CHICAGO, September 28, 2018 /PRNewswire/ —
According to the market research report “3D Printing Market by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, and Geography – Global Forecast to 2023″, published by MarketsandMarkets™, the 3D printing market is expected to be worth USD 32.78 Billion by 2023, at a CAGR of 25.76% between 2017 and 2023. The growth is attributed to the factors such as the ease of development of customized products, ability to reduce overall manufacturing costs, and government investments in the 3D printing projects for the development and deployment of the technology.
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The major players adopted the strategies of agreements, partnerships and collaborations; mergers and acquisitions; and product launches to expand their global presence and increase presence in their respective areas of 3D printing expertise. For instance, in May 2017, Stratasys Ltd. (US) announced the extension of its partnership agreement with Desktop Metal (US) to increase accessibility and adoption rate of metal 3D printing. Stratasys also entered into a multiyear agreement with Team Penske in February 2017 to provide equipment and support services to assist NASCAR and IndyCar racing platforms of Team Penske. In March 2017, 3D Systems Corporation (US) introduced ProJet MJP 2500W
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