3D printers are the latest technological advance that have brought the manufacturing industry to a virtual standstill.
The trend is bringing a steady influx of new businesses to the sector, as well as increasing the number of companies with a single headquarters in the United States, according to a new report by the consultancy McKinsey & Co. The company found that the industry is expected to hit a total of $3.2 trillion in sales by 2020.
The report, released Monday, says that companies are making big strides in their business plans, but the pace of innovation is slow.
McKinsey says the next decade is the critical period to see how the sector will adapt to the ever-increasing demand for 3D-printed products, which will include new industries such as wearable products, 3D printed homes and robotics.
It says that more than one third of the companies are planning to open new manufacturing operations, and that most of the growth will be driven by small companies.
While many companies are focused on developing 3D printables that can be used to create goods for consumer markets, the McKinsey report says that many are also looking at the future of industrial manufacturing.
The McKinsey team points to 3D manufacturing as a way to boost growth in the consumer goods sector, but also suggests the future for manufacturing is not clear.
The firm says the industrial market is still growing at about 2.5% a year.
“While growth in consumer goods is growing, it is clear that industrial growth is slowing and it is likely that the manufacturing sector will not recover to pre-recession levels until the middle of the decade,” the report says.