Market Research Report
Global Additive Manufacturing Market and Technology Forecast to 2028: COVID-19 included Market Forecasts by Region, by Application, by Vertical, Current Market Overview, Market Trends and Leading Company Profiles
|Global Additive Manufacturing Market and Technology Forecast to 2028: COVID-19 included Market Forecasts by Region, by Application, by Vertical, Current Market Overview, Market Trends and Leading Company Profiles|
Published: July 9, 2020
Market Info Group
Content info: 274 Pages
Delivery time: 1-2 business days
Additive manufacturing is the process of building complex and precise systems with the help of software integrated design techniques. This technology makes use of CAD (Computer-Aided Design) or 3D object scanners to take precise measurements of the product to be custom designed.
Additive Manufacturing has its applications in several industries like defence, automotive industry, surgical equipment's' design segment, etc. The diverse applications of this market are one of the key drivers of this sector.
In most cases, the material of construction used to produce these 3-D models are environmentally sustainable since they can be recycled. Increasing utilization of ecologically friendly technology that helps with environmental conservation and the rising awareness with regards to green technology further propels the growth of this segment. Low cost of creating a product coupled with easy customization of the same impacts the market positively.
The global market revenue generated by this sector accounts for USD 12 Billion in the year 2020 and it is anticipated to reach around USD 78 Billion by the year 2028. The market growth dynamics accounts for around CAGR of 26%- 32% during the forecast period, 2020-2028.
North America dominates the global market with a market value of USD 24 Billion owing to the increasing R&D investment in this sector coupled with an infrastructure that supports the same. The early adoption of 3D printing technology in North America is another factor that fuels its market growth. Europe is the second-largest segment; this is due to the growing industrialization of this market coupled with the low production cost of additive manufacturing. APAC is expected to grow with the highest CAGR of around 27%- 30%, although traditional means of additive manufacturing are more prevalent in the APAC's developing countries.
The use of smart manufacturing processes to develop products and the predominant role of 3D printing in Industry 4.0 is one of the upcoming applications of this technology. Industry 4.0 is a rising trend that is anticipated to shift the global market dynamics and bring a radical change to manufacturing processes. Leading companies are making use of 3D printing as a means of technology to create complex designs that are designed as per client requirements therefore imbibing a smart industrial revolution. The testing of theoretical designs before setting up production lines is expected to change the process of product development in the coming years.
The study period of this report titled, "Global Additive Manufacturing Market and Technology Forecast to 2028" ranges from 2019-2028, and the forecast period of this report is from 2020-2028.
The market is segmented based on Region, Application and Vertical: