Year-over-year the 3D printing industry has grown by as much as 30%. Now, it’s set to triple in revenue over the next four years, according to a new report. For comparison, this year the industry will reach nearly $7.3 billion, and by 2020, it is expected to reach nearly $21 billion. Published by the Consumer Technology Association (CTA) and the United Parcel Service (UPS), the study, called “3D Printing: The Next Revolution in Industrial Manufacturing,” revealed that the two biggest industries representing a combined 40% of the growth are consumer electronics and automotive. Medical devices will represent about 15% of the growth. North America and Europe will account for more than 68% of the 3D printing market revenue, while the Asia Pacific market will account for about 27% of sales. Here’s an impressive stat: 3D printing represents only 0.04% of the global manufacturing market right now. However, if 3D printing captures 5% of global manufacturing capacity, which researcher firm Wohlers Associates believes it will, the industry would be worth a staggering $640 billion. “This is a market ripe for disruption,” the report said. “Technology adopters that move beyond prototyping to use 3D printing in supporting and streamlining production can achieve new manufacturing efficiencies. Plus, there is an enormous opportunity for companies that get it right.”
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