New Report Shows 3D Printing Has Potential to Revolutionize Construction
A new report from Guidehouse Insights — a Boulder-based market intelligence team that provides emerging technology research, data, and benchmarking services for today’s rapidly changing and highly regulated industries — examines the market for 3D printing construction technology. According to the report, global market revenue for 3D-printed construction of buildings is expected to grow from $6.5 million in 2020 to $264 million in 2029 at a compound annual growth rate (CAGR) of 51 percent.
3D printing technology for construction has significantly advanced in the past five years, with innovation in robotics, material science, and software. After years of R&D, the market is nearing a tipping point as companies are moving beyond pilots and demonstration projects to selling their products, including 3D construction printers, full buildings, and building components.
“Cost savings, reduced construction time, and sustainability compared with traditional construction are the most significant drivers in the market,” says Sasha Wedekind, research analyst with Guidehouse Insights. “Considering current tight construction margins and labor shortages, 3D printing has the potential to revolutionize construction and unlock new markets to the industry, such as affordable homes.”
Despite significant momentum, widespread adoption of the technology in the coming years is unlikely, according to the report. The first years of commercialization will be critical to overcoming stakeholder skepticism and demonstrating that 3D printing can produce permitted, habitable, and functional homes and buildings. North America is expected to be the largest region for 3D construction revenue, followed by Europe and Asia Pacific. Significant market activity is also expected in the Middle East due to Dubai’s ambitious 3D Printing Strategy and in Latin America and Africa, where multiple 3D printing companies are already expanding their businesses.
An executive summary of the report is available for free download on the Guidehouse Insights website.