Additive Manufacturing Receives Boost from Government Funding and Technological Advancements, says Market.us

Market revenue growth will be driven by several factors including ease of manufacturing complex designs, the development of new technologies and materials, increased government funding for additive manufacturing, and lower production costs.

According to Market.us, “The Additive Manufacturing Services Market is projected to reach a valuation of USD 90.83 Billion by 2032 at a CAGR of 20.7%, from USD 13.84 Billion in 2021.”

Asia Pacific is poised to experience remarkable growth. Over the forecast period, the region’s market will grow at the highest rate of CAGR. The continued development and upgrades of the regional manufacturing industry can explain the market’s growth. Asia Pacific is becoming a manufacturing center for the automotive, healthcare, and consumer electronics industries. Over the forecast period, rapid urbanization will also play a key role in driving three-dimensional printing adoption across the region.

Anurag Sharma, a senior research analyst at Market.us, said, “Market growth is due to the increased adoption of metal additive manufacturing technology in many industries, including the dental industry, aerospace industry healthcare, and academic sector.”

The global market for additive manufacturing has suffered severe damage from the COVID-19 pandemic. As part of efforts to stop the spread of coronavirus, various governments around the world imposed lockdowns and restrictions on the movement of people and goods. This disrupted logistics and supply chains caused a shortage of workers, and adversely affected the production of additive-mapping printers. These restrictions and lockdowns hampered the market’s growth in Q1/2020 and Q2/2020.

The market for consumer electronics is set to increase due to increased demand. Additive manufacturing is a process where objects are created layer by layer. This makes them extremely light and stable. These wearable devices are in high demand. The forecast period will see an increase in demand for additive manufacturing solutions due to the increasing interest in consumer electronics, smart watches, smartphones, video game consoles, and mixed reality devices.

Phone Skope, a leader in the industry, used an additive manufacturing process that was photo-centric to create custom-molded adapters. The consumer technology association predicts that there will be an increase in retail sales of EU S tech industries. This will also mean that the demand for consumer electronics and appliances will continue to rise.

Hardware production has increased due to increasing demand. The demand for hardware in India is expected to rise to dollars 400 billion due to the increased demand. In many countries, such as India and the USA, there is a rise in demand for consumer electronics. Market growth will also be driven by the use of 3D printing technology to create new methods and integrate for high-precision production of new, high-performance electronic gadgets.

Nano dimension partnered with Fraunhofer Institute for Manufacturing Engineering and Automation. This collaboration will help to develop and produce new freeform 3D printing methods and gather procedures for the manufacture of electromechanical systems. Innovation is a key driver for many businesses using metal additive manufacturing technologies. These technologies are ideal for creating bespoke components and for rapid prototyping. It can also be used to create geometrical figures that are difficult or impossible with conventional technologies.

Metal power bed fusion technology is widely used today for additive manufacturing of high-performance components. The cost of metal additive manufacturing is lower. Common materials include industrial-quality printers that are affordable. Because it takes very little time, prototyping is easy. The cost of an additive manufacturing prototype is relatively low.

Julie, a mold is required to produce thousands of products of the same type. This technology will make it possible to do this in a shorter time. Small-batch additive manufacturing companies gain a lot from the additive manufacturing market. In traditional manufacturing, there is often a large warehouse that contains many parts. The additive manufacturing technology, however, has a virtual inventory.

It is possible to print the information on demand and store it in the cloud all through the product’s lifecycle. It reduces the need for personnel and warehouse space. Also, it is easy to create and optimize legacy parts for any industry. Customers would lose trust in machines that made a particular part if they stopped working. This can lead to a decrease in sales and customer loyalty.

However, additive manufacturing is able to overcome this problem. This technology can be used to recreate it in a 3D printer. For the creation of new products, design engineers use artificial intelligence-driven generation design. The systems can draw many ideas from the constraints and produce products that meet the requirements. Next, the desires must be formulated and the designs created.