Rising Demand for 3D Printers Driving Growth

• 26 Dec 2023
• TM Team
• 0 Comments

The global printer market is on track to experience substantial growth, with an anticipated increase from $10.71 billion in 2022 to $11.37 billion in 2023, representing a compound annual growth rate (CAGR) of 6.1%. The market size is expected to reach $14.18 billion in 2027, maintaining a CAGR of 5.7%. This growth is attributed to the escalating demand for 3D printers, especially in industries ranging from automotive to consumer products.

Key Growth Drivers:
1. Rising Demand for 3D Printers:
• The printer market is witnessing significant growth due to the increased adoption of 3D printers. Companies across various industries are recognizing the benefits of 3D printing in production processes. For example, Shapeways Holdings, Inc., a US-based 3D printing marketplace, reported that 63% of firms expressed growing confidence in 3D printing at scale, with 87% attributing their 3D printing investments to supply chain disruptions caused by the pandemic. The advantages include higher labor productivity, increased asset utilization, and lower inventory costs.

Major Players:
Major players contributing to the printer market include Brother Industries Ltd., Seiko Epson Corp., Hewlett-Packard Company (HP), Canon, Ricoh, Samsung Electronics Co. Ltd., Konica Minolta Inc., Hitachi, Zebra Technologies, Lexmark International Inc., Printek LLC., Durst, Bixolon Co. Ltd., Fujitsu, Honeywell International Inc., Polaroid Corporation, Inca Digital Printers, Toshiba Tec Corporation, Kyocera Corp., Sharp Corp., Agfa and Gevaert, and Eastman Kodak Company.

Technological Advancements:
• The printer market is witnessing a trend of advancing technologies, with major companies focusing on developing innovative solutions. Sharp Electronics of Canada Ltd., for instance, introduced the BP Advanced and Essentials Multifunctional Printer Series featuring improved cloud service connectivity and native Microsoft Universal Print capability. These advancements aim to enhance communication and streamline print management.

Regional Dynamics:
• Largest Region: North America emerged as the largest region in the printer market in 2022.
• Fastest-Growing Region: Asia-Pacific is anticipated to be the fastest-growing region in the global printer market during the forecast period.