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The construction industry is one of the significant sources of global employment, as the industry is very labor-intensive. With the minimum technological innovations, the construction industry is experiencing low productivity since past decade. The invention of the 3D construction printer is promising for automating the construction processes. The technology is popularizing each day, owing to its potential to save construction time, reduce material waste, reduce labor work, and risky human operations.
The labor shortage problem is one of the significant challenges the construction industry was facing. 3D construction printer has solved the issue by efficiently automating the construction processes. The technology reduces the considerable number of laborers, resulting in a significant reduction in the construction cost. Thus, the 3D construction printers are gaining much attention across the construction industry in the developed countries. The 3D construction printing technique's capability to enable on-site, large-scale manufacturing of concrete structures, as per the demands of modern structural and architectural design is augmenting the need for the 3D construction printers. Experts are increasingly dedicating their professional efforts to 3D construction technology and contributing to translating an idea into a global trend.
The construction industry is among the major sectors that bond significant employment worldwide and contributes to nations' economic development. Thus, the significant investments and spendings can be made for the development of the construction industry. As per the 'Sustainability - Report' published by the MDPI in October 2020, total spending in the construction industry was USD 11.4 trillion in 2018. It is probable to raise upto USD 14 trillion by 2025. Similarly, in August 2020, Austin-based Icon Technology, Inc. has raised USD 35 million through a series A funding round led by Moderne Ventures. This funding promises its total investments to USD 44 million. This capital funding will contribute to 3D printing technology development and build and design innovative 3D printed homes. Thus, the significant investments and fundings made by the companies and government entities, supports the global 3D construction printer market growth.
Key Market Driver -
• Increasing funding and investment in the construction industry to drive the market growth • A growing labor shortage problem to stimulate the market growth
Key Market Restraint -
• High cost and lack of skilled expertise would hinder the 3D consctruction printer’s adoption
The 3D construction printer's highly competitive landscape entices many large and small vendors to operate a business in the domestic and international markets. Prominent market players are adopting various ultimate business strategies, including partnerships, collaborations, mergers, or acquisitions, to enter into the 3D construction printer business or to uplift their market position. Strategic alliances and associations with the construction firms can help companies to increase their productivity and sales. Several vendors are investing their efforts in the development of the existing product portfolio to meet the best of their customer's needs.
Prominent companies in the global market includes, CyBe Construction B.V., Sika AG, ICON Technology, Inc., CONCR3DE, Ethereal Machines Pvt Ltd., Apis Cor Engineering LLC, PERI GmbH, BATIPRINT 3D, Stratasys Ltd, CSP S.r.l., Elite-sa, Constructions 3D, COBOD International A/S, and among others.
North America is likely to contribute a significant share in the global 3D construction printer market as it leads to technological adoption. The region is showcasing a substantial share in the additive manufacturing market, supporting the 3D construction printer market growth. The presence of many prominent market players further drives significant market growth across North America. The region faces a labor shortage problem like many other regions, which is likely to boost the demand for 3D construction printers.
Europe is also showcasing significant contribution in the 3D construction printer market owing to the substantial demand for the 3D printing technology. As majority of the 3D printing technology vendors are centered in Europe, the region would showcase the significant potential for the 3D construction printer market. The United Kingdom and Germany are the leading countries in the adoption of 3D construction printer. Thus, Europe is also likely to boost the market growth in the coming years.
The Asia-Pacific is showcasing the enormous potential of adopting 3D construction printer. The increasing urbanization, growth in disposable income, environmental sustainability efforts, and living standardization together would likely support market growth. Rapidly increasing demand for housing with the rapid growth of population in developing Asian nations would further increase opportunities for the market to grow.
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