DUBLIN–(BUSINESS WIRE)–The “Additive Manufacturing Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The market for additive manufacturing will witness a compounded annual increase rate of 29.86% and grow to US$65.148.103 millions by 2027 from US$10.459.014 in 2020.
Additive manufacturing (AM), also known as 3D printing or 3D printing, allows for the production of lighter and stronger parts and systems. This is another technological breakthrough that has been made possible by the switch from analogue operations to digital.
In recent decades communications, engineering, imaging, and architecture have all experienced digital revolutions. Manufacturing processes can also benefit from AM’s digital flexibility, efficiency, and speed. Additive Manufacturing, as its name suggests is the process of adding material or other materials to an object in order create it.
3D printing, rapid prototyping and interchangeably used to refer to additive manufacture. However, each process is an aspect of additive manufacturing. While additive manufacturing may sound new, it is actually a technology that has been around for decades. This market is expected to grow significantly because of the combination of improved performance, complicated geometry, as well as easier production.
The market for additive manufacturing is forecast to grow due to the growing demand for 3D printing technology or additive manufacturing in the healthcare and manufacturing sectors.
The electronics industry is growing at an unprecedented pace. This will drive up the demand for 3D printed products. The Asia Pacific region’s rapid growth in consumer electronics has led to a greater demand for additive manufacturing equipment to produce 3D printed electronic circuit boards, dielectric and semiconductorinks. These inks can be used to create active and inert component. In February 2022, MeitY, the Ministry of Electronics and Information Technology, announced the publication of a national plan to encourage collaboration between academia, government, and other industries in order to make India a global center for 3D printing design, innovation, and deployment.
Market players around the world are taking advantage of this trend and taking strategic steps to expand their market share. To drive additive manufacturing at scale, Markforged, an American public company in additive manufacturing, released its Eiger fleet in September 2021. Eiger fleet is a cloud-based, software system that allows companies to grow their additive manufacturing operations. In a similar fashion, Mitsubishi Electric, a well known Japanese company, released a brand new version of two models its AZ600 wire laser metal 3D printer in February 2022.
This announcement not only highlights the greater acceptance of 3D printing by large corporations, but also Mitsubishi’s dedication to sustainability. It is part their efforts to reduce carbon dioxide emissions in metal manufacturing. The highly adaptable and flexible additive manufacturing technology also offers great opportunities for start-ups, increasing the market size. Glowforge and Mighty Buildings are just a few of the many start-ups that have emerged.
The start-ups also expand their market presence by investing in strategic developments. In June 2022, for instance, Triditive, a Spanish 3D printer announced the closure of its pre-Series A funding round with €5 million. To position the company as a quick response to supply chain crises, it plans to use the additional funds to speed up development of its AMCELL modular 3D printer.
Companies Mentioned
- 3D Corporation
- Optomec, Inc.
- Siemens AG
- Renishaw Plc
- General Electric Company
- Wipro Limited
- EOS Gmbh
- EXone Company
- Materialise NV
- EnvisionTEC
Segmentation of the Market
By Component
- Hardware
- Software
- Services
- Material
Technology
- Selective Laser Sintering
- Laser Sintering
- Electron Beam Melting (EBM)
- Fused Disposition Modeling
- Stereolithography
End-user Industries
- Aerospace & Defense
- Health Care
- Automotive
- Construction
- Consumer
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- Germany
- France
- UK
- Spain
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Asia Pacific
- China
- India
- Japan
- Taiwan
- Thailand
- Indonesia
For more information about this report visit https://www.researchandmarkets.com/r/zchz8i