ELINT Market Research’s latest report reveals a $19 billion valuation for the global 3D printing services market in 2022, projected to grow at a 20-25% CAGR until 2026. This growth reflects increasing adoption of cost-effective 3D printing techniques over traditional equipment purchases, driving the market’s expansion globally.
Albuquerque, April 15, 2024 (GLOBE NEWSWIRE) — According to ELINT Market Research’s recent report, the worldwide 3D Printing Services Market achieved a $19 billion value in the year 2022 and will grow at a CAGR of 20-25% until 2026. Consequently, these optimistic graphs display the strongly expanding existence of the 3D services market on a global level. The key reason for this expansion is that multiple businesses invest in cost-effective 3D layout techniques, rather than making big initial equipment purchases.
The contribution of 3D printing services in different sectors and manufacturing organizations is continuously increasing. These smart solutions help manufacturers build customized designs for their products when they’re in the prototype stage. Hence, manufacturers can test their product features before launching their final model on a large scale. Certainly, this is a great strategy to make numerous changes and improve products during the manufacturing phase to correspond to consumer choices.
Request a FREE Sample Copy of 3D Printing Services Procurement Market here: https://elintmarketresearch.com/procurement-intelligence/3d-printing-services-procurement-market-research-report/#request-free-sample
Increasing Development of Technology and Prototyping Drives 3D Printing Services Market Growth:
The primary growth driver for the 3D printing services industry is the regular advancements in 3D design techniques, including enhanced printing speed, error-free designs, superior material properties, and much more. These developments captivate the attention of diverse businesses, thus increasing the adoption of printing solution techniques.
Prototype utilization is another major growth factor in the 3D printing sector. Companies use 3D design methods for flexible product layouts during the prototyping stage. Not only does this process help them identify limitations in their products, but it also enables them to implement necessary corrections, subsequently releasing the perfected final product into the market.
Key Highlights for the 3D Printing Services Market:
The 3D printing services market globally can be segmented into various sections on the basis of multiple factors. Such factors include technology types, printer types, material types, different end-user industries, geographical locations, and so forth.
Many sectors including education, healthcare, automotive, personal use items, aerospace, and others, adopt flexible 3D printing methods that align with their specific needs.
The return on investment in the 3D printing services industry varies based on two main elements: whether 3D printers are used for prototype creation or mass production of parts. Notably, attaining return on investment is relatively simple and fast when a 3D printer is used for prototype creation. On the other hand, when using printers for mass production, costs may rise compared to traditional manufacturing methods. Yet, businesses can still achieve a positive return on investment in less than two years during the prototype printing phase.
As for product warranties in the 3D printing market, the standard equipment warranty extends for a year, providing assurance about the product’s durability. Further, there’s a three-month warranty on spare parts, which can be extended per user specifications.
High buyer bargaining power in the 3D printing services market is largely due to the growing demand for affordable, high-quality 3D printing services.
The 3D printing services industry defines its success based on four main key performance indicators (KPIs). These KPIs, collectively, present a holistic view of the industry’s performance. The first KPI is the response rate, indicating how readily manufacturers take consumer feedback into consideration. The second is material flexibility, which displays the manufacturers’ ability to tailor products to consumer demand. The third KPI measures technological flexibility, evaluating whether manufacturers can accommodate technological advancements. Finally, client relationship quality is assessed to determine the depth of manufacturer-consumer relationships.
Vendor qualification within the industry is a rigorous process with four main criteria. The competence and experience of vendors are the first things businesses scrutinize. The types of technology and materials utilized in products also come under review. Software availability and compatibility are the third consideration. Finally, businesses will want to ensure the vendor shows consistent customer support availability.
Learn more by visiting the full report and Table of Contents here: https://elintmarketresearch.com/procurement-intelligence/3d-printing-services-procurement-market-research-report/
The 3D Printing Services Market’s Regional Dynamics:
North America is one of the front-runners in the 3D printing services sector, holding a significant 34% of the global revenue in 2022. As a result, key North American regions, including the U.S. and Canada, are continuously embracing 3D additive manufacturing techniques.
Furthermore, Europe surfaced as the second largest participant in the 3D printing market in 2023, conducting strong additive manufacturing operations with technical prowess. Additionally, Asia Pacific is the last name on this list, projected to exhibit the highest CAGR until 2030.
Regular advancements and modernization have led to the rapid integration of additive manufacturing (AM) in this area. The Asia Pacific region also significantly supports the automotive and healthcare sectors in their manufacturing operations.
Significant Developments in the 3D Printing Services Market:
The global 3D printing services market achieved a valuation of $20.37 billion in 2023 and is expected to continue expanding with a CAGR of 23.3% from 2023 up to 2030.
A significant progression in the printing services market is the emergence of the choice between purchasing and renting 3D printing solutions. Companies are adopting leasing options for equipment to meet their high-volume production demands. This approach permits them to utilize 3D printing capabilities with a very small upfront cost. On the other hand, when businesses have low-volume production requirements, they tend to choose contract manufacturing. This choice aids in avoiding excessive investments in 3D printing equipment.
3D printing services are increasingly becoming popular in the educational sector, as various educational institutions are implementing training programs and presentations based on 3D techniques, to educate individuals.
The 3D scanning software market is projected to grow at the quickest rate of 24% between 2023 and 2030. This growth rate is primarily due to the rising usage of scanners that assist in scanning 3D objects and documents.
Currently, a model of engagement between manufacturers and distributors is evolving in the global and regional 3D printing services market. This approach enables the creators of advanced 3D printing technology to integrate effectively with the wide-ranging distribution networks of regional partners. This union aids in the dispersion of 3D printing solutions to an increased number of end-users.
Over recent years, a variety of the most innovative and intellectual 3D technologies have been developed and adopted by numerous sectors to cater for their additive manufacturing needs. These technologies encompass Stereolithography (SLA), PolyJet, Fused Deposition Modelling (FDM), and Selective Laser Sintering (SLS). They assist businesses in crafting elaborate prototypes, thus fuelling the swift expansion of the 3D printing services market.
The concept of ‘fab shops’ is steadily emerging in the U.S. Also referred to as fabrication workshops, these spaces are equipped with savvy devices such as 3D printers. Both individuals and businesses can utilise these printers to create bespoke designs, eliminating the need for ownership. Therefore, it is predicted that demand for desktop printers will significantly rise in this country by 2030.
A renowned actor in the 3D printing market, 3D Systems Inc., introduced two new printing materials, namely, NextDent Cast and NextDent Base, as well as a printing platform, NextDent LCD1, in March 2023. These products aim to assist customers in constructing high-quality 3D additive designs in a shorter timeframe.
Dassault Systèmes and Cadence Design Systems, Inc. announced a cooperation agreement in February 2022 to provide extensive solutions to business customers, who are operating in various vertical sectors like advanced tech, industrial machinery, conveyance and transportation, aerospace, security, and medicine and seeking smart electronic tools.
Key Players in the 3D Printing Services Market:
Some of the widespread participants operating in the global 3D printing services market include Materialise NV, Proto Labs Inc., 3D Systems, Voxeljet, Stratasys, SLM Solutions, ExOne, Concept Laser, GE Additive Company, Markforged Inc., Renishaw, Trumpf, and Arburg.
For more information, custom requirements, and discounts contact us @ https://elintmarketresearch.com/contact-us/
Important Questions Related to the 3D Printing Services Market Report:
1. What is the future forecast for the 3D printing services market?
– According to ELINT Market Research, it is anticipated that the worldwide 3D printing services market will expand at a CAGR of 23.3% between 2023 and 2030, reaching a value of $88.28 billion.
What are the emerging technologies in the 3D printing services market?
Leading in the 3D printing market are intelligent technologies such as Stereolithography (SLA), PolyJet, Fused Deposition Modeling (FDM), and Selective Laser Sintering (SLS), which are driving rapid proliferation.
Which regions are rapidly embracing 3D printing solutions?
Three major regions, North America, Europe, and Asia Pacific, are swiftly adopting 3D printing techniques in their manufacturing processes.
What are the global drivers of 3D printing services?
The quick advancements in 3D printing technologies coupled with increasing requirements for prototyping stages in manufacturing processes are key factors propelling growth in the 3D printing services market.
More Related Reports:
Asset Recovery Services Market
Automated Guided Vehicle (AGV) Market
Automation Systems Integrators Market
Autonomous Mobile Robots Market
About Us:
ELINT Market Research is the Procurement Market Intelligence and advisory unit of BE Compliant LLC. Providing accurate and easy-to-consume procurement market intelligence. Accurate category insights and data can be hard to find however with ELINT, pricing data, supplier intelligence and contract strategies are available at a click.
Address:
ELINT Market Research, a Unit of Be Compliant LLC, 317 Commercial St. NE, Ste. A, PMB 379, Albuquerque, NM 87102
Phone:
USA +1 505-908-9208
Asia +91 893-9803-656
Email:
info@elintmarketresearch.com