North America 3D Printing Market Research Report Forecast from 2019 to 2024
North America 3D printing market is segmented based on component, sub-component, technology, application and industrial verticals. Product (industrial and desktop printer), material (polymer, plastic, metal & alloy, ceramic and other) and services are the types of components considered while analysing and defining the penetration of 3D printing technology in different geographies and countries. In 2017, product segment dominated the North America 3D printing market with maximum share in terms of revenue. Based on estimation, the segment occupied for around 36.8% share in the same year. However, increasing demand for desktop printers would help the product segment to grow at a faster rate of 30.4% during the forecast period (2018-2024).
3D printing offers integration of metals & alloys with other raw materials as per the requirement of the end-user industry, to create specified 3-dimensional objects. During 2017, polymer held prominent share of 33.5% followed by plastic which held 30.6% during the same year. Polymer market in North America 3D printing was valued at US$ 258 Million in 2017 and is projected to derive US$ 1,146.5 Million revenues by 2024 witnessing astonishing CAGR of 24% during the forecasted period. Numerous industrial sectors are influenced by 3D printing solutions. In addition, Custom Design and Manufacturing held more than 50% share and garnered US$ 324.4 Million revenues during 2017. Based on technology, the North America market is segmented into stereolithography, selective laser sintering, electron beam melting, fused deposition modeling, laminated object manufacturing and others.
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Numerous companies have forayed in the North America 3D printing market that offers 3D printers, 3D printing materials, and 3D printing services. With an objective to enhance their product portfolio, the major market players have entered into various acquisitions and collaborations. Major players in this market comprise 3D Systems, Stratasys Ltd., The ExOne Company, Autodesk Inc., Optomec, Inc., Organovo Holdings, Inc., and Arevo Labs. The players consistently aim to focus on product development, launch new products and enhance their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers them growth opportunities for geographic expansion.
Moreover, benefits of 3D printing can also be witnessed among various industry verticals such as Education, automotive, aerospace & defense, healthcare, consumer goods, manufacturing, construction and others where the additive manufacturing has turned out to be a game changer. Automakers and raw material suppliers for manufacturing sector have realized the benefits of 3D printing solutions, eventually increasing the demand for 3D printing solutions in these industries. In the automotive industry, the use of 3D printing technology has been successful in bring about new shapes to the industry, allowing the industry to produce lighter and more complex structures at affordable price ranges. Manufacturing sector was accounted as the fastest growing industry vertical in terms of its applications in 3D printing. Based on estimation, the respective segment is projected to generate revenue of US$ 2,379.4 Million in by 2024 displaying tremendous CAGR of 22.6% during the forecasted period in North America 3D printing market.
Since, the concept of 3D printing has taken North America market by storm the technology has emerged as one of the promising concept in the specific region wherein entrepreneurs in the Indian market have visualized ample opportunities in 3D printing space. Moreover, new developments in 3D technology have enabled the companies to accelerate and simplify product development processes. To add on, advent of 3D printing has considerably paved the way for 3D manufacturers owing to substantial growth of manufacturing in various sectors ranging from automotive, healthcare to medical implants to retail goods. The impact of 3D printing is becoming deep and permanent in every industrial segment. However, absence of appropriate knowledge on 3D printing among the personnel and rate of unemployment contribute as restraining parameters behind the fostering growth of 3D printing in respective region.
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Also, for better understanding of 3D printing market penetration, the market is analyzed in different geographies and countries including North America (U.S., Canada, Mexico and Rest of North America. Based on estimation, North America would account for revenue share of 55% in 2018. Increasing investments by the competitors, falling printer prices and disrupting manufacturing sector continue to support the considerable growth in 3D printing landscape of the region. North America includes countries such as U.S., Canada and Mexico. 3D printing technology has vastly gained the prominence over the traditional manufacturing methods owed to its efficiency and high precision rate. US and Canada constantly showcase as the prominent and early adopters of such 3D technique across all the manufacturing processes. U.S. has been the highest revenue-generating country in the North America 3D printing market, followed by Canada. US 3D printing market was accounted at US$ 2,338.3 Million during 2017 and is anticipated to generate US$ 9,273.5 revenues by 2024 showcasing remarkable CAGR of 22% during the estimated period. Rapid growth in the U.S., in industry verticals ranging from consumer products, healthcare, defense, aerospace, and automobile has accelerated the growth of 3D printing in this region. While, Mexico is also expected to be the fastest growing country, displaying the considerable CAGR of 25.9% approximately from 2018-2024 due to of rapid embracement of 3D printing in the developing industrial sectors.
Some Major TOC Points:
North America 3D Printing Market Report (Status and Outlook) 2019
1 Market Introduction
2 Legal & Regulatory Framework
3 Research Methodology Or Assumption
4 Industry Performance
5 Executive Summary
6 Market Overview
7 Market Insights By Deployment Type
8 Public Cloud Insights By Services
9 Private Cloud Insights By Services
10 Market Insights By End User Industry
11 Market Insights By Country
12 Competitive Scenario
13 Company Profiles
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