NEW YORK, United States, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled "Additive Manufacturing Market Size, Share, Growth Analysis Report By Component (Hardware, Software, Services), By Printer Type (Desktop 3D Printer, Industrial 3D Printer), By Technology (Stereolithography, Fuse Deposition Modeling, Selective Laser Sintering, Direct Metal Laser Sintering, Polyjet Printing, Inkjet Printing, Electron Beam Melting, Laser Metal Deposition, Digital Light Processing, Laminated Object Manufacturing, Others), By Software (Design Software, Inspection Software, Printer Software, Scanning Software), By Application (Prototyping, Tooling, Functional Parts), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" in its research database.
"According to the latest research study, the demand of global Additive Manufacturing Market size & share in terms of revenue was valued at USD 11,382.40 million in 2021 and it is expected to surpass around USD 34,846.25 million mark by the end of 2028, growing at a compound annual growth rate (CAGR) of approximately 20.50% during the forecast period 2022 to 2028."
What is Additive Manufacturing? How big is the Additive Manufacturing Industry?
Additive manufacturing, sometimes referred to as 3D printing, is a revolutionary method of industrial production that makes it possible to create systems and parts that are lighter and stronger. Because additive manufacturing employs computer-aided design (CAD) software or 3D object scanners to instruct the gear to deposit material, layer by layer, in exact geometric patterns, it may provide digital flexibility and efficiency to manufacturing operations.
Three-dimensional printers, printing materials, and service providers are part of the global additive manufacturing market. Both quick manufacturing and rapid prototyping are included in the application market. The market is anticipated to increase throughout the forecast period due to the increasing use of three-dimensional printers by market leaders in the automotive, healthcare, and aerospace & defense sectors, among other industries and industry verticals.
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The widespread use of additive manufacturing across several industries is propelling a rise in market revenue. For instance, in the healthcare sector, 3D data from scans are utilized to create 3D printed models, allowing surgeons to practice complex surgical methods on lifelike models and improving their accuracy and speed of operation. The dentistry business extensively uses additive manufacturing to create precise, specialized solutions for dental issues.
Additionally, 3D printing technology is being used to create unique implants for each patient. Other additive manufacturing applications include 3D printed surgical cutting and drilling equipment, prosthetics, artificial organs, and designer pharmaceuticals, all of which have enormous potential to propel market expansion throughout the projected period.
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Additive Manufacturing Market: COVID-19 Impact Analysis
The COVID-19 pandemic is making it difficult to satisfy the demand for additive manufacturing in a number of different contexts. In an effort to stop the sickness from spreading further, the governments of several different countries throughout the world have instituted lockdown procedures. As a direct consequence of this, there have been problems with supply and transportation, a lag in the construction of infrastructure, and a reduction in the speed of production activities. As a direct consequence of this trend, additive manufacturing is losing favour all around the world.
The primary participants in the market for additive manufacturing are tier I and tier II manufacturers and suppliers. The facilities that are used for production and the supply chain by these companies are spread out over a number of countries in a variety of regions, including Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
The global additive manufacturing market is segregated based on component, printer type, technology, software, application, and region. The market is classified into hardware, software, and services based on components. Hardware dominated the market in 2021. Based on printer type, the market is classified into desktop 3D printers and industrial 3D printers. Industrial 3D printer dominates the market in 2021.
Based on technology, the market is segmented into stereolithography, fuse deposition modeling, selective laser sintering, direct metal laser sintering, polyjet printing, inkjet printing, electron beam melting, laser metal deposition, digital light processing, laminated object manufacturing, and others. Among these, the stereolithography segment dominates the market in 2021. Based on software, the market is classified into the design, inspection, printer, and scanning software. The design software segment dominates the market in 2021. The application market is segmented into prototyping, tooling, and functional parts. The prototyping segment dominates the market in 2021.
The global Additive Manufacturing market is segmented as follows:
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The report contains qualitative and quantitative research on the global additive manufacturing market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. Some of the main competitors dominating the global Additive Manufacturing market include –
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In 2021, the revenue share that was contributed by the market for additive manufacturing in North America was the largest. This is due to the presence of large market actors in the area, which has both fostered the development of the technology and raised the number of patents. As a result, the number of patents has increased. In addition, it is anticipated that developments in technology, efficient use of resources devoted to research and development (R&D), and the implementation of cutting-edge methodologies such as artificial intelligence and machine learning across all sectors will contribute to the growth of the market over the course of the period in question. It is anticipated that the governments in the region will lend their support to the broad adoption of additive manufacturing technology in order to construct contemporary infrastructure, encourage sustainable growth, and reduce the cost of inputs. It is projected that this will be a driving force behind the increase in revenue in the North American market.
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