In Q3 2024, shipments of industrial and mid-range 3D printing systems experienced significant declines, with industrial systems dropping 24% and mid-range systems falling 8% year-over-year, as reported by market insights firm CONTEXT. This downturn was compounded by a series of challenges within the industry, including weak financial results, layoffs, leadership changes, CEO turnover, operational scale-backs, and contentious mergers and acquisitions. However, some original equipment manufacturers (OEMs) saw success, particularly in the industrial segment, where Eplus3D and Nikon SLM Solutions performed well, especially in the advanced, multi-laser, high build-volume metal powder bed fusion (PBF) machines.
In contrast to the struggles in the industrial and mid-range markets, entry-level 3D printer shipments continued to show impressive growth, increasing by 28% year-over-year, although this was a slower pace than the previous “super-accelerated” growth. The professional market saw only a marginal decrease in shipments, down by 1% compared to the previous year. The success in the professional segment was largely attributed to Formlabs, which benefited from the roll-out of its new LFD Vat Photopolymerisation platform. This innovation led to a 26% increase in Vat Photo printer shipments from the same period in 2023. However, Material Extrusion machines in this price class faced increased competition from lower-priced entry-level products, resulting in a 28% decrease in shipments of Professional FDM/FFF printers.
Within the industrial systems market, there was a notable decline in polymer systems, with Vat Photopolymerisation seeing the largest drop at 30% YoY in Q3 2024. Other polymer technologies, including Power Bed Fusion, Material Extrusion, and Material Jetting, also faced declines, with YoY drops ranging from 15% to 43%. The metal systems sector fared better but also experienced downturns. While Binder Jetting system sales remained flat, Powder Bed Fusion, the largest sub-segment in industrial metals, saw a 24% decline in shipments. Directed Energy Deposition, the second-largest category, also experienced an 18% drop in sales.
Regionally, both Chinese and Western vendors saw declines in industrial metal PBF shipments. However, Eplus3D emerged as a leader, shipping 41% more units than in the previous year. Meanwhile, EOS led in revenue, with Nikon SLM Solutions, Eplus3D, and Renishaw seeing revenue growth despite the overall decline in shipments.
In the mid-range systems market, which includes printers priced between $20,000 and $100,000, the reduced spending in the industrial segment led to an 8% drop in shipments. Stratasys maintained its market share but saw weak sales in some product lines, especially Material Extrusion printers. Meanwhile, Chinese vendors, including UnionTech, ZRapid Tech, and Flashforge, outperformed Western companies, with aggregate shipments from Chinese vendors increasing by 46%.
Looking ahead, CONTEXT anticipates that 2024 will be a challenging year, with industrial 3D printer shipments expected to fall by approximately 12%. However, the company projects a strong rebound in 2025, with a 14% growth forecast for industrial systems, 12% for mid-range systems, and 6% for professional systems. By 2026, CONTEXT predicts more consistent double-digit growth in all sectors, with annual growth rates ranging from 30% to 40%, signaling a stronger recovery post-2024.
