US 3D Printing industry to be worth $17.2bn by 2020

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3D which means 3 Demission, the concept is largely spreading on to almost every activity of life. Especially the printing industry around the world is revolutionized as the manufacturing methodologies have changed the path of business. The US printing industry for instance has completely revamped its operations into the 3D technologies as the ongoing progress is estimated to grow the industry to a whopping $17.2 bn by 2020.

3D Printing market on a roll in US and worldwide-

Growth of small and medium sized organizations within the industry backed by the government support has been a big factor for the increase of 3D printing business in the US. The printing segment of the industry is calculated to boost by 29% through 2015 to 2020 and touch a value of $6.4 bn. However survival in the printing business has been a big task as there are a number of 3D printers installed in households, small and mid size offices. This has been the prime reason for the constant decrease in prices of the services which has come down tremendously.

The service and maintenance section within the industry is looking up for a CARG of 22% to build a segment worth $3.46 bn in the following 5 years. Although the growth percentage is exceeding 20%; experts tag the segment as having the slowest growth OR the least growing one in the US 3D printing industry. The declining price of printing units is noted to be the reason for slow growth in the service and maintenance segment. It is noted that people prefer purchasing new printing units rather than going for fixing up the technical issues in the old ones.

Aerospace and automobiles are other business industries which actively practice 3D printing; the use of this technology has grown and is predicted to further spread in the upcoming years. The US aerospace sector alone contributed a CAGR of 3% for the period 2011-15. Going for further segmentation, the civil aviation put in a 6% whereas the space craft niche registered a record growth of 7% on an annual basis.

Further developments within the industry are largely expected and it is underway as scientists are researching on ways to develop spare parts which would help in on-site repair processes during emergencies.

“#Industrialmarket contributes around 93percent of global #3Dprinting market as of 2015”

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Both the aerospace and auto industries have increased the demand for 3D printing as they require heavy-duty equipments produced using light weight materials-this sort of producing equipments enable quick production method with minimal expenditure.

The USA 3D printing industry leads the most developed pack in the world. The global industry is worked up to be worth $49 bn with a CAGR of around 24% by 2025.