Sensor Fusion Industry worth $18.0 billion by 2028

 The report "Sensor Fusion Market by Algorithms (Kalman Filter, Bayesian Filter, Central Limit Theorem, Convolutional Neural Networks), Technology (MEMS, Non-MEMS), Offering (Hardware, Software), End-Use Application and Region - Global Forecast to 2028" The sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period. The market growth is attributed to the increasing demand for integrated sensors in smartphones and increasing demand for smart homes and building automation. Furthermore, the growing demand for advanced driver assistance systems (ADAS) and the deployment of autonomous vehicles is expected to create lucrative opportunities for the market.

Consumer Electronics end use applications accounted for a larger share of the sensor fusion market in 2023.

The consumer electronics segment is a major market for sensor fusion. A a wide range of consumer electronics devices use sensors, including smartphones, tablets, wearables, and gaming equipment. Sensor fusion technology is used in these devices to provide logically fused data from different sensors for various applications such as gesture recognition, image stabilization, navigation, and motion-based gaming.

Software is expected to grow at the highest CAGR in the forecast period.

The software segment is expected to grow at a higher CAGR during the forecast period. Sensor fusion software can be used in various applications, including robotics, autonomous vehicles, and virtual reality. In robotics, sensor fusion software combines data from sensors such as cameras, lidars, and sonars to create a more accurate representation of the environment, The robots can then use this information to navigate their surroundings and perform tasks. The process of sensor fusion can be implemented using AI-based and non-AI-based software.

Asia Pacific market accounted for the highest CAGR in the sensor fusion market during the forecast period.

Asia Pacific is projected to dominate the market and record the highest CAGR during the forecast period due to the increasing sensor fusion applications in several verticals, such as consumer electronics, autonomous vehicles, and medical. The market growth in the region is also expected to be driven by the increasing demand for sensor fusion in China, Japan, and India and for the growing use of sensor fusion in autonomous vehicle applications. China is expected to be the largest market for sensor fusion in the Asia Pacific. The reason for the highest growth for the sensor fusion market in APAC is that this region is one of the largest manufacturing hubs for consumer electronics and automobile production in the world, and the growing integration of sensor fusion systems in consumer electronics and automobile application systems will boost sensor fusion market in this region.

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Key players

Key players in the sensor fusion market include STMicroelectronics (Switzerland), InvenSense, Inc. (US), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (US), Renesas Electronics Corporation. (Japan), Amphenol Corporation (US), Texas Instruments (US), and Qualcomm Technologies, Inc. (US), among others.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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Display Industry worth $187.8 billion by 2028

 The report "Display Market by Display Technology (LCD, OLED, Micro-LED, Direct-view LED), Panel Size (Microdisplays, Small & Medium-sized Panels, Large Panels), Product Type (Smartphones, Television Sets, Wearables), Vertical, and Region - Global Forecast to 2028" The display market is expected to reach USD 187.8 billion by 2028 from USD 157.8 billion in 2023, at a CAGR of 3.5% from 2023 to 2028.The major factors driving the market growth for displays include surging adoption of OLED displays in various applications, increasing use of LED displays for video walls, TVs, and digital signage applications, increasing applications of displays in automotive and healthcare industries, and growing popularity of interactive displays.

LCD to account for the largest share of the display market during forecast period.

LCD displays have been extensively used in display devices over the last few decades. Currently LCDs are mainly used in retail, corporate offices, industries, and banks. The LCD segment accounted for the largest market share in 2022 and was a relatively mature segment. However, the LCD market is expected to witness a decline during the forecast period. High competition from newer and advanced technologies such as OLED and micro-LED, disruption in the demand and supply ratio of LCD displays, and gradual decline in average selling prices (ASPs) of LCD panels globally are some of the major factors contributing to the decline of the LCD market globally. In recent years, technologies such as OLED and micro-LEDs are expected to witness significant growth and increased adoption in smart wearables, smartphones, and television sets.

Microdisplays register the highest CAGR in the display market during forecast period.

Microdisplays are microminiaturized displays with a diagonal size of less than 1 inch. They are manufactured using display technologies such as liquid crystal display (LCD), liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), and digital light processing (DLP). Their compact design allows them to be used in various applications where space is limited such as head-mounted displays and digital cameras. The microdisplay segment is expected to register the highest CAGR during the forecast period. The growing demand for augmented reality (AR) and virtual reality (VR) head-mounted displays (HMDs) is a major factor driving the market growth for microdisplays globally.

Asia Pacific to dominate the display market during the forecast period.

Asia Pacific is expected to account for the largest share of the display market during the forecast period. Presence of established display panel and display device manufacturers such as Samsung Electronics Co., Ltd., LG Display Co., Ltd., BOE Technology Group Co., Ltd., etc.; increasing government investments in retail and education sectors; cost-effective manufacturing environment; and constantly growing demand for consumer electronics products such as smartphones and television sets are the major factors contributing to the market growth of Asia Pacific. The region comprises major economies such as China, Japan, South Korea, and Taiwan. The region influences the global display market as a majority of display panels are manufactured in South Korea, China, Taiwan, and Japan.

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The report profiles key players such as Samsung Electronics Co., Ltd. (South Korea), BOE Technology Group Co., Ltd. (China), LG Display Co., Ltd. (South Korea), AUO Corporation (Taiwan), Innolux Corporation (Taiwan), Sharp Corporation (Japan), Japan Display Inc. (Japan), Sony Group Corporation (Japan), Leyard Optoelectronic Co Ltd (China), Qisda Corporation (Taiwan), and Via Optronics AG (Germany).

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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Isostatic Pressing Market Size, Share, Industry Report, Revenue Trends and Growth Drivers

 The global Isostatic pressing market is expected to grow from USD 8.1 billion in 2023 to USD 11.7 billion by 2028, registering a CAGR of 7.6%. The isostatic pressing industry is witnessing significant growth driven by several factors, including an increasing need for intricate components, advancements in material science, emphasis on precision and quality, go for efficiency and cost-effectiveness, expanding industrial applications, technological progress, and the requirement to meet rigorous quality and performance standards. Collectively, these factors are driving the growth of isostatic pressing as it continues to meet the evolving demands of various industries.

Driver: Growing Emphasis on the Combination of Hot Isostatic Pressing (HIP) With Other Heat Treatment Processes

The HIP and heat treatment processes in a conventional practice are carried out at different facilities, where the parts have to be loaded and unloaded into process vessels twice and shipped from one facility to another, which consumes time. Thus, combining HIP and other heat treatment processes in a single and integrated unit can help reduce energy consumption and meet the components' delivery time. The constant improvements in HIP equipment from the 1970s have led to advanced processing options, such as rapid cooling capability and automatic processing. For instance, processes such as HIP, additive manufacturing, and spark plasma sintering can be used as a single unit to create high-integrity, near-net-shaped parts from metal powder while reducing processing costs and energy consumption.

Some of such combined techniques are used in the aerospace industry. However, their implementation has yet to be commercialized for civil nuclear applications. The Nuclear Advanced Manufacturing Research Centre (AMRC) (UK) is planning to invest in industry-led projects to assess the potential of these processes in the civil nuclear sector. The organization has designed a strategy to commercialize such promising techniques for production processes.

Restraint: Requirement of high initial investments

The market for isostatic pressing necessitates a significant initial investment due to the need for advanced machinery, specialized technologies, and high-pressure vessels. Establishing an isostatic pressing facility involves substantial costs associated with acquiring equipment, implementing safety measures, and ensuring proper training and maintenance. This initial investment acts as a barrier to entry for new entrants and contributes to a competitive landscape dominated by established companies. However, despite the high initial costs, the potential for long-term benefits, such as market growth and the ability to meet the increasing demand for high-quality components, justifies the investment in isostatic pressing.

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Opportunity: Growing demand for low-cost titanium and its alloys in the automotive industry.

Titanium and its alloys are light in weight, corrosive resistant, and feature high strength, which makes them ideal for use in various automobile applications. The increasing focus on the light weighing of automobiles has encouraged manufacturers and designers to use titanium tubes and titanium-welded tubes. However, the cost of titanium is the main drawback associated with using this metal. Therefore, the manufacturers are looking forward to developing new innovative ways to produce low-cost titanium for different automobile applications. Hence, the HIP processes decrease the manufacturing cost of titanium alloys and other PM superalloys by ensuring lower manufacturing time and cost than conventional processes. This cost-related benefit is expected to fuel adopting HIP systems in titanium alloy manufacturing for the automotive industry and soon create lucrative opportunities for market players.

Challenge: Limited size and shape capabilities of Isostatic Pressing

Isostatic pressing is typically best suited for small to medium-sized parts. More significant parts can be difficult to manufacture using this process because it requires large equipment, which can be expensive to purchase and maintain. Isostatic pressing is best suited for parts with simple geometries. More complex shapes can be difficult to manufacture using this process. This is because the powder must be evenly distributed in the mold, which can be challenging to achieve with complex shapes. The tooling cost required for isostatic pressing can be significant, particularly for parts with complex shapes. This can make the process less cost-effective for parts with irregular shapes. The thickness of the part can also be a limiting factor for isostatic pressing. Parts that are too thick can be difficult to manufacture using this process because the powder may not be able to be evenly distributed in the mold.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Quantum Photonics Industry worth $3.3 billion by 2030

 The report "Quantum Photonics Market Size by Offering (Systems, and Services), Application (Quantum Communications, Quantum Computing, and Quantum Sensing & Metrology), Vertical (Banking & Finance, Agriculture & Environment) and Region - Global Forecast to 2030" The quantum photonics market size is valued at USD 0.4 billion in 2023 and is anticipated to be USD 3.3 billion by 2030; growing at a CAGR of 32.2% from 2023 to 2030. The key factors contributing to the growth of the quantum photonics market include rising demand for secure communication, and growing investment in quantum photonics computing. Furthermore, the growth is being fueled by the potential for quantum supremacy.

Services hold the second largest market share during the forecast period.

Cloud-based quantum photonics services utilize the power of quantum photonics to perform complex tasks such as optimization, simulation, and data analytics. Leading providers of quantum photonics services include Xanadu (Canada), and Quandela (France). Quantum photonics technology enables the creation of qubits that can exist simultaneously in multiple states, resulting in greater computing power than traditional computers that use classical bits. Qubits can be manipulated and controlled using photonics, making quantum photonics a promising technology for solving complex problems. Despite being in its early stages, quantum photonics is experiencing significant advancements and is poised to revolutionize various industries.

Quantum computing is expected to grow at the fastest rate during the forecast period.

With its ability to perform complex calculations beyond classical computers, quantum computing experiences significant growth in the field of quantum- photonic technology. By leveraging the unique properties of photons, such as their ability to encode and manipulate quantum information, quantum- photonic systems offer advantages-in-quantum-computing and communication. The ability to manipulate qubits- using photons enables highly efficient and scalable quantum computing systems. Moreover, the integration of quantum- photonics-in-quantum-computing holds the potential for developing highly-secure- communication systems based on the principles of quantum mechanics. As a result, the quantum- computing segment is expected to grow rapidly as it unlocks new possibilities in computational power-and- secure communication.

Banking & finance is expected to hold the larger share during the forecast period.

The banking & finance sector is expected to dominate the quantum photonics market during the forecast period. Several growth factors contribute to this trend, including the ability of quantum photonics to enable real-time data analysis, secure financial transactions with advanced encryption algorithms, detect and prevent fraud, improve investment decisions through data-driven insights, and provide accurate credit risk assessments. These factors drive industry adoption and foster innovation in the sector as financial institutions seek to leverage the potential of quantum photonics to enhance efficiency, security, and decision-making in their operations.

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Asia Pacific to grow at the fastest CAGR during the forecast period.

The Asia Pacific region is expected to grow at the fastest CAGR in the quantum photonics market during the forecast period. Many Asian countries, notably China, Japan, South Korea, Singapore, and Australia, invest heavily in quantum technology R&D through government-funded projects. These projects are focused on boosting quantum photonic computing R&D, helping stimulate innovation in the sector. In addition, the Asia Pacific region is investing in education and training initiatives to produce the next generation of quantum technology researchers and professionals. Universitiesersities and research institutes here provide specialized programs in quantum technology and related subjects, preparing students to contribute to the progress of the quantum photonic computing sector.

Toshiba (Japan), Xanadu (Canada), Quandela (France), ID Quantique (Switzerland), ORCA Computing (UK), and PsiQuantum (US), are the major players in quantum photonics market. These players have implemented various strategies to extend their global reach and enhance their market share.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Isostatic Pressing Industry worth $11.7 billion by 2028

 The report "Isostatic Pressing Market by Offering ( System, Services), Type (Hot and Cold), HIP Capacity (Small, Medium, & Large), CIP Process (Wet & Dry), Industry (Automotive, Aerospace, Medical, Manufacturing) and Geography - Global Forecast to 2028" The global Isostatic pressing market is expected to grow from USD 8.1 billion in 2023 to USD 11.7 billion by 2028, registering a CAGR of 7.6%. The isostatic pressing market is driven by the demand for high-quality and reliable components, the growth of precision machine manufacturing, and advanced manufacturing solutions. The growth of the aerospace, medical, automotive, and energy industries and the need for enhanced mechanical properties are also key factors. Furthermore, developing new materials and alloys is another important driving factor for the growth of isostatic pressing in the forecast period.

The services segment is expected to register a higher CAGR during the forecast period.

The market for isostatic pressing services is growing due to the rising demand for lightweight and high-performance components in the aerospace, defense, medical, automotive, and energy industries. Also, these industries require intricate components with precise specifications and complex shapes. Isostatic pressing services provide a practical solution for manufacturing these components as they can handle complex geometries and produce near-net shape parts. The increasing demand for such components fuels the adoption of isostatic pressing services.

Large-sized hot isostatic pressing to record the highest CAGR during the forecast period.

The growth of the large hot isostatic pressing market has been mainly attributed to the increasing demand for Critical Components. The aerospace, power generation, and automotive industries, among others, require large-sized critical components that operate under demanding conditions. Hot isostatic pressing (HIP) provides an efficient solution for manufacturing these components, ensuring high-density materials, defect elimination, and enhanced mechanical properties. The increasing demand for these crucial components is propelling the growth of the large-size HIP market.

Precision machine manufacturing to hold the largest market share in the year 2022.

Isostatic pressing systems are widely involved in precision machine manufacturing as they can achieve consistent pressure distribution, accommodate intricate geometries, enhance material density for high-density materials, and ensure reliability and uniformity. Also, it reduces the need for extensive machining and enhances material properties. These benefits collectively increase the demand for isostatic systems to produce precise, reliable, and superior-quality components in precision machine manufacturing.

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Asia Pacific is expected to grow at the highest CAGR in the isostatic pressing market from 2023 to 2028.

The Asia-Pacific region has experienced substantial industrialization and economic growth in recent decades, resulting in a surge in manufacturing activities across various sectors such as automotive, aerospace, and electronics. This expansion has created a heightened demand for isostatic pressing to meet the manufacturing requirements of these rapidly growing industries. The Asia-Pacific region is a prominent center for electronics manufacturing, with significant participation from countries like China, Japan, and South Korea. sGiven the electronics industry's need for precise and intricate components, isostatic pressing techniques have become vital in production. Consequently, the region's flourishing electronics manufacturing sector has increased demand for isostatic pressing.

 

Key players operating in the Isostatic pressing market include Kobe Steel, Ltd. (Japan), Bodycote (UK), Kennametal, Inc. (US), Nikkiso., Ltd. (Japan), DORST Technologies GmbH & Co. KG (Germany), American Isostatic Presses, Inc (US), EPSI (US), Pressure Technology, Inc. (US), Shanxi Golden Kaiyuan Co., Ltd. (China) in the Isostatic pressing market.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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HVAC System Market Revenue Trends and Growth Drivers - 2028

 

The global HVAC system market in terms of revenue was estimated to be worth USD 206.3 billion in 2023 and is poised to reach USD 280.1 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.

The rising need for energy-efficient and sustainable buildings is expected to propel the growth of the HVAC system industry during the forecast period. Residential, commercial, and industrial buildings use heating, cooling, or climate control technologies to obtain thermal comfort and satisfactory indoor air quality. Variations in climatic changes have led to the growing demand for cooling and heating systems. Long-term climate change is the major reason for the increased energy consumption to meet the cooling demand from buildings, which increases the load on air conditioners. The energy consumed by this equipment varies according to the ambient temperature and humidity conditions.

Driver: Rising constructions activities in residential and industrial sectors

The construction sector is a major driving force behind the growth of the HVAC industry. The demand for HVAC systems has been increasing in both residential and industrial sectors, driven primarily by the surge in construction activities. The global construction industry has witnessed significant growth in recent years due to rapid urbanization, population growth, and industrialization.

In the residential sector, the increasing demand for housing units has led to the construction of new homes and apartments, thereby driving the demand for HVAC systems. As people spend most of their time indoors, it has become essential to maintain indoor air quality, which can be achieved by installing HVAC systems. HVAC systems also provide heating and cooling solutions that enhance the comfort levels of the occupants. Moreover, HVAC systems are designed to be energy efficient, which can help residents save money on their energy bills. Newer systems are often equipped with features like programmable thermostats and energy-efficient components that can help reduce energy consumption.

Restraint: High maintenance, repair, and installation costs for HVAC systems

According to consumer groups and HVAC industry consultants, 90% of air conditioners and furnaces are improperly sized and installed. The study also states that airflow is key in comfortable indoor environments. Very rarely does a builder put in enough return air vents to support the system they install, especially with new construction. The high cost of maintenance is also a major restraint for HVAC systems. Regular maintenance is essential to keep the system operating efficiently and prevent breakdowns, but this requires trained professionals and specialized equipment. Neglecting maintenance can lead to system failures, which can be costly to repair or replace. The cost of replacement parts also contributes to the high maintenance costs for HVAC systems. Replacement parts for HVAC systems can be expensive, making repairs costly. Furthermore, the availability of replacement parts can be an issue, particularly for the older HVAC system.

Opportunity: Rapid transformation of IoT within HVAC industry

The Internet of Things (IoT) has been transforming various industries over the past few years, and the HVAC industry is no exception. In the HVAC industry, IoT technology has enabled the development of smart HVAC systems that can be remotely controlled, monitored, and managed through a centralized system. The rapid transformation of IoT within the HVAC industry presents several opportunities for growth and development. Firstly, IoT-enabled HVAC systems provide real-time data on energy consumption, temperature, humidity, and other environmental factors, enabling more accurate and efficient HVAC system control. This data can be used to optimize HVAC system performance and reduce energy consumption, leading to cost savings for building owners and operators.

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Challenge: Lack of awareness about benefits of HVAC systems in developing countries

One of the main reasons for the lack of awareness is the limited availability of information and education about HVAC systems in many developing countries. This is due to governments and private organizations' inefficient investment in HVAC infrastructure and training programs. As a result, many people in these countries do not have access to the knowledge and resources needed to make informed decisions about HVAC systems. Another challenge is the affordability of HVAC systems in developing countries. Many people in these countries cannot afford the high initial cost of purchasing and installing HVAC systems, which can be a major barrier to adoption. In addition, the lack of government incentives or financing options for energy-efficient HVAC systems further exacerbates this challenge.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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3D Printing Market Revenue Trends and Growth Drivers

 The global 3D printing market in terms of revenue was estimated to be worth USD 15.0 billion in 2023 and is poised to reach USD 34.5 billion by 2028, growing at a CAGR of 18.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.

Effortlessness in development of tailored products, reduction in manufacturing cost and process downtime, government investment in additive manufacturing-based projects globally, and availability of wide variety of industrial-grade 3D printing materials are the few driving factors for the growth of 3D printing industry.

Driver: Global government investment in 3D printing projects

Globally, governments are undertaking initiatives and funding educational institutions, research centers, and research and technology organizations to explore further the opportunities provided by 3D printing technology and encourage its development. The US, the UK, and Canada have implemented national programs for promoting university-level 3D printing research, driving technology advancement and the establishment of start-ups. The emergence of new applications for 3D printing has attracted industrialists and governments worldwide toward the technology. For instance, the UK National Strategy for Additive Manufacturing 2018–2025 aims to achieve EUR 3,500 million gross value added (GVA) per year by 2025 and 60,000 jobs across sectors. The strategy depicts a full set of recommendations developed by workgroups responsible for certain themes.

Restraint: Lack of standardized testing methods to verify mechanical properties of 3D printing materials and high cost of raw materials

More raw materials are available for traditional manufacturing than for 3D printing-based manufacturing processes. 3D printing of products with mixed materials and technology, such as circuit boards, is still under development. Though the technology is a major process breakthrough, the materials that can be used are still limited. Also, the accuracy and reproducibility of the products formed by 3D printing are hampered due to the lack of standardized tests to verify the mechanical properties (strength, toughness, stiffness, and hardness) of the materials used. Another concern is characterizing material properties depending on their suitability in 3D printing. Various available materials have characteristic mechanical properties, porosity, powder composition, particle homogeneity, size, and morphology. Therefore, material characterization and standardization for 3D printing are some of the important issues.

Opportunity: Emerging applications of 3D printing technology in automotive, printed electronics, jewelry, and education fields

3D printing technology is increasingly adopted in industrial manufacturing, especially in the automotive, aerospace, and defense industries. 3D printing has potential opportunities in tooling, jigs and fixtures, injection molding, and production parts manufacturing. 3D printing technology is in an early stage of development across several sectors, such as printed electronics, textiles, footwear, and food and culinary; however, it is experiencing significant adoption from the education, art and architecture, and jewellery industries. The market has been experiencing the advancement of printers and printing technologies, improvement in printing materials, and the development of a skilled workforce. The advancements in printing technology, design tools, software, materials, and printed electronics will allow electronics to be embedded within the structure of the products instead of mounting the printed circuit boards (PCBs) separately within the device. 3D printing finds potential opportunities to eliminate PCBs and produce hearing aids, structural electronics, print sensors, cell phone antennae, batteries, solar cells, light-emitting diodes, and other active and passive devices.

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Challenge: Decline in sales of 3D printing devices due to recession impact

During a recession, companies and individuals may reduce their spending on non-essential items such as 3D printers, which could decrease the demand for 3D-printed products. Companies using 3D printers may delay their plans to adopt newer technologies due to financial uncertainty, which could slow down the growth of the 3D printing market. Established players in the 3D printing market may witness a decline in their annual revenues at the end of FY2023 due to the recession. Customers from emerging markets will be looking for low-cost 3D printers, which could increase the competition among established players.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook