Personal 3D printers market to reach $5.44 billion by 2030

Personal 3D printers have been on the rise for quite some time now, as their uses have been leveraged in a plethora of ways to produce anything from dental supplies to 3D figurines; this goes to show the versatility of the technology.

According to a new report by MarketsandMarkets, the global personal 3D printers industry was estimated at $1.69 billion in 2020, and is anticipated to hit $5.44 billion by 2030, registering a CAGR of 13.50 percent from 2021 to 2030.

Drivers, Restraints, And Opportunities

Increase in demand for 3D printing in the dental industry and rise in government initiatives toward the adoption of 3D printing technology drive the growth of the global personal 3D printers market. On the other hand, lack of skilled labor impedes the growth to some extent. However, growing adoption of 3D printers in several industries is expected to create lucrative opportunities in the industry.

The COVID-19 Impact

The global health pandemic disrupted production processes gave way to shortage of raw materials needed to manufacture personal 3D printers. Also, there was a sharp decline in demand for 3D printers from industries such as entertainment, education, photography etc, the report highlighted.

“Also, reduction in various capital budgets and delay in planned projects in various industries hampered the market growth, especially during the first phase of the lockdown. However, the global situation is being ameliorated slowly and steadily, and the market is projected to recoup soon,” the report authors mentioned.

The Hardware Segment to Dominate by 2030

Based on type, the hardware segment contributed to more than half of the global personal 3D printers market share in 2020 and is expected to maintain the lion’s share by the end of 2030. The hardware sector for 3D printing is evolving rapidly, as companies are constantly improving on the available systems and developing new hardware solutions.

The software segment, on the other hand, would cite the fastest CAGR of 16.20 percent during the forecast period. This is because 3D printing software is one of the most scalable, efficient, and consistent software and it plays a key role in almost every process of manufacturing.

The Plastics Segment to Maintain the Dominant Share

Based on materials, the plastics segment held more than one-third of the global personal 3D printers market revenue in 2020 and is projected to lead the trail by 2030. Growing environmental concern has led to increase in use of plastics derived from renewable materials such as Polylactic Acid (PLA), the report found.

“Due to their low cost, ease of manufacture, versatility and water resistance, plastics are used in a multitude of products and sectors. Simultaneously, the metals segment would manifest the fastest CAGR of 13.50 percent from 2021 to 2030,” the authors explained.  

Factor such as increasing print speed and technological advancements in several industries propel the segment growth.

North America Garnered the Major Share in 2020-

Based on region, North America generated the highest share in 2020, garnering nearly two-fifths of the global personal 3D printers market, owing to surge in initiatives of the American governments for the development of 3D printing and funding for R&D in this province.

At the same time, the market across Asia-Pacific would cite the fastest CAGR of 15.50 percent from 2021 to 2030, due to growth in applications of additive printing in medical, entertainment, fashion & jewelry, and other industries, the report said.

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