New research suggests that the market could reach the valuation before the end of the decade.
ZDNet reported on the findings from analysts Canalys, who previously announced that the 3D printing market was worth $3.3 billion worldwide. Canalys stated that the sector is on track to generate around $5.2 billion this year, and will "become a double-digit billion dollar market" by mid-2016, before growing to a value of $20 billion by 2019.
The site notes that the results indicate 3D printing "isn't dwindling away any time soon", with the sector including printers as well as "associated materials and services". It also added that the market is set to "continue to upend the traditional manufacturing market, as it allows people to print real-life products and part replacements from their home or office".
3D printing is "also having a remarkable effect on manufacturing, automotive, medical and other vertical industries", which are "finding new revenue streams" in the sector. Canalys Research Analyst Joe Kempton commented that "we have seen improving print speeds, a wider range of materials and new forms of additive manufacturing methods". He added that "an increase in vendors from Asia" has seen the region "take on dominant existing markets, such as Germany and the US".
Source: The Recycler