A new report by Markets and Markets, the personal 3D printers in the global industry, which was estimated at 1.69 billion dollars in 2021, is expected to reach a whooping 5.44 billion dollars by the year 2030, having a 13.50 percent CAGR increase from 2021 to 2030.
With the increase in demand for 3D printing in various human endeavours, especially In the dental industry, coupled with the a more informed government initiative geared towards the adoption of the 3D printing technology, the inadequacy of skilled labour limits the growth to a large extent. The adoption of the 3D printers in several industries is poised to address this and also create many opportunities in the industry.
According to the report, the COVID-19 pandemic had a huge impact in the industry as it disrupted production processes and this caused a shortage of raw materials that would be needed to produce the 3D printers.
The report also noted that in the course of the pandemic, there was a major decline in demand for #d printers from the entertainment, education, photography and other major industries, as a result of reduction in social activities.
The report authors wrote:
“Also, reduction in various capital budgets and delay in planned projects in various industries hampered the market growth, especially during the first phase of the lockdown. However, the global situation is being ameliorated slowly and steadily, and the market is projected to recoup soon,”
The report while highlighting the market on regional basis says North America generated the biggest share in the year 2020, having two-fifth of the global 3D printers market, this may be predicated on American government initiative on the development and funding of 3D printing.
The Asia-Pacific market is projected to have the fastest CAGR of 15.5% from 2021 to 2030, because of growth in applications of additive printing in medical, entertainment, fashion & jewellery, and other industries.
“By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements,” the report added
Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals. He is the Co-Founder of media brand, The Vent Republic.
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