Harrisburg, NC -- (SBWIRE) -- 10/16/2020 -- 3D Printing Services Global Market Report 2020-30: Covid 19 Growth And Change Including: 1) By Service Offering: Tooling; Parts Production; Software Services; System Maintance; Expert Service 2) By End User: Consumer Products; Automotive; Healthcare; Aerospace & Defense Covering: 3D Systems Corporation; Stratasys; Materialise NV; ExOne; Arcam
Major players in the 3D printing services market are 3D Systems Corporation, Stratasys, Materialise NV, ExOne, Arcam, ProtoLabs 3D Rapid Prototyping Company, HP Inc., SLM Solutions Group, and ARC Group Worldwide.
The global 3D printing services market is expected to decline from $5.49 billion in 2019 and to $5.28 billion in 2020 at a compound annual growth rate (CAGR) of -3.87%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $10.45 billion in 2023 at CAGR of 25.57%.
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3D printing Services providers are implementing Cloud-based 3D printing services. Cloud-based 3D printing management platform can be used by any individual, enterprises, schools, and service bureaus to render, fix, store 3D design securely and stream 3D design to the 3D printer with complete data tracking and analytics.
The 3D Printing service market covered in this report is segmented by service offering into tooling; parts production; software services; system maintenance; expert service and by end user into consumer products; automotive; healthcare; aerospace & defense.
Intellectual property on printing anything which has property rights issues is considered unauthorized is subject to an act of patent infringement. This factor hampers the growth of 3D printing service market growth. In 3D printing market, the products which are available to print are less. 3D printing products are widely used in the health care industry. Pharmaceutical companies can drastically improve the drug research and development (R&D) by 3D printing as the technology could even be used to print human organs and tissue. However, to print an organ one should buy the patent of the 3D building product code, that makes the product cost high. Therefore, intellectual property on printing products hampers the growth of the 3D printing service market.
In January 2017, the US-based 3D printers manufacturer and service provider, 3D systems acquired NextDent for an undisclosed amount. NextDent is 3d printing provider of dental materials and services provider.
Reduction in manufacturing cost and process downtime contributed to the growth of the 3D printing services market. 3D printing technology helps companies greatly reduce their manufacturing costs, reduce downtime and minimize waste. With the use of 3D printing for prototyping, companies can significantly lower the cost of developing new products. The minimal labor/workforce involved in this process also contributes to the low manufacturing costs. Due to 3D printing the manufacturing time can be reduced from months to days. For instance, to print a phone case it takes around 20 minutes, and similarly a 2*4 Lego can be printed in 4 minutes. Therefore, reduction in manufacturing costs and process downtime increased demand for the 3D printing services market.
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Influence of the 3D Printing Services market report:
-Comprehensive assessment of all opportunities and risk in the 3D Printing Services market.
-3D Printing Services market recent innovations and major events.
-Detailed study of business strategies for growth of the 3D Printing Services market-leading players.
-Conclusive study about the growth plot of 3D Printing Services market for forthcoming years.
-In-depth understanding of 3D Printing Services market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the 3D Printing Services market.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluates key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global 3D Printing Services Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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How we have factored the effect of Covid-19 in our report:
All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.