A new report has revealed that the global additive manufacturing market will reach $3.5 billion (£2.3 billion, €2.7 billion) by 2017.
Published by MarketsandMarkets, the 371-page report is entitled Global Additive Manufacturing Market (2012-2017), By Application (Medical Devices, Automotives, & Aerospace) and Technology (3D Printing, Laser Sintering, Stereolithography, Fused Deposition Modeling, Electron Beam Melting, & Tissue Engineering. The body of research analyses and studies the major market drivers, restraints and opportunities in North America, Europe, Asia and the rest of the world.
The report studies the global additive manufacturing market and its applications over the five-year period and states that the market is estimated to expand at a compound annual growth rate (CAGR) of 13.5 per cent between 2012 and 2017, reaching $3.47 billion by the end of this period.
This growth includes various industries such as automotive, consumer goods, medical, aerospace, defence and architecture among others.
Recent developments have meant such a document will be a valuable addition to the growing number of reports and whitepapers on 3D printing and additive manufacturing, and their related technologies.
A large number of technological innovations in additive manufacturing techniques have been witnessed in recent years, with newer technologies coming up with the rapid and accurate development of products in a cost-efficient manner. This has contributed to the widespread adoption of new additive manufacturing procedures by manufacturing companies around the world.
The report highlights these new and improved developments and how financial support from governments, the growing number of applications, low-cost rapid product development, and ease of development of custom products are the major drivers set to propel the additive manufacturing market forward. However, it revealed some of the major factors restraining growth and the regulatory obstacles different countries are facing.
To buy a copy of the report, interested parties can click to the MarketsandMarkets website.