What is the Forecast of Additive Manufacturing by 2022?
Arizton – Advisory and Intelligence is an American consulting firm that recently published a study on the global outlook and forecasts for additive manufacturing. Following the recent Gartner Report, the report provides a global view of the market in terms of the actors involved, growth drivers, dynamics, etc. It also shows some trends: the additive manufacturing market is expected to reach $11 billion by 2022 with a compound annual growth rate of 27% from 2016 to 2022. With how additive manufacturing is growing, there are now several university degrees for additive manufacturing too. This is shown as it has expanded into industries such as maritime, in the military, and more.
The Main Players
3D Systems, Stratasys and EOS GmbH are market leaders. International actors should assert their authority in the market, thus increasing competition with regional sellers who will find it increasingly difficult to cope with them. Arizton plans to buy smaller players from larger players. According to the report, competition will be based solely on features such as quality, quantity, technology, services offered and price. This competition will be further intensified with the development of new innovations.
Other key market players include ARC Group Worldwide, Arcam (GE), Beijing Tiertime Technology, Carbon, Laser Concept (GE), Cookson Precious Metals, EnvisionTEC, General Electric, Gorge Group, Höganäs, Koninklijke, Markforged, Mcor Technologies, Nano Dimension, Optomec, Renishaw, SLM Solutions Group, taulman3D, The ExOne Company, Ultimaker, Voxeljet, XYZprinting. The United States would retain 38% of the market share.
The dynamics of the 3D printing market
Increasing the vertical applications of 3D printing and increasing demand for customization and mass production are the latest trends likely to accelerate market growth during the period analyzed. The key elements that drive the market are the increasing investment in the industry, buyer behavior on the internet and the many advantages of 3D printing compared to traditional methods.
The market for 3D printers remains the most important sector
The 3D printer market is experiencing increased demand in the manufacturing sector in developing countries such as the United States and Germany. The adoption of 3D printing in industrial machinery is exploding too, with a growth rate of 20.6% in 2022. Aerospace and defense are expected to follow. Though it is the medical sector that is experiencing the fastest growth in the 3D printing market thanks to numerous innovations in the field of orthopedics and implants.
What do you envision for the additive manufacturing market by 2022? Let us know in a comment below or on our Facebook and Twitter pages! Don’t forget to sign up for our free weekly Newsletter, with all the latest news in 3D printing delivered straight to your inbox!