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Future Growth Opportunities in Advanced Manufacturing

Technological advancements are transforming manufacturing not just in internal product production but also in both the supply chains and distribution channels. While the previous 10 to 15 years were defined by outsourcing and off shoring to find low cost alternatives for manufacturing, reduced labor costs, the rise of 3-D printing, and cheaper energy domestically have cut into the overhead costs of manufacturing and are promoting a renewed look at moving more manufacturing back to the states. Technologies such as 3-D printing allow a software-savvy employee to print a product onsite for a customer in real time, which is also leading manufacturing to become highly distributed and democratized. The result is that advanced manufacturing allows for the establishment of factories that leverage local talent, resulting in the democratization of manufacturing. Table 1 summarizes future growth opportunities by area.

Market growth in additive manufacturing ranges from $7 billion to $21.3 billion by 2020. The National Institute of Standards and Technology (NIST) estimates that 30% market saturation will be valued at $617.7 billion and achieved by 2065.

3D printing will potentially have a greater impact globally over the next 20 years than all of the innovations from the industrial revolution combined. Although traditional manufacturing will likely still hold a place in the competitive landscape in the years to come, the next 10 to 20 years promise to reveal a rapid increase in the innovations made possible by 3D printing. The private sector will want to continue working towards embracing this technology as a platform to create new businesses, business models, products and services. The market for rapid prototyping isforecast to increase to $903 million by 2021.

The global metrology services market is anticipated to reach $824.6 million by 2020, according to a new study by Grand View Research, Inc. Increasing demand among end-users in different industries for precise components with low tolerance limits such as power generation, electronics, and automotive is anticipated to drive growth. Also, technological innovation in the field of metrology is expected to positively impact growth. These advancements further influence growth pattern and stimulate new product and software developments for industry players. Consequently, demand for advanced measurement tools and services are expected to aid manufacturers in competently tapping data such as 3-D modeling and measurements.

Non-destructive inspection technologies revenue is expected to increase to $11.39 billion by 2022. The forecast period offers huge growth potential for technologies such as computed tomography, phased array ultrasonic testing, and data management tools, as these techniques are more efficient in terms of deriving accurate results.

Table 1: Future Growth Opportunities in Advanced Manufacturing

 

Area: 

Market projection:

Additive manufacturing

$7 billion to $21.3 billion by 2020, at a

20% CAGR 

Rapid prototyping

$903 million by 2021, at a 26.8% CAGR from 2016 to 2021

Metrology services market

$ 824.6 million by 2020

Non-destructive inspection technologies

$11.39 billion by 2022, at a 8.3% CAGR  from 2016 to 2022

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Laser Scanning

Metrology 

3D Modeling 

3D Printing

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