The global 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.
The digital fabrication market comprises products and services for additive manufacturing (3D printing), computer numerical control (CNC) machining and robotics. Additive manufacturing allows quick production of complex shapes and designs. Computer numerical control machining offers precision and flexibility of production. Robotics helps automate fabrication processes. With advancement in these technologies, digital fabrication aids efficient production of customized components for various industries.
Market Key Trends:
Digital fabrication has greatly benefited from continued developments in additive manufacturing technologies. Implementation of metals 3D printing technologies for industrial applications is a major trend. Adoption of new materials such as composites, elastomers and conductive materials for 3D printing is also growing. Hybrid digital manufacturing combines additive and subtractive manufacturing for high-precision production. Integration of digital fabrication technologies with internet of things and cloud platforms provides valuable data insights. These trends are enabling mass customization of products as per consumer demands.
Threat of new entrants: The threat of new entrants is moderate as the Digital Fabrication Market requires significant investments and R&D efforts. However, the growing market size creates opportunities for startups.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple vendors offering customized products at competitive prices. Buyers can negotiate on price and demand advanced features.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers and the materials required are commodity products. Suppliers do not have pricing leverage.
Threat of new substitutes: The threat of substitutes is medium as 3D printing offers advantages over traditional methods. However, production processes continue to improve.
Competitive rivalry: The market competition is high among the top players to gain market share through mergers, partnerships and innovations.
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 automotive, aerospace and medical industries.
Regional analysis: North America dominates the market with the largest share due to early adoption. The Asia Pacific region is expected to grow at the fastest pace owing to increasing industrialization in China and India.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it