System integrators are preparing to capitalise on increased demand for 3D printing solutions, in a market forecast to reach $23 billion by 2022.
Spanning hardware, materials, software and services, the market is expected to record annual growth of 18.4% during the next five years, according to IDC findings.
In the short-term, research forecasts worldwide spending to exceed $14 billion in 2019, an increase of 23.2% over 2018.
“3D printing solutions are gaining traction outside of the traditional industries of aerospace and automotive manufacturing and healthcare,” said Marianne Daquila, research manager at IDC.
“Professional services and retail will each see more than $1 billion dollars in annual spending before the end of the forecast period, driven by the benefits of fully customised solutions.”
Together, Daquila said 3D printers and materials will account for “roughly two thirds” of the worldwide spending total throughout the forecast, reaching $7.8 billion and $8 billion respectively in 2022.
Of note to the channel. services spending will reach $4.8 billion in 2022, led by on-demand parts services and system integration services.
Meanwhile, purchases of 3DP software will grow more slowly than the overall market with a five-year growth rate of 16.7%.
According to IDC, the leading use cases for 3D printing are prototypes, aftermarket parts and parts for new products – combining to account for 45% of worldwide spending in 2019.
“The emergence of higher speed 3D printers, production configurations, and the expanded range of materials available for 3D printing systems continue to enable wider adoption of 3D printing across numerous industries,” said Tim Greene, research director at IDC.
“The development of some of these new materials is critical, because it increases both adoption and utilisation. Over the forecast period IDC expects revenue from 3D printed materials to surpass revenue from 3D printer hardware.”
Geographically speaking, the US will be the region with the largest spending total in 2019 ($5.4 billion) followed by Western Europe ($4 billion).
Together, these two regions will provide nearly two thirds of all 3D printing spending throughout the forecast.
In addition, China will be the third largest region with more than $1.9 billion in spending, followed by Asia Pacific (excluding Japan) Central and Eastern Europe (CEE), the Middle East and Africa (MEA).
IDG News Service
Subscribers 0
Fans 0
Followers 0
Followers