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| Digital Fabrication Market |
Paragraph: The digital fabrication market is estimated to be valued at US$ 38.01 Bn in 2023 and is expected to exhibit a CAGR of 30.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The digital fabrication market involves the use of technologies such as 3D
printing, additive manufacturing, and computer-controlled machining for making
prototypes and production parts directly from digital 3D designs. Some key
applications of digital fabrication technologies include production of
prototypes, tooling, and end-use parts for various industries such as
aerospace, automotive, consumer goods, dental, healthcare and medical devices.
Market Dynamics:
The digital fabrication market is expected to grow at a significant rate over
the forecast period, owing to increasing adoption of 3D printing and additive
manufacturing technologies across various industries. 3D printing allows
manufacturing of complex designs and iterations at low costs which is driving
its demand in the market. Additionally, growing applications of additive
manufacturing in aerospace, medical, automotive and other industries for
producing customized components is also fueling market growth. Furthermore, the
COVID-19 pandemic has increased the demand for 3D printed medical devices and
personal protective equipment which is propelling market expansion. However,
availability of substitutes such as CNC milling and high costs associated with
3D printers may hinder market growth over the forecast period.
SWOT Analysis
Strength: The digital fabrication market allows for high precision and accuracy
in production. It enables mass customization by facilitating on-demand
manufacturing. Digital fabrication cuts down on production waste and is more
sustainable than traditional manufacturing methods.
Weakness: The upfront costs of acquiring digital fabrication machines and
software can be very high. There is a lack of skilled workforce trained in
using digital fabrication technology.
Opportunity: Additive manufacturing and 3D printing technologies have expanded
the scope of the digital fabrication market. The development of new materials
such as bio-based materials providesgrowth opportunities.
Threats: Fluctuations in raw material prices can impact overall costs.
Implementation of stricterenvironmental regulations may raise compliance
requirements.
Key Takeaways
The global Digital
Fabrication Market Share is expected to witness high growth, exhibiting
CAGR of 30% over the forecast
period, due to increasing demand from end-use industries such as automotive,
aerospace, and healthcare. Growing adoption of additive manufacturing across
various applications is driving the market.
The North America region currently dominates the global digital fabrication
market, with the U.S. being the major revenue generating country. Large
presence of key players and early adoption of advanced technologies provide a
competitive edge to the region. Europe and Asia Pacific are also significant
regional markets expected to grow at a high rate during the forecast period.
Key players operating in the digital fabrication market are Stratasys Ltd., 3D
Systems Corporation, HP Inc., General Electric Company, Materialise NV, Proto
Labs Inc., Voxeljet AG, ExOne Company, Autodesk Inc., Siemens AG, EOS GmbH,
Renishaw plc, SLM Solutions Group AG, Carbon Inc., Desktop Metal Inc. The
market is characterized by domestic small players and global companies offering
an extensive portfolio of products and services. Major players are focusing on
R&D investments to develop innovative products.
Read More,
https://www.trendingwebwire.com/digital-fabrication-market-trends-size-and-share-analysis/
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