The North America Metal 3D Printing Market would witness market growth of 18.1% CAGR during the forecast period (2022-2028).
Most mass-produced metal products are still manufactured using traditional methods, which are more cost-effective and better suited to high-volume production. Existing 3-D printers can easily generate parts smaller than 30 cm2. In addition, some 3-D printer manufacturers have declared successful trials in mixing materials during printing and these devices may be soon available commercially. Further, several extensive research are required in order to bring advancements in this technology.
Growing breakthroughs in the healthcare sector, like 3D printing, are driving the sector to thrive and accept new innovative techniques to combat physical infirmities & promote healthy living. In addition, the automotive & aerospace industries, where prototype & design play a critical role in research & development to attain perfection in production, are leading to increased opportunities and adoption of the 3D printing technique
Many companies in North America are creating, adopting, or investing in additive manufacturing. In the region, there has been an increase in the demand for prototyping, which has been driving the industry. In addition, a greater emphasis on research & development, as well as increased testing in many industries, are driving demand for SLS in North America. According to Statistics Canada, in-house industrial research & development will cost Canadian businesses substantial amount in 2020. The market for Selective Laser Sintering in North America is being pushed by this rise in research and development.
Additionally, prototyping techniques have been widely used in a variety of industries for product testing. The US Space Force's Space & Missile Systems, for example, granted three different rapid prototyping deals in June 2020 for the creation of a basic functioning prototype of the Joint Modernized Global Positioning System (GPS) handheld devices.
The US market dominated the North America Metal 3D Printing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,843.1 million by 2028. The Canada market is experiencing a CAGR of 20.8% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 19.7% during (2022 - 2028).
Based on Vertical, the market is segmented into Automotive, Aerospace & Defense, Healthcare, Consumer Electronics, and Power, Energy & Others. Based on Component, the market is segmented into Hardware, Software (Design Software, Inspection Software, Printer Software, and Scanning Software), and Services. Based on Application, the market is segmented into Prototyping and Tooling & Functional Parts. Based on Technology, the market is segmented into Selective Laser Melting, Electron Beam Melting, Electron Beam Freeform Fabrication, Laser Metal Deposition, Direct Metal Laser Sintering, Laminated Object Manufacturing, Inkjet Printing, and Selective Laser Sintering. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Metal 3D Printing Market is Estimated to reach $11.6 Billion by 2028, at a CAGR of 19.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., 3D Systems Corporation, Stratasys Ltd., Carpenter Technology Corporation, Voxeljet AG, Sandvik AB, The ExOne company (Desktop Metal, Inc.), EOS GmbH - Electro Optical Systems, Materialise NV, and Renishaw PLC.
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