The 3D printing industry increased in value by 29% from 2011, reaching a total of $2.2 billion worldwide by the end of 2012.
Over the coming years the market has been estimated to witness an annual revenue growth rate of 20-25%, largely driven by the automotive, healthcare, aerospace and consumer markets.
3D printing technology is considered to be one of the fastest growing technologies with numerous uses and applications for 3D printers and services across different application sectors.
It has helped to revolutionise various industries such as medical, aerospace, consumer products and automotive.
3D printing is the process of making a three-dimensional solid object of virtually any shape from a digital model. 3D printing is achieved using an additive process, where successive layers of material are laid down in different shapes.
According to a recent market report, 'Global 3D Printing Market Opportunity Analysis,' with respect to opportunities for 3D printing technology in different application sectors, it has been noted that the automotive and aerospace sectors hold the highest share, followed by the healthcare and consumer sectors.
The automotive sector was one of the early adopters of 3D printing technology, using it to make prototypes and other experimental parts and for small-scale production runs.
The 3D printing industry has been witnessing a number of high profile company acquisitions in the recent past in a bid to enhance their in-house capabilities and activities.
Examples include GE Aviation acquisition of Morris Technologies, and 3D Systems Inc acquisition of Z Corporation. Such activities are expected to largely contribute to the massive growth of the technology and its penetration into a wide range of application sectors at a much faster pace.
For more information on the global 3D printing industry, see the latest research: 3D Printing Industry
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.