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The global 3D printing market size is expected to reach USD 68.71 billion by 2028, exhibiting a CAGR of 24.0% between 2021 and 2028. The growing acceptance of advanced technologies such as Industry 4.0, Smart Factories, Robotics, machine learning, and others will have a tremendous impact on the market growth, mentioned in a report, titled “3D Printing Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (FDM, SLS, SLA, DMLS/SLM, Poly jet, Multi Jet Fusion, DLP, Binder Jetting, EBM, CLIP/CDLP, SDL, LOM), By Application (Prototyping, Production, Proof of Concept, Others), By End User (Automotive, Aerospace, and Defense, Healthcare, Architecture and Construction, Consumer Products, Education, Others) and Regional Forecast, 2021-2028.” The market size stood at USD 12.57 billion in 2020.
Market participants all across the world have been compelled to cut their administrative costs as a result of the coronavirus crisis. Companies’ investments in new 3D printing technologies are expected to be limited as a result of lower operating expenses. This might have an influence on the expansion of the market. However, following COVID 19, manufacturers will prioritize 3D type of printing technology above other innovations such as robots, 5G, digital security, and artificial intelligence, among others. This indicates that businesses' increased expenditures in technology would likely boost 3D printing market growth in the foreseeable future.
Announcement of Innovative 3D Electronics Printer by Optomec to Augment Growth
Optomec, a Major provider of printing technology, has delivered an industrialized 3D Printed Electronics system to a large US medical company that will employ the equipment to mass-produce leading computerized imaging equipment. The strategic benefit is a $1 million contract that calls for highly sophisticated capability and industrial processes. The early request will use Aerosol Jet to directly print multi-layer 3D circuitry onto a structural component, replacing laborious integration of flex circuits." In comparison to previous approaches, this Additive Manufacturing methodology will bring cost savings and higher yield, and enhanced flexibility for next-generation designs. The new development of Optomec will spur opportunities for the market, as the new machine is ideally equipped for dealing with a diverse variety of medical device applications. Moreover, the Aerosol Jet technique can print conductive, insulating, adhesive, and biological materials in 3D space with dimensions as tiny as 10um at its core.
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Governments' Significant Investments to Promote Market Growth
In modern industrial technology, several nations throughout the world are facing huge digital disruptions. However, the heavy investments by governments in 3D type of printing technology will uplift the market share in the foreseeable future. The Canadian government awarded the University of Waterloo USD 8.9 million in May 2017 to establish a 3D printing lab to speed up additive manufacturing processes. This demonstrates that governments are well-versed in the benefits and advantages of this equipment and, as a result, are focused on making a significant investment in the technology. Similarly, Korea has developed an autonomous roadmap for 3D printing research and development and gives state assistance to carry it out. To boost its adoption, the Korean government is proposing financial incentives and speeding up industry regulatory agreements.
Companies focus on Partnership and Collaboration Activities to Consolidate Business
The market's leading competitors are concentrating on providing improved and new solutions to meet the rising demands of industries. These major firms are putting money into R&D in order to deliver cutting-edge services and materials. They've formed a strategic relationship and are working together to develop next-generation 3D printing products. These businesses provide consumer-focused solutions to aid in business growth. Similarly, the major firms are eager to provide a diverse range of materials that may be used in various industries.
The Report Lists the Key Companies in the Global Market:
Further Report Findings:
The global Market is Segmented into:
Value (USD Billion)
Component; Technology; Application; End User; and Region