DUBLIN--(BUSINESS WIRE)--The "3D Printing Construction Market Size, Share & Trends Analysis Report by Construction Method (Extrusion, Powder Bonding), by Material Type (Concrete, Metal), by End-user (Building, Infrastructure), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global 3D printing construction market size is expected to reach USD 4,986,793.7 thousand by 2030, registering a CAGR of 100.7% from 2022 to 2030.
The market growth can be attributed to the rising awareness about 3D printing techniques in the construction industry and the significant increase in green construction projects globally. Various benefits offered by this technology, including increased construction speed, reduction in waste, on-site accidents & overall costs, and flexibility in creating complex architectural shapes, are also driving its adoption in the construction industry.
The funding received by the 3D printing construction providers from the respective governments for developing space-based construction systems is expected to create new opportunities for market growth in the coming years.
For instance, in October 2020, ICON Technology, Inc. announced that it had been awarded a government contract called Small Business Innovation Research (SBIR) and funding from NASA to conduct a space-based construction project called "Project Olympus" on the moon.
In this project, ICON Technology, Inc. partnered with BIG and SEArch+, a company specialized in space exploration, to develop lunar structures from the available material on the moon. In addition, the use of this technology in the construction industry can reduce the number of laborers required on-site, which can eventually resolve the labor shortage problem, particularly in countries where the industry is heavily dependent on migrant workers.
However, the technology may not be favorable for countries where the construction industry is a key employer and labor is less expensive. Moreover, individuals using specialized 3D construction printers require proper training, which could add to the overall cost of a project.
The outbreak of the COVID-19 pandemic negatively impacted the market growth as supply chains were disrupted and several construction projects were stalled due to the lockdowns imposed by various governments across the globe. Construction companies rely on the supply of equipment and raw materials from their suppliers.
However, as several governments restricted the movement of goods locally and across the border, companies had to halt their construction activities, given the stalled supply of raw materials and equipment.
3D Printing Construction Market Report Highlights
- The extrusion segment led the global market in 2021 and is expected to witness the fastest CAGR over the forecast period due to the introduction of extrusion-based 3D printers.
- The concrete material type segment is expected to witness the fastest CAGR over the forecast period.
- The segment growth can be attributed to a rise in the demand for 3D-printed concrete formwork as it requires less-skilled workers than conventional concrete construction.
- The building end-user segment dominated the market in 2021 and is expected to show a similar trend during the forecast period due to the growing need for houses globally.
- The Asia Pacific regional market is expected to witness the fastest CAGR from 2022 to 2030 due to rapid industrial expansion and development in the emerging economies.
Market Dynamics
Market driver analysis
- Increased adoption of 3D printing in the construction industry
- Rise in green construction projects
- Benefits offered by 3D printing technology
- Government initiatives and increased investment in R&D activities
Market challenge analysis
- High capital investment
- Limited dimensions of the 3D printers
Market opportunity analysis
- Increase in new construction projects globally
- Exponential rise in urbanization
Competitive Landscape
- COBOD International A/S
- Yingchuang Building Technique (Shanghai) Co.Ltd.(Winsun)
- XtreeE
- Apis Cor
- WASP S.r.I
- CyBe Construction
- Sika AG
- MX3D
- Contour Crafting Corporation
- ICON Technology, Inc
- Constructions -3D
For more information about this report visit https://www.researchandmarkets.com/r/98lown
