3D Print Spend Expected to Surpass $35 Billion by 2020
By PrintAction Staff
By PrintAction Staff
International Data Corporation (IDC) released a new report, called The Worldwide Semiannual 3D Printing Spending Guide, which forecasts global revenues for the 3D printing market to reach US$35.4 billion in 2020. This is more than double the US$15.9 billion in revenues forecast for 2016 and represents a compound annual growth of 24.1 percent over the 2015-2020 forecast period.
3D printers and materials will represent nearly half the total worldwide revenues throughout the forecast, according to IDC, with software and related services also expected to experience significant growth. Revenues for computer-aided design (CAD) software are forecast to triple over the five-year forecast period while the market for on-demand parts services will nearly match this growth. IDC explains the gains in both software and on-demand parts printing are being driven by the rapidly expanding use of 3D printing for design prototyping and products that require a high degree of customization in non-traditional environments.
The use cases that will generate the largest revenues for 3D printing in 2016, according to IDC, are Automotive Design, Rapid Prototype Printing (more than US$4.0 billion) and Aerospace and Defense Parts Printing (nearly US$2.4 billion). IDC explains Dental Printing has also emerged as a strong opportunity in 2016.
“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,” said Christopher Chute, VP, Customer Insights and Analysis, IDC. “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.”
IDC continues to explain that given the increased use of 3D printing for prototyping and parts production, it comes as no surprise that discrete manufacturing will continue to be the leading industry, generating 56 percent of worldwide 3D printing revenues in 2016. “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,” said Keith Kmetz, VP of IDC’s Imaging, Printing and Document Solutions research. “This growth will be fueled by an explosion of 3D printer manufacturers from around the world, seeking to capitalize on the anticipated growth in this market with faster printers that offer better quality output at lower prices.”
Healthcare and professional services will remain the second and third largest industries, according to the new report released on August 12, in terms revenues over the 2015-2020 forecast period, while retail will experience the greatest revenue growth, vaulting into the fourth position by 2020. Meanwhile, IDC predicts revenues from consumer 3D printing will grow modestly as this market has already matured.
The Worldwide Semiannual 3D Printing Spending Guide by includes revenue data available for more than 20 use cases across 20 industries in eight regions. Data is also available for 3D printing hardware, materials, software, and services.