Research from IDC has found that global spending on 3D printing will increase by 22.3 percent a year up to 2020.
The research, from the market analysts’ Worldwide Semiannual 3D Printing Spending Guide, found that spending is expected to “experience a five-year” compound annual growth rate (CAGR) of 22.3 percent, helping revenues to grow to $28.9 billion (€27.1 billion) by 2020. This includes purchases globally of 3D printers as well as materials, software and “related services”, with the US delivering “roughly a quarter” of global revenues between 2015 and 2020.
The next three largest regions, Western Europe, Asia-Pacific excluding Japan, and Japan, will combined “deliver more than 50 percent of total revenues”, with the “fastest growth” coming from the Middle East and Africa (MEA) as well as Central and Eastern Europe (CEE). Western Europe’s strong growth meanwhile will “significantly close the revenue gap” with the USA by 2020, and five of the eight regions will see “total revenue growth” of over 200 percent during the five years.
The “dominant industry” is discrete manufacturing, with “more than two-thirds of all worldwide revenues” through to 2020, with all industries set to see over 100 percent revenue growth. Healthcare meanwhile is set to jump from fifth in 2016 to second in 2020, with revenues growing to over $3.1 billion (€2.9 billion), driven by “strong investments” from providers in the USA and Western Europe.
Two markets producing the “largest revenues” in 2016 were automotive design (rapid prototype printing” and aerospace and defence parts, with respective revenues of $3.9 billion (€3.6 billion) and $2.4 billion (€2.2 billion). The tools and component printing market will “also emerge as a significant market”, and by 2020 dental printing “will become a strong challenger” for third place in revenue terms.
Medical implant and device printing, product creation and prototype printing and prosthetics printing will all each “generate worldwide revenues” of over $1 billion (€940 million), while printer and materials purchases combined are set to “produce nearly two-thirds” of the total revenues. CAD (computer-aided design) revenues are forecast to “triple” through to 2020, while on-demand parts services “will nearly match this growth”.
Christopher Chute, Vice President of Customer Insights and Analysis at IDC, commented: “As the 3D Printing market matures, major trends are no longer confined to North America. Regions like Western Europe and Asia/Pacific are driving stronger levels of spending across different industries.”
Carla La Croce, Research Analyst of Customer Insights and Analysis at IDC, added: “Thanks to the broader variety of 3D printers and materials that can be used, and also to lower prices, 3D printing is becoming more sophisticated and devoted to newer uses. In addition, existing use cases are increasing their market share.
“For example: dental printing is growing rapidly with the prospect of reaching one of the highest market shares in the near future (around 15 percent in 2020), as well as 3D printing for medical implants and devices (nearly 13 percent in 2020). Moreover, the 3D revolution is discovering new market niches, and new uses will arise in the future. IDC identifies the healthcare sector as the one with the highest growth potential.”