6Wresearch has recently published a new report titled "UAE 3D printing Market (2018-2024)" report provides in-depth analysis with 44 figures and 10 tables covered in more than 100 pages. The report estimates and forecasts the overall UAE 3D printing market by technology, sector and regions. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers, restraints & trends, and recommendations.
After the introduction of 'Dubai 3D Printing Strategy' in 2016, the 3D printing market in UAE exhibited healthy growth. Also, the government's agenda to make UAE a global hub for 3D printing is further adding to the growth of the market. Further, increasing investment from both government and private sectors along with initiatives for increasing awareness regarding the technology and its areas of application would propel significant growth of the market.
According to 6Wresearch, UAE 3D Printing market is projected to grow at a CAGR of around 60% during 2018-24. In UAE 3D printing market, binder jetting technology accounted for the highest revenue share due to its growing demand in the architecture sector for architectural modelling. With upcoming new construction project contracts worth $160 billion in UAE the architecture sector is expected to witness significant growth which would increase the demand for binder jetting technology during the forecast period. Additionally, in terms of revenue generation, fused deposition modelling is the second most widely used technology due to its low prices.
According to Rishi Malhotra, Senior Research Analyst, Research and Consulting, 6Wresearch, "In 2017, the architecture sector generated the highest revenue in UAE 3D printing market. UAE's surging construction sector including several infrastructures, residential and commercial sector projects buoyed the growth of architectural modelling.
"Additionally, within the 3D printing industry, the UAE government is largely focusing on infrastructure, legislative structure, funding, talent, and market demand in key sectors such as medical, construction & consumer products. In the construction sector, the government is targeting to 3D print 25% of every new building in Dubai by 2030," He further added.
According to Kanchan Negi, Research Associate, Research and Consulting, 6Wresearch, "UAE 3D printing is a niche market with only a few 3D printing service bureaus profoundly involved in 3D printing services. In terms of regions, Dubai accounted for the highest revenue share due to the presence of the highest number of 3D printing service bureaus."
"Moreover, during the forecast period, the share of Dubai would further increase due to upcoming 3D printing regulations and also the existing players in this region would be expanding their current market shares. Additionally, other emirates especially Abu Dhabi are likely to expand their business operations during the forecast period, however, the share of these regions would not be increasing at the same rate due to faster growth pace in Dubai," Kanchan Concluded.
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Media Courtesy : NCN Online