3D printing market to grow 23% annually

The foremost reasons for this expansion of include new and improved 3D printing technologies, a wider range of materials, government funding, broad application scope, and increased awareness of benefits of 3D printing over traditional techniques (injection moulding and CNC machining). 

According to MarketsandMarkets report, the 2014 expiration of patents with respect to selective laser sintering (SLS) will to provide a further impetus to the growth of the 3D printer market. As of 2013, the Americas hold the largest revenue share in 3D printer machines, materials, and related services, followed by Europe. However, Europe is also expected to surpass Americas in terms of the 3D printing market revenue by 2020. 

However, Asia Pacific is the fastest growing and most promising market for 3D printing due to high industrial growth, technological awareness, supportive government policies, and financial investment by the governments in R&D. The major companies operating in this market are 3D Systems, Stratasys, Arcam AB, Exone, and others. 

Other driving factors for the 3D printing market are the ease in the manufacturing of low volume production of complex geometry components, and rapid manufacturing of customized products with regards to various applications such as aerospace, automotive, consumer and healthcare.