According to the research report titled ‘Global 3D Printing Market Size study, by Component (3D Printers, 3D Printing Software, Services) by Technology ( Stereolithography, Fuse Deposition Modelling (FDM), Selective Laser Sintering (SLS), Direct Metal Laser Sintering (DMLS), Electron Beam Melting (EBM), Digital Light Processing (DLP)) by Application (Prototypes, Tools & Fixtures, Production Parts) by Industry (Automotive, Healthcare & Medical Devices, Aerospace & Aeronautics, Consumer Goods, Industrial) and Regional Forecasts 2021-2027’, available with Market Study Report, global 3D printing market was worth USD 13.21 billion in 2020 and is expected to register 20.5% CAGR over 2021-2027 to reach a valuation of USD 40.44 billion by the forecast period end.
 

Various technological advancements like machine learning and artificial intelligence, enhancements in material composition such as new use cases of metals and polymers, and rising government investments in research & development are catalyzing the growth of global 3D printing market.
 

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For instance, in November 2019, AMT PostPro launched the latest Digital Manufacturing System at Formnext 2019. As per statistics, the Dutch government invested an additional USD 150 million for R&D  in 3D printing, thus promoting the adoption of 3D printing technology.
 

Moreover, surging demand for prototyping applications from different business domains, particularly aerospace, automotive, healthcare, and defense is also augmenting the growth of the industry vertical.
 

On the contrary, high costs incurred for printing complex and small parts is likely to impede the market development over the projected timeframe.
 

In terms of component type, worldwide 3D printing industry is divided into services, 3D printing software and 3D printers, whereas based on the application scope, the market sphere is fragmented into production parts, tools & fixtures, and prototypes.
 

With respect to technology, the industry space is classified into digital light processing (DLP), direct metal laser sintering (DMLS), electron beam melting (EBM), selective laser sintering (SLS), fuse deposition modelling (FDM), and stereolithography.
 

Speaking of end-user terrain, the business domain includes healthcare & medical devices, automotive, consumer goods, aerospace & aeronautics and industrial.
 

As per expert verbatim, Asia Pacific, Europe, North America, and Latin America are key growth avenues for market partakers. The document claims that North America presently holds a major market share, owing to large-scale adoption of additive manufacturing.
 

Parallelly, Asia Pacific industry is anticipated to record the fastest growth rate over the projected timeframe, creditable to surging demand for personalized services across varied industry verticals, and strategic steps taken by national governments to develop a sustainable additive manufacturing ecosystem.
 

The competitive landscape of global 3D printing market is defined by top-tier companies, namely Optomec Inc., Nanoscribe GmbH & Co. KG , Voxeljet AG, SLM Solutions Group AG, Proto Labs Ltd., Renishaw plc, Nano Dimension Ltd., ExOne Co., Stratasys Ltd., and 3D Systems Inc.