DUBLIN, Dec. 16, 2022 /PRNewswire/ — The “Industrial 3D Printing Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
Furthermore, the decreasing prices of 3D printing-based machines and increasing expertise and awareness have increased the use of the technology. The development of newer and more advanced fused deposition modelling methods has increased the demand for diverse materials, which has boosted the widespread adoption of this technology across various industries over recent years.
Technological advancement and investments
One of the prime reasons supporting the growth of the market is the growing technological advancements such as artificial intelligence, the Internet of Things, and machine learning. These technologies enable automated printing for efficient production. For instance, Additive Manufacturing Technologies – which is a UK-based company, launched its new Digital Manufacturing Systems.
The system uses the company’s proprietary technology to provide a digital and automated solution for the manufacturing workflow. ExOne announced the introduction of an Industrial-Grade 3D Printed Tooling Solution lineup. It offers the world’s broadest portfolio of 3D printed tooling solutions. Moreover, the growing investments in research and development of 3D printing will have a positive impact on the market growth. For instance, the Dutch government has invested around USD 150 million in 3D printing-related research and innovation.
Additionally, a series of new product launches, mergers and acquisitions, and partnerships between the key players are projected to further drive the market growth during the forecast period. For instance, ExOne has entered into a collaboration with Maxxwell Motors for the development of 3D printed copper windings. SLM Solutions announced its partnership with Solukon for advanced depowdering systems. Under this partnership, the SLM solution will use Solukon’s flagship machines for different post-processing parts produced in the additive manufacturing processes.
The COVID-19 pandemic had a detrimental impact on the industrial 3D printing market due to lower demand from the manufacturing sector. The lockdown imposed by governments across the world to reduce the spread of the virus has resulted in huge losses in operational time for industries. The supply chain was also halted because of the lockdown, as a result, there has been a significant delay in delivering previous orders. The main factor for the drop in demand among the enterprises utilizing 3D printing services was a general lack of demand. Reduced demand and halt in operational tasks resulted in a low rate of return on investment.
Furthermore, the industry’s potential was hampered by the lack of competent labor, as well as long-term plant shutdowns. As the pandemic began, businesses were experiencing a severe shortage of raw materials. Engineers’ lack of access to the equipment and physical workspaces to develop and produce 3D printing products was a secondary reason. According to data from the World Bank, the value-added by the manufacturing sector decreased from US$13.946 trillion in 2019 to US$13.498 trillion in 2020. The foundry industry also suffered a setback amid the pandemic.
For instance, the Italian foundry production suffered a decline between -20 percent to -30 percent in 2020, as per ASSOFOND. Between January and April 2020, iron casting production decreased by 42 percent and non-ferrous production decreased by 32 percent in the country. Thus, the projection for the industrial 3D printing technology market in the COVID-19 scenario is revised downwards.
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.4. Industry Value Chain Analysis
5. INDUSTRIAL 3D PRINTING MARKET, BY COMPONENT
6. INDUSTRIAL 3D PRINTING MARKET, BY TECHNOLOGY
6.3. Fused Deposition Modelling
6.4. Selective Laser Sintering
6.5. Direct Metal Laser Sintering
6.6. Polyjet Printing
6.7. Inkjet Printing
6.8. Laser Metal Deposition
7. INDUSTRIAL 3D PRINTING MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.5.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Accenture 3D Systems, Inc.
9.2. Extrude Hone (ExOne) Company
9.3. General Electric Company (GE Additive)
9.4. Voxeljet AG
9.5. Renishaw plc
9.6. Stratasys Ltd.
9.7. SLM Solutions Group AG
9.9. ENVISIONTEC, INC.
9.10. EOS Group
For more information about this report visit https://www.researchandmarkets.com/r/fx4wlg
Research and Markets
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SOURCE Research and Markets