Digital fabrication involves the use of computer-aided design (CAD) software or 3D object scanners to design a digital model and convert it using printing technologies such as 3D printing and laser cutting into a physical product. Key application areas of digital fabrication include automotive, aerospace, healthcare, consumer goods, education, architecture and construction. With increasing adoption of additive manufacturing for prototyping and low volume production across industries owing to advantages such as design flexibility, reduced lead times and tooling costs, the global Digital Fabrication Market is estimated to be valued at US$ 38.01 Bn or Mn 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 Dynamics:
Increase in additive manufacturing is the primary driver facilitating high growth of the digital fabrication market over the forecast period. 3D printing allows fabrication of complex geometries that are difficult to achieve through conventional subtractive methods. As compared to traditional methods, 3D printing also reduces lead times and enables low volume production with minimum material wastage. With falling costs of 3D printers coupled with their growing application scope in industries such as aerospace, healthcare and automotive, the market for additive manufacturing is expected to grow manifold over the next decade. This in turn will significantly drive demand for digital fabrication technologies.
Another factor supporting the digital fabrication market growth is rapid urbanization leading to rise in construction activities globally. Digital fabrication technologies are increasingly finding application for architectural model making and fabrication of construction components. Using digital fabrication, models and physical parts can be easily developed on-site or decentralized fabrication workshops close to construction sites. This helps reduce transportation costs and risks of damage during shipping.
SWOT Analysis
Strength: Digital fabrication market offers significant time and cost savings for product development and manufacturing. The technology allows for on-demand production which reduces inventory costs. It enables mass customization by facilitating production of individualized parts according to customer requirements.
Weakness: Higher initial setup and equipment costs restrict the adoption of digital fabrication technologies, especially among small and medium enterprises. Accuracy and surface finish of parts produced using some techniques like FDM may not be at par with traditional processes.
Opportunity: Growing demand from industries like aerospace, automotive and healthcare for prototyping and low volume production presents lucrative opportunities. Additive manufacturing helps reduce product lifecycle times enabling quicker design iterations. Development of new materials compatible with digital fabrication expands its application scope.
Threats: Lack of common quality control standards make it difficult to guarantee mechanical properties of fabricated parts. Intellectual property issues exist regarding sharing of design files over distributed manufacturing networks.
Key Takeaways
The Global Digital Fabrication Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing demand from various industries. By technology, material extrusion process held the largest market share in 2023 and is anticipated to maintain lead owing to lower costs and material choices offered by FDM printers.
Regional analysis: North America was the dominant regional market for digital fabrication in 2023. Advancements in technology along with presence of major players have been driving growth. Asia Pacific is identified as the fastest growing regional market with emerging economies like China and India expanding manufacturing capacities rapidly. Government support for adoption of Industry 4.0 is facilitating development of additive manufacturing infrastructure in the region.
Key players: 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. Stratasys holds the leading market share supported by wide portfolio and global presence. Other Tier 1 players like 3D Systems and ExOne focus on specific manufacturing processes to strengthen positions.
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