these complex designs requires hardware, software, and materials, which increase the manufacturing cost of the product.
Key Market Players:
- SLM Solutions,
- EOS,
- Materialise,
- CleenGreen3D,
- Renishaw,
- 3D Systems,
- Protolabs,
- GE Additive,
- ExOne,
- Stratasys,
- HP
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