TAGS: 3D Printing Machinery
The global personal 3D printers market size was valued at $1.69 billion in 2020, and is projected to reach $5.44 billion by 2030, to register a CAGR of 13.50% during the forecast period published by Allied Market Research. North America is the leading contributor to the global personal 3D printers market in 2020, followed by Asia-Pacific and Europe.
3D Printers for Various Application Areas
3D printer is widely used for the replacement and repair of components into various application areas such as entertainment, architectural, fashion, medical, education, and others. The fashion and jewelry sectors are two booming sectors where 3D printing is being implemented for producing customized jewelry products. 3D printers in the fashion industry are gaining traction for sustainable fashion, as more designers and brands are beginning to seek sustainable methods to create their collections.
Many leading scale model makers as well as architectural firms have obtained the benefits of 3D printing in architecture. 3D printing allows architects to quickly test multiple design concepts and make iterations in the early phases of projects. This increases productivity and allows designers to recognize potential flaws. Hence, 3D printing technology is expected to penetrate into number of industries creating future opportunities for the 3D printers market.
The prominent factors that drive the growth of the personal 3D printers market include high demand for 3D printing in dental industry, government initiatives toward the adoption of 3D printing technology, and capability to offer customized products.
However, lack of skilled labor hampers its adoption, which is expected to pose a major threat to the global personal 3D printers market growth. Conversely, growing adoption of 3D printers in several industries are anticipated to create lucrative opportunities for the personal 3D printer industry.
Largest Contributors to Market Growth
Hardware segment was the largest contributor of revenue in 2020 and is expected to grow at a CAGR of 11.50% from 2021 to 2030. The hardware segment for 3D printers is evolving rapidly, as companies are constantly improving upon the available systems and developing entirely new hardware solutions. Fashion and Jewelry industry segment is the largest contributor of revenue in 2020 and consumes 25% market share. Increased consumer confidence in online shopping, larger internet penetration, faster shipping arrangements, and segmentation of consumer preference play an important role in the growth of the 3D printers in fashion & jewelry industry.
By region, the personal 3D printers market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The personal 3D printers market analysis had identified that North America contributed maximum revenue in 2020. The market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Factors such as high growth in applications of additive printing in medical, entertainment, fashion & jewelry, and other industry.
Source: Allied Market Research