Digital fabrication technology facilitates rapid prototyping, making it easier for manufacturers to test product designs. Using 3D printing technology, engineers can create prototypes and customized products without incurring significant tooling costs. 3D printers provide an affordable and accessible way to transform digital files into physical objects. The global Digital Fabrication Market is estimated to be valued at US$ 38.01 billion in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Additive manufacturing is gaining increasing adoption across industries as it allows complex geometries to be achieved with ease. With 3D printing, complex internal designs can be printed layer-by-layer without the need for expensive tooling or molds. Companies are using 3D printing techniques to produce parts with optimized designs that reduce weight and improve performance. For example, additive manufacturing is being used to produce lightweight novel materials like metal foams for applications in the automotive and aerospace sectors. The advanced layer-by-layer process of 3D printing also reduces materials wastage. Increased R&D focusing on developing new 3D printing materials and multi-material 3D printers is expected to further drive the adoption of additive manufacturing.
Segment Analysis
The global digital fabrication market comprises 3D printing, additive manufacturing, and subtractive manufacturing. Among these, 3D printing is expected to dominate the market during the forecast period. 3D printing allows fast prototyping and production of complex geometries and offers design flexibility. The technology is widely used for manufacturing components across industries like automotive, aerospace and defense, healthcare, and consumer products.
Key Takeaways
The Global Digital Fabrication Market Size is expected to witness high growth during the forecast period owing to increasing demand from various industries. Regional analysis shows that North America currently dominates the market attributed to presence of major players and growing adoption of 3D printing technology across industries in the US and Canada. The Asia Pacific region is poised to witness the fastest growth on account of large manufacturing base in China and India and growing investments in industrial automation.
Key players operating in the digital fabrication market are Stratasys Ltd., 3D Systems Corporation, HP Inc., General Electric Company, Materialise NV, Proto Labs Inc., Voxeljet AG, ExOne Company, Autodesk Inc., Siemens AG, EOS GmbH, Renishaw plc, SLM Solutions Group AG, Carbon Inc., Desktop Metal Inc. Stratasys holds the leading position in the market owing to its wide range of 3D printing solutions targeting various industries. 3D Systems strengthened its position through acquisitions of other players to offer comprehensive additive manufacturing solutions.
The regional analysis shows that North America currently holds the largest share in the digital fabrication market owing to presence of major players and strongest adoption of 3D printing technology across industries in countries like the US and Canada. The Asia Pacific region is poised to register the fastest growth during the forecast period on account of large manufacturing base in China and India and growing investments in industrial automation by both industries as well as governments.
Key players operating in the digital fabrication market are focusing on new product launches, partnerships, and mergers and acquisitions to strengthen their market position. For instance, in June 2021, HP launched multi-material Jet Fusion 5200 Series 3D printing solutions to expand its industrial 3D printing portfolio. In the same month, Autodesk acquired Anthropic to enhance its AI capabilities for computer-aided design applications.
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