Additive Manufacturing Market to Grow at 21.2% CAGR by 2030
The rising use of 3D printing in the aerospace and defence industry as it enables rapid prototyping, replacement, consolidation of multiple parts, and building tooling fixtures has significantly increased the demand for additive manufacturing.
According to a new research report by Next Move Strategy Consulting, the global Additive Manufacturing market size was valued at USD 14.39 billion in 2021, and is expected to reach USD 83.56 billion by 2030, with a CAGR of 21.2% during the forecast period,
The rising use of 3D printing technologies in the aerospace industry for prototyping physical parts such as interior elements of vehicles, and creating custom, complex, and high-performance parts further drive the additive manufacturing market growth. For instance, in April 2021, Stratasys announced the introduction of three new 3D printers – Origin One, H350, and F770. These three printers will be used in various industries, including automotive.
On the contrary, the high cost of 3D printing machines and software restrains the growth of the market during the forecast period. However, the introduction of 3D printers that can create prototypes of electronic components such as 3D printed circuit boards (PCBs), antennae, capacitors, and sensors reduce manufacturing costs, which in turn will create ample opportunities for the additive manufacturing industry.
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According to the report, the leading market players in the additive manufacturing market share are Stratasys, General Electric, 3D Systems, Inc., Formlabs Inc., Xometry, Inc., Proto Labs, Velo3D, Inc., Desktop Metal, Inc., Markforged Holding Corporation, Shapeways Holdings, Inc. and others.
Key Insights from the additive manufacturing market report:
The information related to key drivers, restraints, and opportunities and their impact on the additive manufacturing market is provided in the report.
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
The market share of the players in the global additive manufacturing market along with their competitive analysis is provided in the report.