Major players in the 3D printing services market are 3D Systems Corporation, Stratasys, Materialise NV, ExOne, Arcam, ProtoLabs-3D Rapid Prototyping Company, HP Inc., SLM Solutions Group, and ARC Group Worldwide.
The Global
3D Printing Services Market is expected to decline from USD 5.49
billion in 2019 and to USD 5.28 billion in 2020 at a compound annual growth
rate (CAGR) of -3.87%. The decline is mainly due to economic slowdown across
countries owing to the COVID-19 outbreak and the measures to contain it. The
market is then expected to recover and reach USD 10.45 billion in 2023 at CAGR
of 25.57%.
The 3D Printing service market consists of services provided by 3D printing service providers to companies in any of the forms of 3D printed parts, rapid prototyping, components produced by 3D printers, and related services such as software upgrades and maintenance.
North America was the largest
region in the 3D printing market in 2019. Asia Pacific is expected to be the
fastest growing region in the forecast period.
3D printing Services providers are
implementing Cloud-based 3D printing services. Cloud-based 3D printing
management platform can be used by any individual, enterprises, schools, and
service bureaus to render, fix, store 3D design securely and stream 3D design
to the 3D printer with complete data tracking and analytics.
The 3D Printing service market
covered in this report is segmented by service offering into tooling; parts
production; software services; system maintenance; expert service and by end
user into consumer products; automotive; healthcare; aerospace & defence.
Intellectual property on printing
anything which has property rights issues is considered unauthorized is subject
to an act of patent infringement. This factor hampers the growth of 3D printing
service market growth. In 3D printing market, the products which are available
to print are less. 3D printing products are widely used in the health care
industry. Pharmaceutical companies can drastically improve the drug research
and development (R&D) by 3D printing as the technology could even be used
to print human organs and tissue. However, to print an organ one should buy the
patent of the 3D building product code, that makes the product cost high.
Therefore, intellectual property on printing products hampers the growth of the
3D printing service market.
In January 2017, the US-based 3D
printers manufacturer and service provider, 3D systems acquired Next Dent for
an undisclosed amount. Next Dent is 3d printing provider of dental materials
and services provider.
Reduction in manufacturing cost and
process downtime contributed to the growth of the 3D printing services market.
3D printing technology helps companies greatly reduce their manufacturing
costs, reduce downtime and minimize waste. With the use of 3D printing for
prototyping, companies can significantly lower the cost of developing new
products. The minimal labor/workforce involved in this process also contributes
to the low manufacturing costs. Due to 3D printing the manufacturing time can
be reduced from months to days. For instance, to print a phone case it takes
around 20 minutes, and similarly a 2*4 Lego can be printed in 4 minutes.
Therefore, reduction in manufacturing costs and process downtime increased
demand for the 3D printing services market.
For More Information, Click on the Link Below:-
Global
3D Printing Services Market
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing &
Communications
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