The 3D printing market is expected to be worth $32.78 billion by 2023, at a CAGR of 25.76 percent between 2017 and 2023, a Markets and Markets forecast showed.
Growth is expected to be driven by factors such as the ease of development of customized products, ability to reduce overall manufacturing costs, and government investments in the 3D printing projects for the development and deployment of the technology.
The report said the market for the desktop segment is expected to grow at a higher CAGR between 2017 and 2023. Product innovation, customization, reduction in the cost of desktop 3D printers, and the introduction of new materials are the major drivers for the growth of the market.
Desktop 3D printers are now being used by both hobbyists and professionals to develop functional parts, especially the consumer products, owing to the availability of advanced 3D printing technologies at an affordable cost.
The report further pointed out that 3D printing has started penetrating into new verticals, such as electronics, biomedical, pharmaceuticals, and construction.
Hence, with the growing demand, the rate of consumption of the mentioned printing materials is expected to grow at a significant rate in the next five years.
Regionally, North America held the largest share of the market in 2016, followed by Europe and Asia Pacific.
The growth of the market in North America was driven by strong demand from aerospace and defense, healthcare, education, and consumer products industries.
