Market Segmentation
3D printing is being widely used for constructing complex building structures using modeling software programs. The implementation of 3D printing technology allows for high accuracy, improved efficiency, reduced labor cost, and greater speed of construction. The growing adoption of 3D printers for prototyping and designing in the construction sector, coupled with the accuracy achieved in the end product and reduced manufacturing expenditure, is driving the market. Additive manufacturing or 3D printing technologies have been evolving rapidly over the past few years. Moreover, 3D printing has already been broadly adopted to create detailed models and to effectively print specific real-size parts or objects of models that are difficult to produce using conventional methods. The additive manufacturing process is fast, flexible, and cheap and allows the use of a diverse range of materials such as concrete, plastic, and metal, which can be printed layer-upon-layer to effectively produce large models or even an entire structure/building on-site to cut operational costs.
Building construction businesses are increasingly using 3D printing and green construction methods to reduce construction costs and build energy-efficient buildings. Green construction refers to the practice of using sustainable construction processes and building materials to create buildings having a negligible environmental impact. According to the World Green Building Trends Survey 2018, around 47% of the surveyed businesses believe that they would build about 60% of their construction projects using green technology by 2021. According to the survey, the following figure shows the level of green construction activity across the globe. The Leadership in Energy and Environmental Design (LEED) certification helps construction businesses develop high-performance, sustainable commercial and residential buildings and provides a variety of benefits, from marketing opportunities to tax deductions. Sustainable construction materials such as steel beams and natural paints made from recycled material are extensively used in the UK. As a result, the market is expected to witness significant growth in the country over the forecast period.
One of the major concerns hindering the adoption and implementation of 3D printing in the construction sector is the need for high initial investment to purchase materials and equipment. Moreover, the high cost of industrial 3D printers makes 3D printing expensive in the initial stages. Furthermore, materials used in commercial and industrial printers are expensive in comparison to those used in traditional construction processes. Factors such as material constraints, limitations of the machinery, and concerns relevant to intellectual property also hinder market growth opportunities to an extent. The lack of skilled labor is also a key factor challenging the growth prospects of the market. The need to provide thorough training to employees for making the most of expensive 3D printing machines leads to additional expenditure on services from professional and specialized suppliers and service providers. Although the adoption of 3D printing has been increasing at a promising pace in recent years, the failure of manufacturers in exploring the vast scope of opportunities offered by 3D printing technology could also hinder the market growth. This challenge could be addressed by effective marketing and training programs aimed at increasing awareness about the capabilities and benefits of the technology. The 3D printing ecosystem is comprised of various technologies for printing objects. These technologies are highly capital intensive and demand high investment for setting up the necessary equipment. Moreover, the high cost and low availability of the materials required to carry out the printing process could deter consumers in developing economies from switching to the technology. Availability of raw materials could be a major concern, especially as import duties could add to the already high cost of raw materials in emerging countries. Nevertheless, material prices could be curbed and regulated by undertaking the engineering and production of these materials and equipment locally. Costs can also reduce if the materials are available within reach; exclusion of import duties and related expenditures, as well as complications, could also prove considerably helpful in overcoming these challenges in new and emerging markets.
This section will provide insights into the contents included in this 3D printing construction market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance