IDC Forecasts Global Spending on 3D Printing to Reach $23 Billion in 2022

International Data Corporation (IDC) forecasts in a recent report that the worldwide spending on 3D printing (hardware, software, materials and services included) will grow to $23 billion in 2022 with a 5-year compound annual growth rate (CAGR) of 18.4%. IDC forecasts that the global spending will surpass $14 billion in 2019, a 23.2% increase compared to that of 2018.

According to the latest update to IDC Worldwide Semiannual 3D Printing Spending Guide, the combined spending on 3D printing for Western Europe, Central and Eastern Europe will have a 5-year CAGR of 15.3%, with revenues reaching $7.4 billion in 2022. Western Europe accounted for 83% of total European 3D printing revenues in 2017 and will continue to be the largest contributor in the wider European area, increasing at a CAGR of 14.4% for 2017-2022. Central and Eastern Europe will be the fastest growing region, but with a CAGR of 19.1% for 2017-2012.

(Source: IDC Worldwide Semiannual 3D Printing Spending Guide)

3D printers and materials together will account for approximately 2/3 of the total global spending, reaching $7.8 billion and $8 billion in 2022 respectively. Services spending will reach $4.8 billion in 2022, led by on-demand parts services and system integration services.

The United States will be the region with the largest spending at $5.4 billion in 2019 followed by Western Europe at $4 billion. The two regions together will deliver roughly 2/3 of all 3D printing spending throughout the forecast. China will be the 3rd largest region with over $1.9 billion in spending, followed by Asia/Pacific (Japan excluded), Central and Eastern Europe (CEE), the Middle East and Africa (MEA).

According to IDC, the 3D printing market is quickly evolving, with the European market continuing to maintain good momentum and the year 2018 proving to be a turning point.

Just as Julio Vial, research manager at European Imaging, Printing and Document Solutions, IDC, said: “3D printing has the potential to expand the manufacturing industry, shift distribution locally, and implement on-demand production, lowering unnecessary inventories and shipping costs. It will enable mass customization and printing of various products while cutting down costs and recycling excess printer powder. Product weight can be reduced as well, and fewer tools will be required because 3D printers can replace some of them.”

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Post time: Aug-05-2018