Technology Advancements and Declining Costs Drive the Global 3D Printing Market, According to New Report by Global Industry Analysts, Inc.

San Jose, California (PRWEB) April 24, 2013

Follow us on LinkedIn 3D printing is a transformative technology that is used in the manufacturing of a wide range of tools, parts, and appliances through the simple use of a digital model. Creating prototypes of new products represents the major commercial application of 3D printing, while direct digital manufacturing using the technique is limited to short production runs in few industry verticals. Market outlook in the 3D printing market is bullish with technology advances expected to drive market growth. Expanding application areas and funding support from government agencies are also expected to spur demand for 3D printing systems and services. Rising use of 3D models, ability to create customized products and declining cost of 3D printing systems and materials are encouraging the adoption of 3D printing as a replacement for conventional prototyping and manufacturing processes in consumer and professional markets.

The nascent stage of technology development and dominance of conventional manufacturing practices indicate that 3D printing is unlikely to drastically disrupt activities in the traditional manufacturing sector, at least not in the near future. 3D printing, in the short-term, is expected to be primarily used for rapid prototyping, and for direct manufacture of extremely complex and highly customized low-volume products. With increase in printing speed, elimination of restrictions on object size, and favorable manufacturing economics, the balance is likely to tilt in favor of 3D printing technology. Consumer products, automotive, medical, aerospace, and machines constitute the major end-use markets for 3D printing products and services. One of the most promising applications of 3D printing is in the field of healthcare, where 3D printers are being used to manufacture products such as custom-fit hearing aids, dental and orthopedic implants, and prosthetic limbs.

As stated by the new market research report on 3D Printing, the United States represents the single largest market for 3D printing products and services with growth driven largely by the availability of low-cost printers and increased adoption among hobbyists and entrepreneurs. Government support for 3D printing technologies as a means to stimulate growth in the domestic manufacturing sector also bodes well for the markets growth. A key benefit of 3D printing is localized manufacturing, which represents a huge opportunity for developed nations that have outsourced manufacturing operations to low-cost destinations in the developing world. While developed regions such as the US and Europe have been at the forefront for developing and adopting 3D printing technologies, the volatile economic environment in the past few years has turned the focus onto emerging markets including China and India. Asia-Pacific represents the fastest growing regional market for 3D printing products with a projected CAGR of 21.4% over the analysis period. Growth in the market for 3D Printing Services is forecast to be driven by the rising demand for online 3D printing-as-a-services, owing to the spurt in demand for consumer 3D printer systems.

3D Printing Products are expected to witness rapid growth encouraged by the development of easy-to-use, less bulky, and multi-use 3D printers with the ability to rapidly produce conceptual models and prototypes. The adoption of consumer 3D printer systems is triggered by the emergence of online communities such as Shapeways and Thingiverse, which offer customers a wide range of digital product designs for download and subsequent printing using 3D printers. Availability of low-cost open source manufacturing kits is also driving hobbyists and individuals to adopt 3D printing technology.

Major players profiled in the report include 3D Systems Corporation, Bits from Bytes, Arcam AB, envisionTEC GmbH, EOS GmbH, MakerBot

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