Major players in the 3D printing services market are 3D Systems Corporation, Stratasys, Materialise NV, ExOne, Arcam, ProtoLabs-3D Rapid Prototyping Company, HP Inc., SLM Solutions Group, and ARC Group Worldwide.
The Global 3D Printing Services Market is expected to decline from USD 5.49 billion in 2019 and to USD 5.28 billion in 2020 at a compound annual growth rate (CAGR) of -3.87%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 10.45 billion in 2023 at CAGR of 25.57%.
The 3D Printing service market consists of services provided by 3D printing service providers to companies in any of the forms of 3D printed parts, rapid prototyping, components produced by 3D printers, and related services such as software upgrades and maintenance.
North America was the largest region in the 3D printing market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
3D printing Services providers are implementing Cloud-based 3D printing services. Cloud-based 3D printing management platform can be used by any individual, enterprises, schools, and service bureaus to render, fix, store 3D design securely and stream 3D design to the 3D printer with complete data tracking and analytics.
The 3D Printing service market covered in this report is segmented by service offering into tooling; parts production; software services; system maintenance; expert service and by end user into consumer products; automotive; healthcare; aerospace & defence.
Intellectual property on printing anything which has property rights issues is considered unauthorized is subject to an act of patent infringement. This factor hampers the growth of 3D printing service market growth. In 3D printing market, the products which are available to print are less. 3D printing products are widely used in the health care industry. 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, that makes the product cost high. Therefore, intellectual property on printing products hampers the growth of the 3D printing service market.
In January 2017, the US-based 3D printers manufacturer and service provider, 3D systems acquired Next Dent for an undisclosed amount. Next Dent is 3d printing provider of dental materials and services provider.
Reduction in manufacturing cost and process downtime contributed to the growth of the 3D printing services market. 3D printing technology helps companies greatly reduce their manufacturing costs, reduce downtime and minimize waste. 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. Therefore, reduction in manufacturing costs and process downtime increased demand for the 3D printing services market.
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Ankur Gupta, Head Marketing & Communications