According to a report released last week by Canalys, an independent research firm, the industry is forecasted to grow a whopping 56% in total sales this year, reaching $5.2 billion, from $3.3 billion last year. Further, Canalys expects the industry to chart a CAGR (Compound Annual Growth Rate) of 44% from 2014 to 2019, with revenues surpassing $20.2 billion.The research firm also emphasized that the industry has benefited from improving printer speeds, availability of new materials, and the launch of new manufacturing methods.Revenue DriversOnce only theoretical, 3D printing’s potential to revolutionize manufacturing is fast becoming a reality.
Companies are now working on solutions that range from simple make-to-stock orders to complex, engineer-to-order production strategies. In fact, General Electric Company (GE – Analyst Report) just launched the first 3D-printed part for a commercial jet engine, which was certified by the US Federal Aviation Administration.
The trillion-dollar oil & gas industry is entering the space as a prospective end-market for 3D printing, while aerospace and defense are established users of the technology. Automotive and medical sectors will also prove to be formidable revenue drivers for the industry. Potential applications range from customized plastic items to difficult-to-find metal parts for cars and jet engines, as well as biomedical revolutions like 3D-printed tissue and organs.
Many new entrants and 3D Printing Start Ups are in the market as well. Which industry will they pick?