DUBLIN--(BUSINESS WIRE)--The "Additive Manufacturing Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The additive manufacturing market size is projected to witness a compounded annual growth rate of 29.86% to grow to US$65,148.103 million by 2027, from US$10,459.014 million in 2020.
Additive manufacturing (AM), often known as 3D printing, is a revolutionary manufacturing method that enables the manufacturing of lighter, stronger parts and systems. It is yet another technological breakthrough enabled by the shift from analogue to digital operations.
Communications, imaging, architecture, and engineering have all undergone digital revolutions in recent decades, and similarly, manufacturing processes can now benefit from AM's digital flexibility and efficiency. As the name implies, additive manufacturing entails adding material to an object to create it.
Although 3D printing and rapid prototyping are sometimes used interchangeably to refer to additive manufacturing, each process is a subset of additive manufacturing. Moreover, while additive manufacturing may appear novel to some, the technology has been around for decades. Additive manufacturing can give a perfect trifecta of better performance, complicated geometry, and easier production in the proper applications, all of which combined are expected to propel the growth of this market significantly.
The growing need for additive manufacturing or 3D printing technology in the automotive, healthcare, and manufacturing industries is expected to drive the additive manufacturing market growth during the forecast period.
The electronics industry, in particular, is expanding at a breakneck pace, which is expected to drive up demand for 3D printed devices. This rapid expansion of the consumer electronics industry in the Asia Pacific region has increased the demand for additive manufacturing machines to manufacture 3D printed solar cells, electronic circuit boards, conductors, resistors, and dielectric and semiconductor inks, which can be processed to create both active and inert components. Moreover, in February 2022, the Ministry of Electronics and Information Technology (MeitY) announced the release of a national plan for additive manufacturing to promote collaboration between academic institutions, government, and related industries to make India a global hub for design, innovation, and implementation of 3D printing.
Taking advantage of this growing trend, market players worldwide are undertaking strategic actions to increase their foothold in the market further. For instance, in September 2021, Markforged, an American public additive manufacturing company that designs, develops, and manufactures The Digital Forge - an industrial platform of 3D printers released its Eiger fleet to drive additive manufacturing at scale. Eiger fleet is a cloud-based software system that helps companies grow their additive manufacturing processes. Similarly, in February 2022, Mitsubishi Electric, a well-known Japanese business, released a new version of two models of its AZ600 wire-laser metal 3D printer.
The release not only demonstrates huge organizations' greater embrace of 3D printing but also Mitsubishi's dedication to sustainability, as this initiative is part of their attempts to lower CO2 emissions in metal manufacturing. Likewise, the extremely adaptable and versatile additive manufacturing technology is also offering excellent opportunities for multiple start-ups to emerge, expanding the market size. Glowforge, Mighty Buildings, NTopology, Multiple Labs, and Additive Industries are a few such start-ups.
By deploying strategic developments, the start-ups are also rapidly expanding their footprint in the market by attracting various investments. In June 2022, for instance, Triditive, a Spanish 3D printer announced the closure of its pre-Series A funding round with €5 million. The company intends to use its additional funds to accelerate the development of its modular AMCELL 3D printer in order to position it as a tool for "quick response to a supply chain crisis."
Companies Mentioned
- 3D Corporation
- Optomec, Inc.
- Siemens AG
- Renishaw Plc
- General Electric Company
- Wipro Limited
- EOS Gmbh
- EXone Company
- Materialise NV
- EnvisionTEC
Market Segmentation
By Component
- Hardware
- Software
- Services
- Material
By Technology
- Selective Laser Sintering (SLS)
- Laser Sintering (LS)
- Electron Beam Melting (EBM)
- Fused Disposition Modelling
- Stereolithography (SLA)
By End-user Industry
- Aerospace & Defense
- Health Care
- Automotive
- Construction
- Consumer
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- Germany
- France
- UK
- Spain
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Asia Pacific
- China
- India
- Japan
- Taiwan
- Thailand
- Indonesia
For more information about this report visit https://www.researchandmarkets.com/r/zchz8i
