3D Printers Market by Type (Industrial, Desktop), Technology (FDM, SLS, SLA, EBM), Material Usage (Metal, Polymer, Ceramics), End-Use Application (Industrial [Consumer Products, Medical, R&D], Service Providers) and Geography – Global Forecasts to 2028
Redding, California, Dec. 02, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “3D Printing Market by Type (Industrial, Desktop), Technology (FDM, SLS, SLA, EBM), Material Usage (Metal, Polymer, Ceramics), End-Use Application (Industrial [Consumer Products, Medical, R&D], Service Providers), and Geography – Global Forecasts to 2028”, published by Meticulous Research®, the 3D printers market is expected to grow at a CAGR of 28.9% from 2021 to 2028 to reach $23.9 billion by 2028.
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3D printers are part of the additive manufacturing process that includes a printing device to print different objects ranging from various shapes and sizes. 3D printers are largely classified under industrial-level 3D printers and desktop-level 3D printers. The industrial level 3D printers are bulky and highly advanced, while desktop 3D printers are compact and less expensive than industrial printers. The major differences between these two printers are in terms of costs, capabilities, and applications. 3D printers are mainly utilized for industrial applications and also for leisure or educational purposes by home users.
Rising demand for manufacturing complex parts, reducing manufacturing expenses and minimizing waste, and improvements in product development and supply chains are the key factors driving the growth of this market. Additionally, the use of 3D printing for functional end-use parts and composite 3D printing offer lucrative opportunities for this market’s growth.
However, restrictions in build sizes and the high cost of pre-and post-processing factors restrain the growth of this market. This market also faces several challenges, including copyright issues and lack of awareness and demand for highly skilled professionals.
Impact of COVID-19 on the 3D printing market
The COVID-19 pandemic severely impacted several sectors, including the industrial sector, with major manufacturers either shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments. Uncertainty regarding the duration of the lockdown and supply-chain disruptions made it more difficult for industry players to anticipate the recovery. This crisis caused structural shifts that had significant implications on the market.
The outbreak of the COVID-19 pandemic in 2020 had a mixed impact on the usage of 3D printers across different applications. The 3D printers market was highly affected in terms of …….
Source: https://finance.yahoo.com/news/3d-printers-market-worth-23-114900949.html