The global 3D printing services market is growing fast
The 3D printing services market is expected to grow to $12.39 billion in 2027 according to Printing Services Global Market Report.
The global 3D printing services market will grow from $4.98 billion in 2022 to $6.11 billion in 2023 at a compound annual growth rate (CAGR) of 22.7%.
Asia Pacific was the largest region in the 3D printing services market in 2022. North America was the second largest region in the 3D printing services market.
The main service offerings of 3D printing service are tooling, parts production, software services, system maintenance, expert service. It is used for prototyping, tooling, functional parts manufacturing by various end users including consumer products, automotive, healthcare, aerospace and defense.
Reduction in manufacturing cost and process downtime contributed to the growth of the 3D printing services market. With the use of 3D printing for prototyping, companies can significantly lower the cost of developing new products. The minimal labor/workforce involved in this process also contributes to the low manufacturing costs. Due to 3D printing the manufacturing time can be reduced from months to days. For instance, to print a phone case it takes around 20 minutes, and similarly a 2*4 Lego can be printed in 4 minutes.
Intellectual property on printing anything which has property rights issues is considered unauthorized and subjected to an act of patent infringement. This factor hampers the growth of 3D printing service market growth.
Pharmaceutical companies can drastically improve the drug research and development (R&D) by 3D printing as the technology could even be used to print human organs and tissue. However, to print an organ one should buy the patent of the 3D building product code, which makes the product cost high. Therefore, intellectual property on printing products hampers the growth of the 3D printing service market.
Source: Reportlinker
