Northbrook, IL 60062 -- (SBWIRE) -- 05/16/2022 -- As the use of 3D printers becomes widely implemented across a variety of industries, the global 3D printing market is expected to grow at a phenomenal rate. As North America takes the lead in the 3D printing industry, it is likely to witness major growth till 2026.
3D printing is revolutionizing the industrial landscape. The technologies are being used in different fields like automotive, aerospace, and medical sectors. This is driving the exponential growth of the global 3D printing market.
What Factors will drive the 3D Printing Market
The global 3D printing market is expected to witness a major growth during the forecast period. Various factors such as increasing demand from the automotive and industrial sectors, rising adoption of 3D printing technology by the manufacturing industry, and growing investments in research and development are driving the market.
How is the 3D Printing Technology Changing?
The global 3D printing market is expected to witness major growth over the next few years, according to a new report. The global 3D Printing Market is expected to grow USD 34.8 billion by 2026, at a CAGR of 22.5% during the forecast period 2021-2026.
This growth is mainly due to the increasing demand for customized products and rapid expansion of the industrial 3D printing market. Rapid development of smart technology, increased awareness about the features and benefits of 3D printing, and rise in popularity of additive manufacturing are some of the major factors driving the growth of the global 3D printing market.
3D printing technology has been gaining popularity among consumers owing to its low cost, easy customization, and low production time. It is also being used for manufacturing prototypes and small runs. The market for large-scale 3D printing is expected to grow at a slower pace than the small-scale market, owing to high investment requirements and limited industrial adoption so far.
Who are the key players in this market?
The key players in this market are major technology companies such as Stratasys (US), 3D Systems (US), EOS GmbH (Germany), GE Additive (US), and Materialise (Belgium). These companies are focusing on developing innovative printing solutions that can be used in various end user industries such as healthcare, manufacturing, and retail.
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Key Regulations and Trends Driving the Global 3D Printing Market
The adoption of 3D printing technology is likely to be driven by the increasing demand for customized products and cost-effective production processes. In addition, the proliferation of digital technologies is likely to augment demand for 3D printing services.
The key regulations and trends that are driving the global 3D printing market include the increasing demand for customized products, the growth in industrial applications, and the rising investment in research & development (R&D) projects.