Global 3D Printing Spending to Double by 2020: Analysts
Spending in the global 3D printing market will hit $35.4 billion in 2020, up from $15.9 billion in 2016, according to the latest predictions from IDC.
Global revenue in the growing 3D printing market is expected to more than double by 2020 to $35.4 billion, with printers and printer materials driving almost half of the total, while software and services will drive the rest. That's the conclusion of a new 3D printing report by analyst firm IDC, which forecast that the market segment will more than double by 2020 from the current $15.9 billion in revenue forecast for the segment in 2016. That rise in revenue represents a compound annual growth rate of 24.1 percent through 2020. 3D printers have been used in industrial and commercial applications for several decades by a wide range of product manufacturers, aerospace companies and others to quickly design and produce prototypes, molds, one-off parts and more without having to invest lots of money and time, according to an earlier eWEEK story. Major manufacturers of 3D printers include Stratasys, 3D Systems, ExOne, EOS, Concept Laser, Arcam, Beijing Tiertime and XYZprinting. Top-of-the-line industrial 3D printers can sell for as much as $5 million, while consumer-based devices can be purchased for as little as $499 from other smaller vendors. "Customer spending on 3D printing capabilities is following the market away from mass market consumer printers towards holistic solutions that enable higher-end—and more profitable—use cases," Christopher Chute, an IDC analyst, said in a statement. "As the market for printers, materials and services matures, IDC expects new 3D printing capabilities to enable a next-wave of customer innovation in discrete manufacturing, product design, and life sciences."
IDC predicts that the most popular use cases that will drive the highest revenues for 3D printing in 2016 include some $4 billion for automotive design rapid prototype printing and some $2.4 billion for aerospace and defense parts printing, according to the report. Also looming as a strong market is dental printing, the report states.