IDC research suggests that spending on 3D printing is likely to pass $35.4 billion (€31.7 billion) in 2020
The market analysts’ research found that global spending will pass the figure in 2020, an amount “more than double” the $15.9 billion (€14.2 billion) in revenues expected for 2016, and a compound annual growth rate (CAGR) of 24.1 percent between 2015 and 2020. The company added that while printers and materials “will represent nearly half the total worldwide revenues” during the forecast, both software and “related services will also experience significant growth”.
In particular, computer-aided design (CAD) software revenues are “forecast to triple” between 2015 and 2020, while the market for “on-demand services” is also set to “nearly match this growth”. IDC points out that the gains in both these sectors “are being driven by the rapidly-expanding use of 3D printing for design prototyping and products that require a high degree of customisation in non-traditional environments”.
Areas, or “use cases” that are expected to “generate the largest revenues” this year include automotive design rapid prototype printing – with over $4 billion (€3.5 billion) – and aerospace and defence parts printing – nearly $2.4 billion (€2.1 billion) – while IDC added that dental printing “has also emerged as a strong opportunity in 2016”. It also believes that manufacturing innovation “has been the key driver behind the overall 3D printing market”.
This is thanks to the “increased use of 3D printing for prototyping and parts production”, so “it comes as no surprise that discrete manufacturing will continue to be the leading industry”, with a market share of 56 percent worldwide expected this year. Second and third are healthcare and professional services, while retail “will experience the greatest revenue growth” and place fourth by 2020, and consumer revenues are expected to “grow modestly” as “this market has already matured”.
Christopher Chute, IDC’s Vice President of Customer Insights and Analysis, commented: “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. 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.”
Keith Kmetz, IDC’s Programme Vice President of Imaging, Printing and Document Solutions research, commented: “IDC expects the worldwide 3D printing market to continue its rapid expansion over the next several years, driven by the need to reduce manufacturing cycle times and to reduce prototyping costs. This growth will be fuelled by an explosion of 3D printer manufacturers from around the world, seeking to capitalise on the anticipated growth in this market with faster printers that offer better quality output at lower prices.”
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