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3D Printing: Aerospace, Automotive and Medical Businesses Making Big Investments
The 3D printing market, which includes the printers themselves along with materials and services, is expected to grow annually by 44 percent over the next five years. This year the market size is $5.2 billion and will be more than $10 billion sometime next year. By 2020, the market should reach $20 billion. The estimates are from the research firm Canalys.
Joe Kempton, Research Analyst at Canalys, said that “in the next five years, more companies will move in to establish their own niches, as 3D printing begins to permeate across more sectors. Long-existing vendors such as Stratasys and 3D Systems are well placed to take advantage of this growth but may find their dominant positions challenged by newer rivals.”
The industries most active in the 3D printer space currently include aerospace, automotive and medical. Companies like GE, Boeing, and BMW are investing heavily in the technology.
Kempton said that “while the enterprise space will undergo its own revolution from 3D printing, over the next few years we expect to see the consumer sector advance at a similarly rapid pace. Many of these 3D printers will be plug-and-play, turnkey devices that will begin to hit the $500 sweet spot at which many consumers are likely to make impulsive purchasing decisions. However, this also necessitates improved performance, a wider range of available materials, as well as the simplification of 3D printing software to make it easier for these users to get the most out of their 3D printing experience, and become loyal buyers who are willing to upgrade to more expensive and prosumer-focused 3D printers.”
