The International Data Corporation has just released its semiannual spending on 3D printing and its best practices. The study measures the growth rates, revenues and industry types using numbers and estimates ending 2017. The IDC study gathered data on a number of topics over the course of 6 years in 8 regions across 8 industries.
Their findings, while not shocking, are reason to rejoice for anyone in the industry. The IDC study estimates that 3D printing will experience a 15,3% compound annual growth rate in Central and Eastern Europe. The CAGR rates are estimates going up to 2022. The especially consider 2018 to be a major pivot point for the global development of the industry.
“3D printing has the potential to expand the manufacturing industry, shift distribution locally, and implement on-demand production, reducing unnecessary inventories and shipping costs. It will enable mass customization and printing of different products while reducing costs and recycling excess printer powder. Product weight can also be reduced, and fewer tools will be needed because 3D printers can replace some of them,” says Julio Vial, research manager: European Imaging, Printing and Document Solutions at IDC.
Growth Rates in Crucial Areas
The in-depth breakdowns also show some very interesting findings. It appears that Western Europe made up 83% of overall European 3D printing revenues in 2017. This will probably remain by far the largest contributor in the wider European region, growing at a CAGR of 14,4% for 2017-2022. Central and Eastern Europe will be the fastest-growing region, however, with a CAGR of 19,1% for 2017-2022.
Similarly, discrete manufacturing achieves a CAGR of 14,5% for 2017-2022, being the largest investor in the industry. It displayed the highest spending, along with automotive and aerospace. The study also predicts that medical spending on 3D printing will be growing to match them.
The researchers also made clear that a lot of the newer, younger manufacturing companies are adopting the technology, while older veterans are too tied up in their own methods of production to give it a chance. Thus, the penetration of the technology has been lower. However, at this point, it is very popular among start-ups.
“There is a growing number of start-ups, many of them using EU funding, specializing in 3D printing services. EU funds are the main driver for this technology in Central and Eastern Europe,” says Evelin Stoev, senior analyst at IDC.
Featured image retrieved from IDC Worldwide Semiannual 3D Printing Spending Guide.