The 3D printing in construction industry is expected to increase by a compound annual growth rate of 40.3% and reach a market value of $3.3 billion by the end of 2031, according to a new report by Transparency Market Research Inc.
The growth trajectory is attributed to the reduced construction costs that 3D printing offers in material and manpower, along with the faster timelines in completing projects.
“It allows for intricate and customized designs that were previously difficult or impossible to produce using traditional construction methods,” said the report. “Buildings can be structurally sound and innovative at the same time when architects and builders employ innovative and unique designs.”
The technology can be used for both residential and commercial properties, and the report noted that 3D printing has “gained popularity due to a global demand for affordable housing. Rapid and cost-effective housing solutions can be provided by the technology to address housing shortages.”
However, the report also pointed out that a “conservative approach dominates the construction sector, which relies heavily on traditional methods. Therefore, 3D printing technology for construction faces numerous obstacles and has not yet reached maturity. A few companies in the sector use 3D printing for large-scale projects.”
