3-D Printing Construction Market Will Be Worth $1.5 Billion in 2027, Report Says
• A study finds that the global 3-D printing construction market will be worth $1.5 billion in 2027. The Asia-Pacific region is expected to account for the largest revenue share of the market over the forecast period.
• Some of the advantages of the technology include more speed, better accuracy and lower labor costs. As environmental concerns increase, market players and governments are moving towards 3-D printing.
The construction market has often been perceived as being the slowest to adapt new technologies. But the sector may be set to ramp up its use of a particular technology, according to a new report from Grand View Research Inc. The market research and consulting company anticipates that the global 3-D printing construction market will be worth $1.5 billion by 2027.
The use of the technology, Grand View says, is increasing as more construct very complex structures with computer-programmed software. Some of the advantages of 3-D printing include more speed, better accuracy and lower labor costs. And with environmental concerns increasing, market players and governments are moving towards the technology.
The use of 3-D printing, Grand View says, is expected to help with waste reduction by using eco-friendly materials. It also has been proven to be successful when used in dangerous and harsh environments and can help lower workplace casualties.
Last year, the Asia-Pacific region accounted for the largest revenue share of this market and is expected to retain this leadership over the forecast period. “This large market share and regional growth can be accredited to the lucrative opportunities in the construction sector in the Asia-Pacific region,” Grand View says. “As the region is establishing itself to become a global manufacturing hub, the technology is anticipated to gain significant traction over the forecast period.”