The industry's fate is largely determined by the manufacturing sector's product development.
New York, NY (PRWEB) June 01, 2014
The 3D Printing and Rapid Prototyping Services industry has grown quickly in recent years, driven by rapid technological developments, falling costs and new applications for 3D printing technology. Over the five years to 2014, industry revenue is expected to grow at an annualized rate of 17.9% to total $422.0 million. Industry revenue decreased 6.4% in 2010 due to recession-related declines in demand, but it has recovered strongly and growth has persisted. Revenue is expected to grow 27.6% in 2014 alone.
The industry's performance is closely tied to the manufacturing sector. Most companies use 3D printing to create prototypes, as most 3D printing is limited to certain materials. “Developing a prototype is an essential part of product development, and manufacturers are often weighed down by the time and costs involved in the traditional prototype manufacturing process,” according to IBISWorld Industry Analyst James Crompton. Therefore, when the economy is doing well, manufacturing activity largely determines industry revenue. Additionally, smaller players have increasingly entered the market, and this trend is expected to continue over the next five years.
Many industry startups, like Shapeways and Ponoko, have developed cost-effective methods to manufacture customized 3D printed products for consumers, boosting demand for industry services. “Though the consumer market is still in its infancy, it has a tremendous amount of potential for growth,” says Crompton.
Industry products have been increasingly used in the medical field; for example, they have been used to create customized medical devices that more accurately replicate the human form. These products include hearing aids, orthopedics, dental implants and future applications, such as 3D-printed organs and blood vessels. Aerospace manufacturers comprise another potential growth market for 3D printer manufacturers. The aircraft industry's continual desire to reduce the weight of their aircraft to maximize fuel-efficiency will drive future demand for 3D-printed products. Over the five years to 2019, industry demand and revenue are forecast to surge forward as 3D printing and rapid prototyping explodes in popularity and accessibility, especially in consumer markets.
For more information, visit IBISWorld’s 3D Printing and Rapid Prototyping Services in the US industry report page.
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IBISWorld industry Report Key Topics
Companies in this industry offer 3D printing and rapid prototyping, which is the automatic construction of physical objects using additive manufacturing technology. The competing technologies in the marketplace are differentiated by the way layers are built to create parts. Some melt or soften material to produce layers, while others lay liquid material thermosets that are cured. In the case of lamination systems, thin layers are cut to shape and then joined together.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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