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AM market was around US$11 billion in 2019. The worldwide market for AM hardware, software, materials, and services is anticipated to exceed $40 billion by 2027. The industry is expected to grow at a compound annual growth rate (CAGR) of 26.4% between 2020 and 2024 [14]. Figure 1.10 shows the total AM market size under each category from 2014 to 2027. It should be noted that the aforementioned market analysis does not count for the potential adverse effect of 2020 pandemic.

Metal AM is one the fastest growing segment in the world. As shown in Figure 1.11, metal AM is one of the fastest growing sectors of the AM industry. The market size for metal AM was around US$2.4 billion in 2019 including system, material, and service sales. A 27.9% growth in the global revenue from 2019 to 2024 is estimated by the supplier side [15]. Customers, however, expect a weaker yearly growth that results in a total market size of US$7.0 billion in 2024. In fact, the annual growth in the revenue of metal AM materials has been higher than that of photopolymers, polymer powders, and filaments between 2013 and 2018 [4]. The systems that were dominant in the market of metal AM include powder bed fusions (mainly with the laser heat source) and powder‐fed laser directed energy deposition as well as new technologies such as binder jetting and cold spray used for AM. Most material sales include metal powders and wire feedstock.

Figure 1.10 Total AM market size by segment that includes all technologies (metals and plastics) from 2014 to 2027 as forecasted by SmarTech Publishing.

Source: Open access and Reproduced from [14].

Figure 1.11 Metal AM market size in AMPower Report.

Source: Redrawn and adapted from [15].

In terms of market share, the aerospace industry covers the largest share, followed by the medical sector [15]. The aerospace industry profits from the turbine, helicopters, and jet‐engine components fabrication as well as new space applications such as rocket engines, attracting large venture capital worldwide, especially in the United States.