Qatar’s 3D printing market is on track for substantial growth, with projections suggesting an increase from QR78 million in 2023 to an impressive QR182 million by 2028. This information was revealed in a recent report by the Qatar Development Bank (QDB), where CEO Abdulrahman Hesham al-Sowaidi highlighted an anticipated compound annual growth rate (CAGR) of 18.4%. The rising adoption of 3D printing technologies across various sectors demonstrates increasing demand for these innovations within the country.
Al-Sowaidi emphasized that the QDB plays a vital role in supporting entrepreneurs, helping them transition from ideas to tangible projects within a sophisticated innovation ecosystem. He stated that Qatar is focused on developing its private sector and enhancing the entrepreneurship landscape, particularly for small and medium-sized enterprises (SMEs).
The QDB’s findings indicate that 3D printing is transforming local manufacturing by changing how products are created. This technology is expected to significantly benefit several key industries, including construction and healthcare. SMEs, in particular, stand to gain through the adoption of 3D printing, which can lead to reduced production costs and enhanced competitiveness in both local and global markets.
As digital manufacturing technologies gain traction in the Gulf Cooperation Council (GCC) region, there is a heightened focus on modernizing supply chains. The report outlines that worldwide, the 3D printing industry has seen remarkable resilience and expansion, with its market size tripling from QR21.96 billion in 2016 to QR65.8 billion by 2022. While the COVID-19 pandemic temporarily slowed economic activity, it also underscored the versatility and critical role of 3D printing in responding to urgent needs, particularly for medical equipment.
QDB noted a significant growth in venture capital investments in the 3D printing sector, increasing from QR1.42 billion in 2017 to QR4.06 billion in 2023, led by investments in core technologies and specialized applications. The report also highlighted a shift towards niche applications across industries like healthcare, energy, and aerospace, reflecting strong investor confidence in companies poised for growth.
For further details, you can refer to the Qatar Development Bank’s report.