According to a new report by Global Industry Analysts, Inc. (GIA), the global market for 3D printing is projected to reach US$2.99 billion by the year 2018, driven by the advent of newer technologies, approaches and applications. Expanding use of the technology in manufacturing final products, declining cost of printers and increasing use of 3D printing technology in newer areas bodes well for market growth.
The research report titled "3D Printing: A Global Strategic Business Report" provides a comprehensive review of trends, issues, strategic industry activities and profiles of major companies worldwide. The report provides market estimates and projections 3D printing products and services across geographic markets such as the US, Europe (France, Germany, Italy and UK) and Asia Pacific.
Though used initially for rapid prototyping purposes, technological advancements are increasingly facilitating the use of 3D printers for manufacturing final products. The technology has now reached a stage where digital models can be replicated to produce physical components or prototypes, which would be similar to those of mass produced products.
The declining cost of printers has led a wide range of industries ranging from aerospace and automotive to footwear and jewelry to adopt 3D printing technology for manufacturing desired objects. 3D printing technology is thus offering individuals and companies the ability to design as well as manufacture objects at relatively lower costs.
As stated by the report, the United States represents the single largest market for 3D printing. However, the potential for local manufacturing on demand end-products with the aid of 3D printing is significantly enhanced, as it eliminates the need for physical shipping from far-off regions. As 3D technology matures, mass production within developed nations could be cheaper than manufacturing and shipping products from overseas markets. In certain specialized areas where speed and time to market are critical, technologies such as 3D printing will cause manufacturing activity to move back to developed nations from the developing world.
The report notes that 3D printing is a nascent industry well poised for robust growth driven by rising user adoption. The industry is highly competitive, with competition primarily stemming from new product development, process know-how, pricing and the ability to provide comprehensive solutions to meet customers’ needs.
Major players profiled in the report include 3D Systems Corporation, Bits from Bytes, envisionTEC GmbH, EOS GmbH, Hewlett-Packard Development Company L.P, MakerBot Industries LLC, Objet Ltd., Stratasys Inc., among others.
The full report sells for $4,450.00, with individual sections priced as low as $100.00. For more details about this comprehensive market research report, visit http://www.strategyr.com/3D_Printing_Market_Report.asp.