As per Inkwood Research, the Global 3D Printing Market is predicted to grow with a CAGR of 18.41% in terms of revenue during the forecasting years 2023-2032.
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3D has been progressing rapidly in the last few years, driven by rising applications across different industries and technological advancements. 3D printing, also called additive manufacturing, creates 3D objects from a digital file through a layer-by-layer approach. The global 3D printing market growth is mainly propelled by the rising use of 3D printing for better manufacturing efficiency.
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3D Printing’s Customization & Innovation Capabilities
3D printing can create products tailored to consumer needs. For instance, personalized jewelry, accessories, shoes, toys, etc. Also, it is difficult to make complicated designs through traditional methods. In this regard, 3D printing enables a platform for creativity to manufacture objects and customize their designs. Accordingly, 3D printing evaluates the implementation and viability of a design.
Further, innovation possibilities enabled by an in-house additive printing facility propel the 3D printing adoption in the manufacturing and consumer industries. Besides, the increased adoption of 3D printing technologies like CLIP is helping industries in mass manufacturing.
Hardware: Largest Revenue-Generating Component
The surging demand for hardware for manufacturing 3D printed material is accredited to prominent companies enhancing their product portfolio and launching new technologies to serve high demand from different industry verticals. In addition, market players are investing in research & development activities, which influence the segment’s growth.
North America: Largest Revenue-Generating Region
The North America 3D printing market is attributed to the increasing expenditure on advanced manufacturing technologies by the United States and Canada. Also, government agencies like the National Aeronautics and Space Administration (NASA) have identified major R&D investments that can contribute to creating new technologies and space applications.
The vendors in the global 3D printing market are trying to sustain price-based competition through value-added sale offerings that offer them a competitive advantage. Some of the leading companies in the market are EOS GmbH, HP Inc, Materialise NV, 3D Systems Corporation, etc.
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About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.