Report: 3D printers market size to reach USD 88.61b by 2032

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Image credit: Precedence Research

The market for 3D printers will be worth approximately USD 88.61 billion by 2032 and will grow at a CAGR of 17.54 per cent between 2023 and 2032, according to a recent report by Precedence Research.

The global market for 3D printers is anticipated to expand over the said forecast period due to the rising demand from various sectors for 3D printers to speed up the prototyping process and simplify the designing process, the study found

In particular, North America accounted for over 32 per cent of global sales in 2022, while the hardware sector accounted for over 61 per cent of global revenue by component.

In terms of software, the design software category produced a revenue share of over 31 per cent in 2022, and by printer type, the industrial 3D printers segment held a revenue share of over 71 per cent.

The metal material category had a revenue share of over 51 per cent in 2022, while the prototyping segment had a revenue share of over 56 per cent.

With the largest revenue share in the global market for 3D printers, North America is a dominant region, the report found.

Precedence said the adoption of 3D printers has been expanding quickly in the North American market for education, automobiles, and particularly healthcare.

Prominent companies contributing to the growth of the 3D printers market in North America are Stratasys, 3D Systems, GE Additive, ExOne, HP, Optomec, Desktop Metal, Markforged, and Carbon.

The second-largest market for 3D printers is Europe, and small businesses have the most demand for these devices.

The automotive segment shows the highest demand for 3D printers in the region owing to the presence of automotive leaders such as BMW, Mercedes, and Jaguar.

Asia Pacific is experiencing significant growth in the global 3D printers market with the increased use of 3D printing technology in various research methodologies thus growing demand for 3D printers in the region.

The growing demand for 3D printers from the automotive industry is a major driver of the Asia Pacific 3D printers market, according to the report. 

Precedence Research revealed that a challenge in the growing 3D printer market is the lack of technical knowledge and skilled personnel.

Industrial and desktop 3D printers’ demand for expensive raw materials is also a challenge, and the high energy consumption and ongoing machine maintenance make 3D printer management costly.