3D Printer Industry Predicted to Grow in 2014
According to a recent report from IBISWorld, the 3D printer manufacturing industry will continue to grow in 2014 and beyond.
The 3D printer manufacturing industry is expected to grow at an average annual rate of 22.8 percent and total $1.4 billion in revenue for the five-year period from 2009 through 2014, according to research published by industry analysis provider IBISWorld. Although revenue declined by 10.5 percent in 2009 due to recession-related drops in demand, it bounced back in 2010 with 18.2 percent growth. In 2014, revenue is expected to grow an additional 19.2 percent.
According to the February 2014 report, demand for 3D printers will increase in the future as a growing variety of industries adopt the technology. Prototypes and customizable products will continue to be common uses of 3D printing, but in a wider range of industries and applications. For instance, 3D printers are increasingly being used to create customized medical devices such as hearing aids and dental implants, and future applications for 3D-printed organs and blood vessels are in development. According to the report, another area of growth will be hobbyists purchasing lower-priced 3D printers for home use as their increased attainability drives up demand.
From 2014 to 2019, the industry is expected to grow by 15.7 percent, as 3D printers gain popularity and more customers from a range of industries begin to use the technology. IBISWorld predicts that industry revenue will reach $3 billion by 2019.
The full report is available for purchase at ibisworld.com/industry/3d-printer-manufacturing.html.
IBISWorld, call 800-330-3772 or visit ibisworld.com.
