3D Printing Market By Component, Companies, Forecast by 2027
3D Printing Market will be US$ 7.8 Billion opportunity by 2027. Global Forecast, Impact of Coronavirus, Industry Trends, Growth, Opportunity By Form, Application, Company Analysis.
By: Renub Research
Across the Globe, 3D printing and related technologies are emerging continuously in line with the intensive R&D activities being undertaken and the proactive investments being made by the private sector and the public sector. Another example: the Austrian federal government and the state of Lower Austria have purred two funding packages to support investments in 3-D printing. As per our analysis, Global Additive Manufacturing Market was valued at US$ 8.5 Billion in 2020.
North America has the largest market share globally due to the extensive adoption of 3D printers for 3D designing, 3D modeling, and 3D manufacturing in several industries. On the other hand, in the Asia Pacific, countries like China, Japan and India have immense potential and is helping in the formulation of efficient processes in the aerospace sector, with aircraft manufacturers investing an enormous amount of capital in 3D technology for the production of jet engine combustion nozzles, turbine blades, and structural parts. According to Renub Research, the global demand for 3D Printing Industry will grow with a staggering CAGR of 28.21% from 2020 to 2027.
COVID-19 IMPACT on 3D Printing Industry
The outbreak of the COVID-19 pandemic has significantly impacted the overall global economy and, subsequently, the 3D printing industry. It has halted the production process and led to a shortage of raw materials thus, hampering the supply chain. However, along with the COVID-19 pandemic, the urgent need for 3D printing in medical devices and specialized products, especially 3D printing equipment, has been overwhelming.
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