Jan 10, 2017 | By Tess
The International Data Corporation (IDC) has just released an update for its Worldwide Semiannual 3D Printing Spending Guide. The new report projects that global spending on 3D printing will undergo a five-year compound annual growth rate (CAGR) of 22.3%, from $13.2 billion in 2016 to up to $28.9 billion in 2020.
Somewhat unsurprisingly, the report states that the United States is expected to account for roughly 25% of global 3D printing revenues—it is after all one of the largest 3D printing industries. Combined, Western Europe, Asia/Pacific, and Japan will account for more than 50% of total global revenues between the 2015-2020 forecast period. The rest will largely be generated by the Middle East and Africa (MEA) as well as Central and Eastern Europe (CEE), some of the fastest growing regions in terms of 3D printing technology and industry. Despite this quick growth, the IDC still predicts that it will be Western Europe that will most closely compete with the U.S.’s revenue levels.
Christopher Chute, vice president of Customer Insights and Analysis at the IDC, commented: “As the 3D Printing market matures, major trends are no longer confined to North America. Regions like Western Europe and Asia/Pacific are driving stronger levels of spending across different industries.” In fact, according to the spending guide, over half of the geographic regions mentioned can expect to experience revenue growths of more than 200% by 2020.
The report also breaks down where most of the spending will go in terms of 3D printing applications. For instance, in 2016, automotive design and rapid prototype printing are meant to generate the most significant revenues (over $3.9 billion), while spending for aerospace and defense parts printing will also be considerable (nearly reaching $2.4 billion), as will tools and component printing.
Predicted changes over the forecast period include dental 3D printing rising in terms of spending (possibly even reaching third place), while medical implant and device printing, product creation and prototype printing, and prosthetics 3D printing will each generate revenues exceeding $1 billion. Healthcare 3D printing applications in general are expected to become much more significant by 2020, with revenues of over $3.1 billion. According to the IDC, this growth will largely be due to increased investments in the field by healthcare providers in the U.S. and Western Europe.
"Thanks to the broader variety of 3D printers and materials that can be used, and also to lower prices, 3D printing is becoming more sophisticated and devoted to newer uses,” explains Carla La Croce, an IDC research analyst. “In addition, existing use cases are increasing their market share…Moreover, the 3D revolution is discovering new market niches, and new uses will arise in the future. IDC identifies the healthcare sector as the one with the highest growth potential.”
Other significant areas of growth for spending within the 3D printing industry will come from 3D printer and material purchases (the IDC estimates 2/3 of total global revenues will be generated from this combined category). Pushed ahead by design prototyping and customized parts, CAD and 3D design software revenues, as well as on-demand parts services, are expected to triple over the forecast period.
The IDC, a recognized global provider of market intelligence, has put together its 3D printing spending guide to help assist IT decision makers by giving them insight into how spending and markets are expected to grow over the next five years.
Posted in Statistics
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