“The industry is experiencing change that we have not seen in 20+ years.”
The market for 3D printing, consisting of all products and services worldwide, grew to $3.07 billion last year, according to a new report from Wohlers Associates Inc.
The compound annual growth rate (CAGR) of 34.9 percent is the highest in 17 years, according to the report; the growth of worldwide revenues over the past 26 years has averaged 27 percent, and the CAGR for the past three years (2011–2013) was 32.3 percent.
Wohlers Associates believes the 3D-printing industry will continue strong growth over the next several years. It will be fueled by sales of under-$5000 “personal” 3D printers, as well as the expanded use of the technology for the production of parts, especially metal, that go into final products.
“The industry is experiencing change that we have not seen in 20+ years of tracking it,” says Tim Caffrey, senior consultant at the company and one of two principal authors of the new report. “What's most exciting is that we have barely scratched the surface of what's possible.”
Wohlers Report 2014 is a comprehensive study covering all aspects of 3D printing, including its history, applications, processes, materials, and manufacturers. It covers developments in R&D, investment, collaborative activities in government, academia, and industry, and summarizes the state of the industry from around the world. The 276-page annual study sells for $495.