Understanding the Selective Laser Sintering Market’s Growth Prospects from 2024 to 2033
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2024-2033 Forecast: What is the Projected Growth Rate for the Selective Laser Sintering Market?
The market size of selective laser sintering has witnessed a dramatic increase in the past few years. Its growth trajectory projects an escalation from $2.37 billion in 2023 to $2.91 billion in 2024 displaying a compound annual growth rate (CAGR) of 22.5%. This significant growth during the historical period is largely due to the international expansion of retail chains, emphasis on minimizing losses, labor cost cuts, improving efficiency and speed, providing a better customer experience, and limiting checkout errors.
The market size for selective laser sintering is anticipated to exhibit intense growth in the coming years. The expected valuation is around $6.17 billion in 2028, with a CAGR of 20.7%. This growth during the forecast period can be credited to factors such as hybrid checkout solutions, omnichannel retailing, development in emerging markets, environmental sustainability, and customization according to retailer necessities. Other significant trends for the forecast period include remote supervision and monitoring, mobile technology integration, transactions without contact and cash, customer insight through data analysis, and integration with loyalty programs.
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What Are the Main Drivers Behind the Growth of the selective laser sintering Market?
The surge in consumer electronics’ needs is predicted to spur the selective laser sintering market’s expansion. Examples of consumer electronics include personal-use devices like smartphones, tablets, laptops, televisions, gaming systems, and wearables. These products often utilize selective laser sintering during their manufacturing, thereby boosting the market for this technology. For instance, Canalys, a technology corporation based in Singapore, revealed a 3.7% YoY increase in North America’s smartphone shipments in May 2022, totaling 39.0 million units. Furthermore, in Q1 2022, Apple saw a growth of 19%, dominating with a 51% market share. Samsung, with 1% growth, comprised 27% of the market share, and TCL and Google’s shares were 4% and 3%, respectively. This surge in consumer electronics usage underpins the growth of the selective laser sintering market.
What Are the Primary Segments of the Selective Laser Sintering Market?
1) By Component: Hardware, Software, Services
2) By Laser Type: Solid Laser, Gas Laser
3) By Material: Metal, Plastic
4) By Application: Automotive, Aerospace and Defense, Healthcare, Electronics, Other Applications
Which Trends Are Revolutionizing the Selective Laser Sintering Market?
The growing trend of 3D printing technologies is becoming increasingly prevalent in the selective laser sintering market. To maintain their market position, firms in the selective laser sintering arena are introducing 3D printers equipped with advanced technology. As an example, Wipro 3D, an Indian company specializing in 3D printing of functional components and technology manufacturing, rolled out its Wipro 3D F300-2 printer in November 2022. This printer, based on Fused Filament Fabrication (FFF) technology, offers high-end 3D printing and advanced technological features such as a magnetic print bed, automatic platform levelling, dual filtration, and a self-cleaning nozzle. Furthermore, this printer comes with an IoT-enabled dual nozzle, allowing for control and monitoring abilities over the internet via smartphones, tablets, and computers.
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Which Geographical Regions Are Pioneering Growth in the Selective Laser Sintering Market?
North America was the largest region in the selective laser sintering market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global selective laser sintering market during the forecast period. The regions covered in the selective laser sintering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Selective Laser Sintering Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the selective laser sintering market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Selective Laser Sintering Market Include
1. Selective Laser Sintering Market Executive Summary
2. Selective Laser Sintering Market Segments
3. Selective Laser Sintering Market Size And Template Market Growth Rate
4. Key Selective Laser Sintering Market Trends
5. Major Selective Laser Sintering Market Drivers
……
25. Key Mergers And Acquisitions In The Selective Laser Sintering Market
26. Top Selective Laser Sintering Companies
27. Selective Laser Sintering Market Opportunities And Strategies
28. Selective Laser Sintering Market, Conclusions And Recommendations
29. Appendix
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