3D printing isn’t going away anytime soon.
New research suggests that the market for the technology will grow at a CAGR of 21 per cent during the 2015 to 2020 cycle.
This will see its value rise from its 2014 mark of $2,811.8 million to $8,683.7 million by 2020.
“This surge in growth is primarily attributed to the rising demand for faster and efficient ways to manufacture complex design objects using a wide array of materials,” authors of the report, conducted by Big Market Research said in a statement. “Its competency over traditional processes, time efficiency and simultaneous use of multiple materials are factors that further boost its adoption.”
Growth of 3D printing is not unfettered, however.
The report identifies the lack of channel partner assistance as one of key factors holding back adoption, along with the high cost of personal use of the technology, and expensive software.
While the various technologies employed in 3D printing may not be very familiar in the channel, however, the report notes that it’s important to note which ones are up and coming.
Among them is stereolithography, which leads the market in the forecast period, the report said. However, this technology is set to decline while others, like Electron Beam Melting technology will see the fastest CAGR thanks to its better results in creating parts with high resistance and strength, useful in aerospace, automobile, medical and industrial verticals.
Other processes growing in adoption are known as Selective Laser Sintering and Electron Beam Melting.
Another area that is projected to buy up 3D printing is the defense sector. It alone is set to observe 25.6 per cent CAGR, namely for fighter jets and military aircrafts.
While North America currently accounts for 43 per cent of the global market revenue, at the current path, it is set to be overtaken by the European market by 2018.
The report lastly identified key companies in the space as Stratasys Ltd, Arcam AB, Autodesk, ExOne, Hoganas AB, Optomec, Organovo Holdings, Ponoko and Voxeljet Ag, which tend to focus on developing new technologies and bringing out products.