3D printing market to grow to US$16.2 billion in 2018
- Technology advances and decreasing expense will enable the market to expand from a value of US$2.5 billion in 2013
Palo Alto, Shanghai, Singapore and Reading – Monday, 31 March 2014
Canalys today announced its forecast for the fast-evolving 3D printing market, as part of its new program of research and analysis in this space. The size of the market, including 3D printer sales, materials and associated services, reached US$2.5 billion globally in 2013. Canalys predicts that this will rise to US$3.8 billion in 2014, with the market continuing to experience rapid growth, reaching US$16.2 billion by 2018. This represents an expected compound annual growth rate (CAGR) of 45.7% from 2013 to 2018.
“This is a market with enormous growth potential now that the main barriers to up-take are being addressed,” said Canalys Senior Analyst, Tim Shepherd. “Advances in technology are yielding faster print times and enabling objects to be printed in greater combinations of materials, colors and finishes. Crucially, prices are also falling, making the technology an increasingly feasible option for a broad variety of enterprise and consumer uses, restricted only by computer aided design competencies and printer availability – both of which are set to improve significantly. 3D printing has become an established technology for producing prototypes and concept models of all manner of products. But as it matures, there is clear and substantial potential across numerous sectors, such as engineering and architecture, aerospace and defense, and medical (particularly in the fabrication of custom prosthetics), for 3D printing to have a dramatic impact within five years.”
In the short-term, Canalys expects printing-to-order services to drive considerable growth while penetration lags technology advances. “There is a clear opportunity for companies to establish 3D printing service studios to address the growing demand for the custom products that this technology makes possible,” said Canalys Research Analyst, Joe Kempton. “That demand will continue to grow, driven by three main factors: customization potential, convenience and manufacturing efficiencies. Items can be printed and personalized to order. They can often be printed locally, rather than necessitating designs be sent off to large, sometimes distant, manufacturing facilities. 3D printing also promises less material waste and often lower energy consumption than conventional manufacturing processes. Given these benefits and the breadth of use cases, there is no doubt that this market is set for robust and significant growth.”
The value of the 3D printer market itself grew 109% in 2013 to US$711 million and is forecast to grow 79% in 2014 to hit US$1.3 billion. The market value is expected to grow to US$5.4 billion by 2018. Value growth will reflect increasing commercial printer volumes and, as such, also drive growth in the volume and value of consumables shipments, including both resistant printing materials and removable or dissolvable support materials.
About Canalys’ 3D printing service
Canalys has launched a new 3D printing analysis service, designed to inform and support vendors engaged in strategic planning relating to this fast-evolving market. It provides both qualitative and quantitative analysis, including market sizing and forecasts, vendor profiles, analytical reports and inquiry support.
If this service sounds of interest to you, please register your interest and a Canalys representative will be in contact.
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