Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Metal 3D Printing Market size is expected to reach $11.6 billion by 2028, rising at a market growth of 19.5% CAGR during the forecast period.
The Automotive segment acquired maximum revenue share in the Global Metal 3D Printing Market by Vertical in 2021, thereby, achieving a market value of $3.2 billion by 2028. The constantly surging growth of this segment is owing to the rapidly developing automotive industry all over the world. The demand for vehicles across the world is increasing due to the rising disposable income of people. Moreover, because of the active adoption of technology in different manufacturing processes related to these verticals the automotive verticals is expected to contribute considerably to the growth of metal 3D printing over the forecast period
The Software segment is expected to witness highest CAGR of 19.7% during (2022 - 2028). Under the software segment, design software acquired the highest revenue share in the metal 3D printing market in 2021. In the automotive, aerospace & military, and construction & engineering verticals, design software is utilized to create the designs of the objects to be printed. The design software serves as a link between the printed objects & the printer's hardware.
The Prototyping segment is leading the Global Metal 3D Printing Market by Application in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6.6 billion by 2028, growing at a CAGR of 18.7 % during the forecast period. The rising growth of the segment is due to the widespread use of the prototyping process across numerous business verticals. Prototyping is used extensively in the automotive, aerospace, and defense industries to accurately design & build parts, components, & complex systems. Manufacturers can attain improved precision & build more reliable end products by prototyping.
The Electron Beam Melting segment has shown growth rate of 18.4% during (2022 - 2028). The growth of this segment is due to its widespread application across multiple metal 3DP processes. Because these technologies are useful in specialized additive manufacturing processes, the adoption of this technology is rapidly surging all over the world. In addition, increasing demand in the aerospace & defense, healthcare, and automotive industries would also augment the growth of this segment
The North America market dominated the Global Metal 3D Printing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.9 billion by 2028. The Europe market is estimated to witness a CAGR of 18.8% during (2022 - 2028). Additionally, The Asia Pacific market would exhibit a CAGR of 20.5% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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