Double-Digit Growth Rates to Quadruple Global Market Value for 3D Printing Technologies, According to BCC Research
(PRWEB) June 25, 2015 -- Wellesley, Mass., June 25, 2015 – Because the 3D printing market is highly diversified, research and development efforts are continually introducing new technologies and systems to the market. BCC Research reveals in its new report that these factors, as well as a sharp decline in the costs of production, should bump the growth rate of the 3D printing market to double-digit levels.
The global market for 3D printing, which totaled nearly $2.8 billion and $3.8 billion in 2013 and 2014, respectively, is projected to reach almost $15.2 billion in 2019, reflecting a compound annual growth rate (CAGR) of 32.2%. Services, the largest segment of the industry, comprises manufacturing services such as design development, toll processing and equipment repair. In 2014, this segment totaled nearly $2 billion. It should reach nearly $7.8 billion in 2019, with a CAGR of 31.4%. The 3D stereolithography segment, which totaled $525 million in 2014, is expected to near $1.8 billion in 2019, with a CAGR of 27.5%.
3D printing, also known as additive manufacturing (AM), refers to a group of technologies that create objects through the addition of material layer by layer. It was invented about 30 years ago. It is defined by the ASTM International as “a process of joining materials to make objects from 3D model data, usually layer upon layer, as opposed to subtractive manufacturing methodologies.” The terms AM and 3D printing are used interchangeably.
Additive manufacturing spans industries ranging from automotive and aerospace to architecture and medical devices. The industry itself includes three segments: machines, software and services. The unique advantages of 3D printing in the design, development, production and support over traditional manufacturing technologies could lead to intense disruption across many industries. The main areas of disruptions will include accelerated product development, enhanced product design and capabilities, smaller manufacturing footprints, as well as lower cost and greater flexibility in the mass production of custom designs.
“Because the market is highly diversified both regionally and by application, it is extremely attractive,” says BCC research analyst Alessandro Varotto. “A number of technologies are available and many more are being developed. Overall, AM manufacturing offers general benefits in terms of cost reductions, flexibility of product development and being ideal for customization.”
Global Markets for 3D Printing (IAS102A) examines market segmentation by region, type of process/technology, end products, industry and material. Profiles of key market players, as well smaller and emerging companies, are also provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at [email protected].
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email [email protected].
Steven Cumming, BCC Research, http://www.bccresearch.com, +1 (781) 489-7301 Ext: 632, [email protected]
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